Hello, everyone. Thank you for joining our 2021 Investor Day. Over the past two days, you've heard from our BU leaders about our strategies across different businesses. In this concluding session, I would like to share a holistic perspective on Alibaba's overall strategy and our view of the future. First, let me start with Alibaba's mission and vision. When Alibaba was founded 22 years ago, we made it our mission to make it easy to do business anywhere. Today, we have made our mission more specific, to make it easy to do business anywhere in the digital era. That important addition makes it clear how we intend to achieve our mission by helping our customers and business partners harness the power of digital technology. For several years now, Alibaba has focused on three key strategic engines, China consumption, globalization, and technology. We are committed to these three strategies as we believe that they are the engines driving future growth for Alibaba and our customers. Turning to Alibaba's vision. 22 years ago, it was our vision to be a company that will last 102 years. In recognition of Alibaba's growing influence, we've added a crucial qualifier. We aspire to be a good company that will last 102 years. As a good company, we are committed to environmental protection, social responsibility, and good governance. We aspire to be a force for positive change in society and to assume even greater responsibility within the Alibaba digital ecosystem as the operator of a platform economy. We aim to be a good company in a global context. For all these reasons, we have officially put ESG strategy as the foundation of our future development. Next, I'd like to give a high level overview of our businesses. As you can see, Alibaba has evolved into a multi-engine company. We just announced an important update to our financial reporting segments. Our new segmentation offers more transparency to investors and better reflects how these businesses are organized and managed. Specifically, we now organize our commerce businesses in three segments, China Commerce, International Commerce, and Local Consumer Services. Our two existing segments, Digital Media and Entertainment and Innovation Initiatives, remain unchanged. In the infrastructure layer, Cainiao builds out our logistics infrastructure supporting our commerce businesses. Our cloud plus DingTalk infrastructure not only sets the foundation for continued innovation within Alibaba, but also serves as a technology enabler for enterprise digitalization across industries. Next, let me first go into our first strategic engine, China Consumption. As we reported in the quarterly earnings release, our annual active consumer base in China reached 953 million by the end of September 2021. These consumers, not only covering our China retail marketplaces, but also other consumer businesses in China, spent an average of CNY 8,400 annually on our platforms. This shows we have established the largest and most valuable consumer base in China. Our ARPU remains strong even as our user base has grown to this enormous size. With such a strong consumer base, it is vital that we work not only on user acquisition, but also on user retention, so that our valuable consumers continue to spend on our platform. Based on our observation, the longer consumers stay on our platform, the more categories they consume and the more they spend. Let's look at retention rates for different consumer segments by ARPU. As you can see, we have excellent retention of high-end users. Consumers who spend more than CNY 7,000 annually have over 98% retention rate, and those who spend between 2,000-7,000 CNY annually have 96% retention rate. Going forward, as we continue to acquire new consumers, one of our challenges is to keep improving their retention, and that will be a common challenge for everyone else in the market. Today, our consumer businesses face fierce market competition from all aspects. In response, we have developed a comprehensive matrix of diverse offerings catering to various consumer demands. We serve consumers from daily essential purchases to aspirational consumption. For example, Freshippo and Ele.me satisfy their daily needs. Taobao and Tmall offer variety and product discovery opportunities. Xianyu, our second-hand C2C marketplace, is extremely popular with young people with its unique offerings. We also aggregate nationwide and local supply into diverse service offerings by timeliness of delivery. Across all the dimensions mentioned, Alibaba today offers the most comprehensive portfolio of commerce apps, serving demands ranging from essential to aspirational with various supply and delivery options. This matrix is our answer to satisfy the needs of different consumers in different use cases. Because we know with a consumer base of 953 million AACs in China, it would be impossible to satisfy everyone with a single product or service. Product differentiation and value proposition are our top considerations in the development of this portfolio. Looking forward, many of you may ask the question, now that Alibaba has reached 953 million Chinese consumers and accounts for approximately 20% of China's retail sales, how do you grow further? What are your future growth drivers? Let me share my thoughts here. With the exponential growth of e-commerce and its increasing penetration in consumption, all internet companies today are looking to enter the market leveraging their own strengths. While e-commerce continues to evolve with new formats emerging, its essence remains unchanged. It's all about satisfying consumer demands. The key is to create differentiated value for both our users, i.e. consumers, and our customers, i.e. merchants. Alibaba's future growth will continue to be driven by three engines. The first is user growth. The second is wallet share expansion by growing user consumption across more categories. The third is continuous value creation for our merchants to help them better serve our consumers. Let's start with the first one, user growth. Today in China, we have 1.4 billion total population and 1.2 billion internet users. With 953 million annual consumers, Alibaba's penetration is already very high, but we still see considerable potential for further growth. Although our penetration has reached 99% in Tier one and Tier two cities and 81% in Tier three cities, there is still a lot of room for growth in Tier four cities and below. This is just a static picture of the demographics today. Most importantly, our consumers continue to grow with time. As time goes by, our users are becoming more and more digital native. They live on the internet, and this trend is irreversible. What's more, every year we have new cohorts of young people becoming a new generation of consumers. All this spells potential for incremental growth in our user base and incremental expansion of consumer demand. By the end of this fiscal year, we are confident to achieve our target of 1 billion AACs in China. That will still leave us with another 200-300 million potential in user growth. On to our second growth opportunity, share of wallet expansion. I'd like to illustrate with this chart. There are three parameters in this chart. The size of the bubbles represents the market size of each consumption category. The horizontal axis represents the respective category penetration in our AACs. Within our 953 million AACs, the penetration varies by category. A relatively high percentage of our AACs purchased apparel and accessories and electronics and appliances, but a relatively low percentage of them bought home products, health products, or travel products in the last year. The vertical axis represents Alibaba's current market share in the respective consumption categories. As you can see, although close to 50% of our AACs consumed food, groceries, and fresh produce on our platforms, our overall market share is still very low in this CNY 9 trillion category. Looking at this slide, it's clear that we need to consolidate our leadership position in categories where we have already established high penetration and market share, such as apparel and accessories and electronics and appliances. On the other hand, it's crucial that we expand the categories in the middle and towards the lower left corner, such as food, groceries and fresh produce, travel, health products, and home products, both in terms of consumption size and consumer penetration in our China AACs, 953 million today and growing. Moving on to the third opportunity. No matter how much consumption grows on our platform, investors are most focused on our business model. A solid business model and revenue growth are underpinned by long-term value creation. For Alibaba, we have a clearly defined path to value creation. We provide merchants with diversified services for consumer lifecycle management and product lifecycle management. We're not only helping merchants increase sales, but more importantly, empower them throughout the entire product lifecycle, from product innovation and development, sales and marketing, to brand building, and throughout the consumer lifecycle management, including outreach, engagement, and loyalty retention. Another important way we serve merchants is through Cainiao and Alibaba Cloud, which provide logistics services, supply chain services, technology, and data intelligence. We believe all aspects of merchants' business operations must be digitalized, and we can create value for them throughout the journey, which also provides growth opportunity for ourselves. That concludes my overview of our China Commerce business. Now let me turn to Local Consumer Services. We've also developed a diversified matrix of consumer offerings in local consumer services for both to home and to destination. For local consumer services to home, we start developing local supply of products in daily high-frequency categories through our own retail operations, such as Freshippo, Tmall Supermarket, Sun Art, and Taocaicai, which has been growing rapidly. We supplement these product supplies with a wide range of third-party services, such as restaurant deliveries, to enrich our product offerings and meet the diverse needs of our consumers. Amap is the entry point for our local consumer services to destination. We see Amap as a natural infrastructure platform that helps users get to their destinations through map navigation. On top of this, Amap brings in more location-based services, such as travel services aggregated by Fliggy and ride-hailing services from local providers to enable service discovery and fulfillment along the journey and around the user's destination. These summarize the two matrices that make up our local consumer services business today. Both of our China commerce and local consumer services businesses require a smart, digital, and distributed logistics and fulfillment infrastructure. Through years of effort, Alibaba has developed a diversified fulfillment network built on a partnership model, which offers time-guaranteed delivery, same-day delivery, and next-day delivery. We have further expanded the network in recent years with on-demand delivery capabilities, initially for restaurant meals and now for all categories. By weaving these networks together, we have created a full range logistics infrastructure, which offers comprehensive coverage from nationwide to same city and diverse service options from multi-day, next day, same day to instant delivery. We hope to leverage our diversified businesses to continue strengthening this multidimensional infrastructure, which in turn will support our businesses in providing better services to their customers. If we put together the commerce use cases and distributed logistics infrastructure we just discussed, we will see the future of retail integrating online and offline operations, running on digitalized supply chains, and creating new consumer experience in terms of user engagement and content curation. Through digitalization, we're making it possible for consumers to accomplish everything they want online, away from physical stores or destinations. At the same time, for certain services or experiences, we can also leverage digital tools to bring users to offline stores where they can access services that can't be provided digitally. These different modalities form the new retail infrastructure, weaving together consumption possibilities across time and space. Next, I'll turn to our second strategic engine, globalization. In our international commerce business, we have deliberately adopted a multi-modal, multi-brand strategy across different regions and countries. Our international retail platforms today include AliExpress, Lazada, Trendyol, and Daraz. In the league table of global e-commerce players, each of our four international platforms is ranked among the top twenty worldwide based on MAUs. If we add these four platforms together, our international retail business becomes the fourth largest e-commerce business globally by MAUs. In terms of GMV, AliExpress, Lazada, and Trendyol are all among the top twenty players worldwide. The combined GMV of our international platforms ranks number six globally. Apart from our peers in China, we are also competing in the international markets against players such as eBay, Amazon, and Shopee. We see huge potential in these markets. We offer diversified models in serving our international customers. In Southeast Asia, we focus on building local commerce infrastructure and then leverage our local knowledge and capabilities to expand our cross-border business with China's supply chain advantage. In Europe, on the other hand, we started with cross-border e-commerce through AliExpress and then began exploring localization in recent years in a few strategic markets. We believe our unique combination of local supply and cross-border products can better serve the diverse needs of local consumers. Going forward, we see huge potential in the international markets. In Southeast Asia, e-commerce penetration is only 11%, and Lazada's annual consumers have reached only 34% of regional internet users. There's tremendous potential in both the overall market size and our penetration. Similarly, in EMEA, Europe, Middle East, Central Asia, and Africa, e-commerce penetration remains low at 12%, and our annual consumers only represent 15% of internet users. Looking at these numbers, there's a long runway ahead of us. Of course, to expand in international markets, we need infrastructure. That's why in recent years, we've been aggressively investing in global logistics and Ant has been investing in payment infrastructure. Cainiao, in particular, is building a global smart logistics network to support the development of our international commerce business with cross-border eHubs, capacity scheduling capabilities, and local last mile delivery networks. Recently, we further launched self-pickup lockers in some key markets in Europe. These infrastructure capabilities will be crucial in the long-term development of Alibaba's international commerce business. In parallel, we believe our explorations in international commerce business will provide important use cases for local payment. We are actively exploring the possibility of expanding our payment capabilities from e-commerce payment gateways to local wallets with a wider range of consumer use cases. Next, let me turn to our third strategic engine, technology. Through cloud computing and data intelligence, we are building comprehensive technology capabilities needed in many aspects of industry development. Cloud computing and data intelligence are the fundamental enablers of digitalization for industries and the economy. Earlier in Jeff Zhang's session, you heard our latest strategies around cloud. I will briefly recap here. First of all, we're focused on strengthening our core technology competencies in cloud and data intelligence. In the IaaS layer, we will continue to develop cutting-edge technologies in core products such as computing, storage, network, and security. We've also been extending our strengths in software and cloud operating system to proprietary hardware technologies, achieving major breakthroughs in key areas such as server chips, memory chips, and computing chips. These are essential core capabilities we need to build for the future of cloud. Alibaba was the first company that introduced the concept of a middle platform strategy. Today, our middle platform has grown beyond an internal strategy. It has become a vital part of our cloud computing and data intelligence services to external customers. We hope our middle platform services in data analytics, enterprise digitalization, and IoT can benefit more customers and ecosystem partners. In essence, middle platform is a PaaS layer. We have technology PaaS such as database and big data platforms, as well as business PaaS such as DingTalk. Developers and customers can leverage these middle platforms to develop customized applications more easily while taking advantage of the computing resources, basic algorithms, enterprise digitalization solutions, and IoT infrastructure made available on cloud. Another important part of our cloud strategy is about developing industry solutions via ecosystem partnerships for sectors such as internet, public services, retail, finance, transportation, and manufacturing. We believe industry solution is a critical path for bringing our cloud technologies and products to market in the future. Next, let me highlight in particular our cloud DingTalk integration strategy. We've never viewed DingTalk as a standalone service. Rather, it is a robust enterprise digitalization platform which enables Alibaba Cloud customers to operate digitally, both from a business perspective and an organization perspective. Today, a platform like DingTalk is relevant across all industries. All sectors are going digital, and digital transformation of the organization and collaboration is the first step in that process. This is the broadest customer demand we aim to meet by integrating DingTalk with cloud and intelligence. Our cloud computing and data intelligence products are backed by our cutting-edge technologies. These proprietary fundamental technologies come from research in our DAMO Academy and go beyond cloud and intelligence. Let me walk you through the key areas of our investments in technology. First, at Alibaba, AI is an integral part of everything we do. We've not only developed strong fundamental capabilities such as voice recognition, image recognition, NLP, and decision intelligence, but we're also applying them in real-world use cases to empower our customers in different sectors. For example, our City Brain enables smart operation of municipal services, leveraging advanced AI capabilities in vision, voice, and image processing. Beyond smart cities, we are also developing AI solutions for agriculture, healthcare, and many other sectors. Another important part of our technology strategy is developing proprietary full stack cloud native infrastructure. We are aggressively investing in core technologies related to data centers, network, chips, and cloud servers. We're also making our cloud operating system compatible with multiple processor architectures in order to provide highly scalable services to our customers together with our diversified ecosystem partners. We hope our research and innovation could create a next-generation hardware. Our recently launched cloud computer, Wuying, could be an example. We believe cloud native devices could redefine the next generation of computers, mobile phones, or smart devices. Finally, we've also been investing in research and development of frontier technologies. A hot topic recently, for example, the Metaverse, we mainly look at it from a technology perspective. We strongly believe the value creation of VR and AR lies more in their real-world application in industry use cases rather than construction of a virtual world. As another example, standing in the 5G era today, we need to be forward-looking and explore possible disruptive technologies in 6G or even 7G era. We have dedicated teams and labs working on frontier technologies like this. Next, I would like to illustrate how we transform technology into core products or services for our customers. As I mentioned earlier, our City Brain has evolved into a widely adopted industry solution for smart cities. Leveraging various AI technologies, City Brain digitalizes municipal services and lets cities run more efficiently. Another example is our self-driving delivery robot, Xiaomanlv. With level four autonomous driving technology, these robots are now running as our last-mile delivery vehicles across a number of university campuses in China, delivering packages from post stations to student dormitories. Today, we managed to make Xiaomanlv not only highly reliable, but also affordable and scalable. To date, these autonomous robots have delivered more than 1 million parcels on campuses across the country. Last but not least, while we enjoy the opportunities brought by technology, we firmly believe that technology should be more inclusive by generating opportunities across society. That's a reason why we created M6, a large AI pre-training model. Our ecosystem partners or developers can use M6 to train their algorithm models at lower cost and with higher efficiency. With this infrastructure, we aim to make the power of AI more accessible to all. With growing influence in China and globally, we believe we should assume even greater responsibility as the platform operator in the Alibaba digital ecosystem. We have put ESG strategy as the foundation of Alibaba's future development. Next, let me introduce our strategy and goals in this topic. Our ESG strategy starts with environmental responsibility. We are pushing forward a comprehensive strategy on carbon reduction with three levels of work scope. First, we start from managing Alibaba's own carbon emissions, including Scope 1 emissions, which mean direct emissions generated by Alibaba's own operations, as well as Scope 2 emissions, which include indirect emissions associated with the electricity and heating we purchase. In both Scope 1 and Scope 2, we will work to reduce our carbon footprint. Next, we address our Scope 3 emissions that occur upstream and downstream in our supply chain, including the goods and services that we buy, the end use of the products we sell, and our employees' daily commutes and business travel. We will also define carbon reduction targets for Scope 3 emissions. Thirdly, as a platform operator, we have a large number of ecosystem participants and partners in commerce, logistics, and cloud computing. From this unique perspective, we would like to introduce a new definition, Scope 3+. Under this scope, we aim to work with all stakeholders to reduce their carbon footprint across our entire ecosystem. Turning to social responsibility, we will take the lead in creating positive impact for stakeholders across our ecosystem. Our stakeholders include our own employees and indirect workforce, as well as merchants, service providers, business partners, consumers, and ultimately, the general public. We will strive to leverage our platforms to make positive contributions to the social well-being. Finally, on governance, we are committed to strengthening sustainability and transparency. We have established a dedicated sustainability committee at the board level to ensure robust oversight and internal management of our ESG strategy and its implementation. The committee will also be instrumental in giving guidance to Alibaba's overall strategic development from a sustainability perspective. We will also enhance our disclosure and external communication to provide greater transparency. These measures will help fortify governance support for both our business and ESG implementation. As part of our environmental strategy, we're announcing today our targets for emissions reduction. First, by 2030, we aim to achieve carbon neutrality within Alibaba's own operations, i.e., Scope 1 and 2. More broadly, across our corporate value chain, we aim to achieve 50% reduction in Scope 3 carbon emissions by 2030 against the baseline of 2020. We have a higher Scope 3 target for Alibaba Cloud, our pioneer in enterprise digitalization. Alibaba Cloud will target to achieve Scope 3 carbon neutrality by 2030. We plan to achieve these targets through the following efforts. First, we will leverage energy saving and efficiency improving technologies to reduce emissions. Secondly, we will transform our energy structure with progressive use of renewables. Thirdly, we will actively engage in carbon removal initiatives. We will adhere to the general principles of prioritizing carbon reduction over removal and removal over offsetting. Next, I would like to explain why we introduced the new concept of Scope 3+ and what we intend to achieve. We believe the Scope 3+ pledge reflects our commitment to assume higher social responsibility as a platform operator. We will drive Scope 3+ carbon reductions by mobilizing broad participation of consumers, merchants, service providers, and business partners. By engaging all these stakeholders, we aim to facilitate 1.5 gigatons of our ecosystem decarbonization by 2035. We view this as a crucial target in our environmental strategy. As illustrated in the slide, Scope 1, 2, and 3, shown on the vertical axis, cover emissions along our corporate value chain. Scope 3+, shown as the horizontal axis, covers emissions across our ecosystem participants. We hope to engage these stakeholders for joint efforts in reducing the carbon footprint in the ecosystem. How are we going to achieve the 1.5 gigaton target? We hope to leverage our influence as a platform operator to drive active participation and behavioral change among consumers and merchants. For example, by promoting consumption of green products, encouraging consumer adoption of green transportation options, or encouraging reuse and resale of pre-owned goods on our second-hand marketplace. We can also contribute to ecosystem decarbonization through our enterprise digitalization services such as cloud computing and data intelligence, sustainable logistics services, and digital workspace collaboration solutions. We will work together with our enterprise customers and partners to contribute to carbon reduction in society. Next, let me turn to the S pillar of our ESG strategy. Alibaba's social responsibility strategy comprises ten major initiatives that focus on common good and are aligned with international sustainability goals. Our ten initiatives are focused on four topics. First, technology innovations, especially those to support development of underdeveloped areas. Second, economic development, especially to support the growth of SMEs, their business expansion into overseas markets, and the industrialization of agricultural industry and rural areas. The third one is about job creation and improving the welfare of the gig economy workforce. Last but not least, we hope to better serve the vulnerable groups in society. For example, to promote digital equality between urban and rural areas and narrow the development gap. We believe a lot can be done in these areas, and our objectives are highly aligned with the United Nations Sustainable Development Goals. These initiatives are top priorities for us. I will personally oversee their implementation and progress and ensure cross-department synergies and strategic planning with long-term vision. We will also implement a project management system that balances business value with social value and regularly disclose our progress with transparency. To recap, this is a summary of our overall ESG strategy and goals. Under the environmental pillar, we are committed to achieving by 2030 Scope 1 and Scope 2 carbon neutrality, a 50% reduction in Scope 3 carbon intensity, and Scope 3 carbon neutrality for Alibaba Cloud. Beyond the above, we have also defined Scope 3+, which covers emissions from all stakeholders across our ecosystem. Our goal is to reduce a total of 1.5 gigatons of carbon emissions from our ecosystem by 2035. In terms of social responsibility, we aim to mobilize broad-based participation across our ecosystem and the society to drive technological innovation, economic development, job creation, and care for vulnerable groups in our ten initiatives. Finally, in terms of governance, we are committed to strengthening sustainability and transparency. We have established a dedicated team for ESG implementation and a newly established sustainability committee at the board level to provide better guidance. In my presentation today, I have shared a high-level overview of my thinking and strategies at the group level, our long-term development plans, and our new goals around ESG. This year marks Alibaba's 22nd anniversary as a company. Our vision for the future remains unchanged. We believe we are in the best of times in the digital era today to capture opportunities of the future with the digital and technology capabilities that we've built over the years. Throughout this journey, we remain firmly committed to our long-term goals of serving 2 billion consumers around the world, creating 100 million jobs, and serving 10 million SMEs. Heading into the future, Alibaba will strive to continue creating new value for our customers, for our partners, and for all our investors. Thank you.