Thank you for standing by. Welcome to Alibaba Group's March Quarter 2021 and full fiscal year 2021 results conference call. At this time, all participants ar e on listen only mode. After management's prepared remarks, there will be a question and answer session. Now I'd like to turn the call over to Rob Lin, Head of Investor Relations at Alibaba Group. Please go ahead. Good day and good evening, everyone, and welcome to Alibaba Group's March quarter 2021 and full fiscal year 2021 results conference call. With us today are Daniel Zhang, our Chairman and CEO; Joe Tsai, Executive Vice Chairman; Maggie Wu, Chief Financial Officer. This call is also being webcast from the IR section of our corporate website. A replay of the call will be available on our website later today. Let me cover the safe harbor. Today's discussion may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the U.S. SEC or announced on the website of The Stock Exchange of Hong Kong Limited. Any forward-looking statements that we make on this call are based on our assumption as of today, and we do not undertake any obligation to update these statements except as required under applicable law. Please know that certain financial measures as we use on this call, such as adjusted EBITDA, adjusted EBITDA margin, marketplace-based core commerce adjusted EBITDA, non-GAAP net income, non-GAAP diluted earnings per share or ADS, and free cash flow are expressed on a non-GAAP basis. Our GAAP results and reconciliation of non-GAAP to GAAP measures can be found in our earnings press release. Unless otherwise stated, growth rate of all the data metrics mentioned during this call refers to year-over-year growth versus the same quarter or same period last year. In addition, during the call today, management will give their prepared remarks in English. A third-party translator will provide simultaneous translation in Chinese on another conference line. Please refer to our press release for details. During the Q&A session, we will take questions in both English and Chinese, and a third-party translator will provide consecutive translation. All translations are for convenience purpose only. In the case of any discrepancy, management statement in the original language will prevail. With that, I will turn the call now to Daniel. Thank you, Rob. Hello, everyone. Thank you for joining our earnings call today. We deliver another solid quarter, making the strong finish to this eventful fiscal year. China started this past year with the national battle against the COVID-19 outbreak and ended the year as the first country in the world to effectively control the pandemic and return to normal life. Based on IMF estimates, China was the only major economy that achieved positive real GDP growth in 2020. According to the National Bureau of Statistics, China recorded retail sales of RMB 42 trillion during the 12 months ended March 31, 2021, and the GDP growth in the quarter ended March 2021 reached 18.3% year-over-year. Against the backdrop of this macroeconomic recovery and accelerated digitalization in China, Alibaba Group achieved healthy growth across all businesses. During the past fiscal year, we made significant progress in our three key strategies, namely domestic consumption, globalization, and cloud computing. Such progress demonstrated the tremendous power of Alibaba's digital commerce infrastructure, as well as our long-term commitment to invest for the future and to create value for our consumers, merchants, and partners through innovations. For our consumer-facing businesses, Alibaba Ecosystem recorded 8.1 trillion RMB in GMV, or $1.2 trillion during the fiscal year, a net increase of over 1 trillion RMB year-over-year. Annual active consumers for our ecosystem reached a historical milestone of over 1 billion with a net increase of 170 million year-over-year. Our annual active consumers outside of China increased by 60 million to over 240 million as of March 2021, which reflects the progress of our globalization strategy. Benefiting from the increasing demand for digitalization across industries, Alibaba Cloud's revenue exceeded RMB 60 billion for past fiscal year, representing a year-over-year growth of 50%, as it continued to strengthen its market leadership in China and Asia Pacific. During the past fiscal year, we have gone through all kinds of challenges, including the COVID-19 pandemic, fierce competitions, as well as the anti-monopoly investigation and the penalty decision by Chinese regulators. We believe the best way to overcome this challenge is to look forward and invest for the long term to create value for our customers through technology and innovation and to solve major problems in society. Therefore, we plan to invest all of our incremental profits in this coming year into core strategic areas such as technology innovation, support programs for merchants to lower their operating costs, user acquisition and experience enhancement, merchandising and supply chain capabilities, infrastructure development, and new business initiatives. Considering that our incremental profits are expected to be significant, our investments will be highly targeted and disciplined. They will be designed to enlarge our total addressable market, differentiate consumer and merchant value proposition from our competitors, and generate greater consumer engagement and purchase frequency. We will establish key metrics to measure the effectiveness of these investments, which we believe will generate significant results in the long term. Our annual active consumers in China reached 891 million by the end of March. We hope to grow this customer base in China by over 100 million in the coming fiscal year to reach over 1 billion. Annual active consumers for our China retail marketplaces were 811 million by the end of March, representing a net increase of 85 million year-over-year. These consumers spent an average of RMB 9,200 annually per person on our platforms. We believe this is the largest and best quality consumer base in China. We will continue to serve the demands of consumers' diversified lifestyle based on their segmented preferences. As the largest digital consumption marketplace in China, Taobao app will continue to strengthen its comprehensive supply of branded products, value-for-money products, agricultural products, imported products, and differentiated long-tail products to meet the diversified demands of our consumers. In under-penetrated categories such as groceries, real estate, home furnishings, and pharmaceuticals, we will redefine the consumer journey and the digitalized experience for the sector to enhance its online and new retail penetration. We will also work on improving the overall consumer experience and engagement in Taobao app by offering diversified consumer journeys based on different user segmentation and intent. At the same time, we are improving the tools and enabling capability for merchants to enhance their customer engagement and reviewing our platform policies to lower their operating costs. As part of our China retail marketplaces, Taobao Deals has grown rapidly over the past year, reaching over 150 million annual active consumers. As an indication of the activeness of our app users, monthly active users of Taobao Deals reached 130 million in March, a net increase of 27 million from December. Taobao Deals offers the best value-for-money products for price-conscious consumers. It features simple product design and direct-to-consumer supply from farms and manufacturers. The rapid growth of Taobao Deals contributed positively to our China retail marketplaces. During the past fiscal year, average spending of consumers who purchased on Taobao Deals increased more than the average spending of China retail marketplaces consumers. We will further increase our investment in Taobao Deals in the new fiscal year to serve more price-conscious consumers in less developed areas. Next, I would like to talk about new retail, which includes the community marketplace model that has attracted a lot of attention lately. Alibaba introduced our new retail strategies in 2016. We have executed our strategy based on multiple business models to serve the various demands of consumers. For groceries, fresh produce, and FMCG products, we transformed offline retailers such as Sun Art through digitizing their operations and created new retail formats such as Freshippo that integrate online and offline experience. The combination of these new retail formats satisfies consumer demands, not only in-store but also in nearby communities, by offering comprehensive delivery options from one hour, half a day, same day, and the next day. As part of our latest exploration in new retail, we started the community marketplace business in select regions in China. Our community marketplace is supported by the supply chain capabilities of Freshippo, Sun Art, and other partners. In addition to one-hour, half-day, same-day, and the next-day delivery options mentioned above, we now offer community consumers with the option of order today and pick up tomorrow. We believe new retail is a multi-format consumer infrastructure, of which the community marketplace model is one of the essential ways to serve price-conscious consumers. This model can help us acquire new customers in low-tier cities and rural areas, and further increase our users' consumption frequency and stickiness. We believe the key to unlocking the full value of the community marketplace model is not only about the standard standalone P&L of the business, but also about the overall efficiency and the servicing capability of the entire commerce platform where the business sits. We believe the latter can generate far greater value than the former. Alibaba has the most sophisticated and efficient commerce infrastructure in China, with the most comprehensive product and service offerings to serve consumers of diversified segmentation and demands. Accordingly, we believe we will be able to create and capture the highest consumer lifetime value through investment into the community marketplace business. We will grow this business leveraging Alibaba ecosystems' four core capabilities, including merchandising and supply chain capabilities, logistics and fulfillment infrastructure, consumer engagement capabilities, and the distribution channel development and management capabilities. While we are still in the early stage of business expansion, our goal for the new fiscal year is to expand our geographic coverage nationwide and define a healthy and sustainable community marketplace business model. Cainiao Network has delivered solid revenue growth during the fiscal year. Revenue from external customers outside of Alibaba Group grew 68% year-over-year and contribute to over 70% of Cainiao Network's total revenues. Cainiao also reached an important milestone of generating positive operating cash flow during the year. We believe Cainiao's continuous growth will be driven by three important engines. Number 1, first-mile business based on Cainiao Post and Cainiao Guoguo. Second, fulfillment service from factory to consumers. Third, cross-border supply chain services for importing and exporting merchants. Building on top of the significant improvement in operating efficiency in the last few quarters, Ele.me invested in user acquisition and the logistic capacity during the Chinese New Year period, where many residents were encouraged by the local government to stay in the same city they work and avoid long-distance travel due to the pandemic. As a result, Ele.me's annual active consumer grew strongly at close to 20% year-over-year during the fiscal year, when user experience improved. Looking forward, we will continue to invest in Ele.me consumers' mind share as the entry point for local service through converting more consumers in Alibaba ecosystem into Ele.me user, as well as cross-selling between food delivery and other on-demand services to increase order frequency. In our international commerce retail business, Lazada and AliExpress each achieved more than 100 million of annual active consumers by March 2021. Lazada delivered another quarter within triple-digit order growth year-over-year. AliExpress continued to achieve rapid growth by significantly improving the logistics experience for its consumers, leveraging Cainiao Network's global smart logistics infrastructure. For example, France and Spain, two of the key markets that AliExpress invested in logistic infrastructure improvement, recorded triple-digit GMV growth year-over-year during the quarter. In the future, we will continue to invest in key cross-border logistics hubs in Europe, develop local logistics network in target markets, and strengthen infrastructure support for our cross-border and local e-commerce businesses. In fiscal year 2021, our cloud computing revenue grew 50% year-over-year to over 60 billion RMB. I'm very excited about the massive potential of our cloud computing business. As the post-pandemic world is facing a massive opportunity for industrial digitization. Cloud infrastructure will eventually replace IT infrastructure, empowering enterprises to achieve digital operation. As China's industrial sector undergoing its digital transformation, manufacturers are moving forward smart manufacturing and direct to consumer initiatives, while other traditional industries such as retail, energy, finance, and transportation have all noticed the tremendous value and the new opportunities that big data and intelligent applications could create. Alibaba Cloud will capture the historical opportunity by number one, investing in core IaaS and PaaS products such as database, storage, elastic computing, and big data platforms to establish our core product competencies, benchmarking against the global cloud leaders. Number two, further expanding the integration of intelligence with cloud infrastructure to provide our customers with more diversified industry intelligence solutions together with our partners. Lastly, we announced in April 2021 that we received the administrative penalty decision issued by the China's State Administration for Market Regulation. We have stated that we accept the penalty with sincerity and will ensure our compliance with determination. As a result of the anti-monopoly fine of RMB 18.2 billion leveled by the SAMR, we recorded an operating loss this quarter for the first time since our history as a public company. The penalty decision motivates us to reflect on the relationship between a platform economy and society, as well as our social responsibilities and commitments. We believe the self-reflection and adjustment we've made will help us better serve our community of consumers, merchants, and partners, and position us well in the future. Thank you all. Now, I will turn it over to Maggie, who will walk you through the details of our financial results. Thank you, Daniel. Hello, everyone. Let me start with financial highlights for the fiscal year 2021 and for the March quarter. Our total revenue was RMB 717 billion, an increase of 41% year-over-year. Excluding the consolidation of Sun Art, our revenue would have grown 32% year-over-year to RMB 674 billion. This has well exceeded the revenue guidance we gave at the beginning of the year, which was RMB 650 billion. For March quarter, our total revenue was RMB 187 billion, up 64% year-over-year. Excluding Sun Art, the growth would have been 40%, still very strong. The growth was driven by the robust revenue growth of our China commerce retail business, as well as continued growth of cloud computing businesses. Total adjusted EBITDA was RMB 170 billion, an increase of 24% year-over-year. For the March Quarter, it was RMB 23 billion with an increase of 14% year-over-year, primarily driven by healthy profit growth of our marketplace core commerce business, partially offset by increased investments in new businesses and key strategic areas. Total adjusted EBITDA increased 25% year-over-year to RMB 197 billion for the year, an increase 18% year-over-year for the March Quarter. Net income was RMB 143 billion for the fiscal year, which includes the one-time fine levied and increases in SBC expenses. The non-GAAP net income for the year was RMB 172 billion, 30% year-over-year growth. March Quarter, we showed net loss of RMB 7.7 billion, primarily due to the anti-monopoly fine of RMB 18.2 billion. Excluding this impact and certain other items, non-GAAP net income was RMB 26 billion, an increase of 18% year-over-year. We continue to maintain a solid cash position of $72 billion with strong cash flow generation capability. Our free cash flow grew strongly at 32% to RMB 173 billion, or around $26 billion. Let's look at the fiscal 2021 revenue in more detail. Our revenue continued to be more diversified on the back of strong organic growth. The revenue of our China retail marketplaces continued to grow strongly, as reflected by our Customer Management Revenue growth of 24%. Our Alibaba Cloud and China businesses were the two fastest growing businesses and important drivers of our organic revenue growth. Both have also achieved important financial milestones, with the cloud computing business proving its capability to be profitable in December quarter and continue to showing increasing profit in March quarter. Cainiao generating positive cash flow. These two growth businesses exemplify our track record of committing to investing businesses over the long term that we believe can create tremendous value for our ecosystem. It is important to note that we have continued to invest and grow new seed businesses such as Taobao Deals, Taobao Grocery, Freshippo, which is the community marketplace business, and new features on the core platform such as Taobao Live and short-form video. These initiatives address new consumption demands and behaviors that will continue to expand our addressable markets in China and create many cross-selling opportunities in our ecosystem. We believe these businesses have the potential to be the long-term revenue growth drivers that continue to catalyze our multi-growth engine in the future. Let's look at our overall cost trends. Excluding SBC as a percentage of revenue, cost of revenue ratio increased in March quarter and fiscal year due to higher proportion of direct sales business. This increase was primarily attributable to higher proportion of our direct sales business from the consolidation of Sun Art, as well as the growth of Tmall Supermarket. These direct sales businesses will continue to strengthen our new retail initiatives, especially in development of our product sourcing capability. Sales and marketing ratio also increased in March quarter and fiscal year, given increase in marketing and promotion spending to drive user growth and engagement. I would like to remind everyone that we added 84 million annual active consumers on our China retail marketplace in fiscal 2021, especially in lower-tier cities, with Taobao Deals ending the year with 150 million annual active consumers. G&A expense ratio was significantly higher at 30% for the quarter, primarily due to expensing of the one-off antitrust penalty fine. Excluding this item, G&A ratio would have decreased by one percentage point to 4%. Revenue and adjusted EBITDA. This slide provides you with an overall summary of our segment revenue and profitability for the March quarter and fiscal year. For the next part of the discussion, I'll first provide you with an overall financial recap by segments for the fiscal year, and then followed by quarterly discussion of the important segments. Let's look at the segment revenue and profitability for fiscal year 2021. Starting this quarter, for purpose of presenting our marketplace core commerce adjusted EBITDA, we expanded the list of the new initiative businesses that we break out in order to present the progress of our strategic investments, as well as the profitability of our marketplace core commerce business. This is on a like-to-like basis. The new initiative businesses, which now include our new retail business, local consumer service, Lazada, Taobao Deals, and Cainiao, represents strategic areas where we're executing to capture incremental opportunities. As previously mentioned, we are very excited about the growth perspectives of these fast-growing businesses that will not only increase our addressable market, but also require long-term investment commitment. We believe these new businesses will be the drivers of our market engine revenue growth in the future. Under this new presentation for fiscal 2021, our marketplace base of core commerce adjusted EBITDA was RMB 229 billion, growing 17% year-over-year. Combined losses of the strategic investment areas was RMB 34.6 billion, reflecting investment in new retail, local consumer service, Lazada, as well as addition of losses reflecting our aggressive investment in Taobao Deals. Core commerce adjusted EBITDA reached RMB 194 billion. The cloud computing and DME continued to narrow losses during this fiscal year. Our innovation initiatives recorded adjusted EBITDA loss of RMB 10 billion, up RMB 1.8 billion as we continued investing technological research and innovation. Our adjusted EBITDA for fiscal year grew 24%, reflecting the strength of our core commerce business that was partly offset by the investment we made in the new initiative areas. Segment reporting. I wouldn't go into detail for each one of them, just some highlights. For the core commerce, CMR grew 40% year-over-year to RMB 64 billion. These are all for the discussion for the quarter. This growth actually is driven by solid growth of our China retail marketplaces. Overall, online GMV grew 33%, reflecting the rapid recovery of growth in apparel, accessory, and home furnishing category, et cetera. FMCG also exhibited solid growth during this quarter. From merchant spending perspective, we saw strong growth in higher spending per merchant and an increasing number of paying merchants on our China retail marketplace. In March quarter, China retail others revenue grew 134% to RMB 60 billion due to consolidation of Sun Art. In March quarter, marketplace-based EBITDA reached RMB 44 billion, up 28% year-on-year, reflecting solid CMR growth, partially offset by the increase in the marketing promotional spending for user acquisition and increasing engagement on our China retail marketplace. Let's take a look at the cloud computing business. Alibaba Cloud revenue grew 37% year-over-year to RMB 17 billion during the quarter. This slower revenue growth during the quarter was due to a change in our relationship with a top cloud customer in the Internet industry. This customer has a sizable presence outside of China that used our overseas cloud services. They have decided to terminate their relationship with us with respect to their international business due to non-product-related requirements. We expect the impact of a reduction in revenue from this customer to affect our year-on-year growth rate when compared to prior years. Excluding this customer impact, Alibaba Cloud top 10 non-affiliated customers together accounted for no more than 8% of Alibaba Cloud's total revenue. You get a sense on this concentration. The revenue is really not high. Going forward, we believe that our cloud computing revenue will be further diversified across customers and industries. Alibaba Cloud was profitable for the quarter and generated an adjusted EBITDA of RMB 308 million. Our cloud business has delivered profits over the last two quarters, which demonstrates that we can run this business on a profitable basis. We believe it is still more important to drive market share leadership given the rapid growth of the industry. We will continue to invest in innovative technology, expanding customer servicing capabilities, and enabling a robust developer ecosystem for the cloud business in the future. Our DME business for the quarter grew to RMB 8 billion in revenue, 12% year-on-year growth. This is a sector that's impacted by the pandemic as well. Income statement selective financial metrics. When you look at the interest and investment income, it was RMB 111 million in March quarter. This year-over-year increase is primarily due to the decrease in net loss arising from the fair value changes of our investments. Share of results of equity-method investees was RMB 6 billion during March quarter. Our free cash flow was an outflow of RMB 658 million this quarter. This was a similar pattern in last year. The cash flow outflow during this quarter was mainly due to our increased strategic investment as well as an increase in marketing and promotional spending for user acquisition and retention. At the same time, there was merchants deposit funds that as a practice that we discuss in the earnings release that we just take it out from the free cash flow calculation. Okay, let's take a look at the non-GAAP net income attributable to shareholders was RMB 5.5 billion for the quarter. This was mostly due to expensing of RMB 18.2 billion fine, partially offset by the reduced net loss arising from the fair value changes of our investments. Now, outlook and guidance. Total revenue excluding SAMR consolidation was RMB 674 billion for fiscal 2021, which as I mentioned, surpassed our annual revenue guidance. This was driven by robust performance of our core business as well as continued growth of cloud. Going forward, we expect to generate over RMB 930 billion in revenue in fiscal 2022. Considering the total market potential as well as our strong profit and cash flow generation capability, this gives us the internal resources to focus on long-term value creation. In fiscal 2022, we plan to invest all of our incremental profits and additional capital into supporting our merchants and developing new businesses and the key strategic areas that will help us increase consumer wallet share and penetrate into new addressable markets. Completed our prepared remarks. Let's open up for Q&A. Thank you. Hi, everyone. For today's call, you're welcome to ask questions in Chinese or English. A third-party translator will provide consecutive interpretation for the Q&A session. Our management will address your question in the language you ask. Please note that the translation is for convenience purpose only. In the case of any discrepancy, the management statement in the original language will prevail. [Foreign Language]. Operator, now we can connect to the speaker and SI conference lines, and start the Q&A session when ready. Thank you. Thank you. As a reminder, to ask a question, you need to press star one on your telephone. To withdraw your question, please press the pound or hash key. Please stand by while we compile the Q&A roster. To give more people the opportunity to ask questions, please keep yourself to no more than one question at a time. Once again, it is star one to ask a question. First question comes from the line of Alex Yao of JP Morgan. Your line is open. Please go ahead. [Non-English content] Thank you and good evening, Management. I have some questions on the investment side. First of all, I'd like to know if you could please clarify the remarks made, I believe by both Maggie and Daniel in your presentations as regarding the intention to completely reinvest all incremental profit in the coming year. Does that mean that we're talking about an outlook with zero profit growth in the coming financial year? You listed a lot of different areas into which that investment will be channeled. I'm wondering if you could tell us which of those will be the top priorities. Thirdly, Daniel in his remarks spoke of how these investments will be managed in a prudent fashion with internally defined KPIs to monitor investment effectiveness. I'm wondering if you could please tell us more about how that will work, and on those KPIs, how performance has been year to date. Thank you. Hey，Alex，[Non-English content] Yes. Hi Alex, and good evening. Let me start by answering as to what we intend to, or what we meant with this announcement of our investment of incremental profits, and what the priorities will be in terms of making this investment. As we stated in our earnings guidance, we plan to invest all incremental profit in the coming year into growing our business further and investing for the future. Does that mean that in the coming year, there will be no prospect of profitability or profit growth? Or will maximum profit growth be restricted to what it was this year? Let's look at what we can achieve with this investment first. In the market, as you know, there are very, very few companies that can do what we've done in terms of investing a lot of money into future business growth, into strategic initiatives while still enjoying very robust profit growth. I think it's fair to say that there's a huge potential for us to further grow, be it in our core market or in other areas. There's still lots of scope and lots of room for us to do new things and grow the business. I think any long-term investor would say that promising to maintain a certain level of profit or prioritizing a higher level of profit would be a stupid thing to do. In the market today, there are so many competitors who are investing large amounts to gain a foothold in the market, to grow the market. We are in a great position to create value and capitalize on our existing resources to drive future growth going forward. That is the intention. We're going to be investing in a highly targeted and highly disciplined way in order to lay a foundation for even better growth going forward. At the end of the day, users will vote with their feet. We see these investments ultimately as playing out in terms of growing the business and more deeply engaging users. [Non-English content] By way of follow up in terms of the specific areas we intend to be investing in. As we've talked about, certainly core commerce, new retail, as Daniel mentioned in his remarks, the community marketplace business, Taobao Deals, but also our international business, local services and logistics. [Non-English content] Another way of breaking down the investment is not by business, but in terms of the results that we seek. Certainly these would include growth in the user base, enhanced engagement as well as the provision of more value to merchants. [Non-English content] Yes, I just like to add to that briefly. When it comes to making these investments, we do have three major strategic priorities, as I mentioned in my script, these are domestic consumption, globalization and the cloud or high advanced technology part of the business. We intend to be investing in all three of those because we see large incremental opportunities. [Non-English content] Starting with the first of those three strategic priorities, namely domestic demand, domestic consumption. Our AAC number has now reached 890 million in China. This is the latest total figure across the ecosystem, all of the different platforms, an aggregate AAC figure of 890 million. There's still a lot of scope to grow the frequency of purchase and engagement of these 890 million AACs to convert them into MACs, monthly active consumers or even DACs, daily active consumers. Huge scope for development there. We have today within this user base, the broadest and largest multi-tiered consumer base in China. As I said in my remarks, a major priority for us in further developing that user base is to continue to drive higher levels of purchase frequency across all classes of consumers. [Non-English content] Although we already have 890 million AACs, still there is quite some scope for further growth in that figure with respect to users in lower tier cities and in rural areas. In fact, in my script just now, I reported the growth achieved in the past year in our user base, and 70% of those new users came from rural areas. We will continue, as I said, to strive to grow the user base, adding new users and have set as a target surpassing 1 billion AACs in the new financial year. [Non-English content] Apart from growing the number of consumers and their frequency of consumption, another important initiative for us is helping merchants by reducing their burden, reducing their costs, as well as creating a facilitating and conducive environment for their long-term development and success. In this respect, we will have many measures. Some have already been announced, some have yet to be announced, but they all aim at helping merchants. [Non-English content] Finally, also in the same area of domestic demand and domestic consumption, another place we'll be investing is in the continued construction and improvement of our infrastructure, our logistics, our supply chain and merchandising capabilities. This is also an important area where we can discover and satisfy user demand and create long-term value for users and for the company. In the interest of time, I will not expand any further. I will merely end by saying that we will put in place detailed KPIs to monitor all of these investments and ensure that they're. [Non-English content] The above was all with respect to the domestic consumption piece of our strategy. Turning now to globalization. As was mentioned in my speech earlier, we're very pleased that we now have 240 million international AACs, and we hope to double that figure going forward. Growing the international user base is also very important to us. [Non-English content] Finally, I'd like to talk briefly about technology. We see the cloud as an epoch-defining opportunity, and we'll continue to invest in cloud technology, but also in big data and other kinds of technology as well, including technology to enable the next generation consumption experience to better support logistics services and in other areas to ensure that technology is supporting the realization of our domestic consumption strategy, our globalization strategy, as well as our cloud and high tech strategy. We want to enable all of these strategic areas to benefit from further improvement in our technology capabilities. Okay. Next question, please. Thank you. Yes, our next question is from the line of Thomas Chong of Jefferies. Your line is open. Please go ahead. Hi, good evening. Thanks management for taking my questions. May I ask about the trend in terms of the CMR? Given that we have seen the CMR growth rate is very solid, can you comment about the FY 2022 outlook? In particular, how we should think about the take rate trend for this year? My second question is about the competitive landscape. Given that we have a wide product selections and very strong technology, how would we leverage our core capabilities in different areas like lower tier cities penetration, as well as our strategic initiative in local service and Lazada? Thank you. [Non-English content] Hi, Thomas. In terms of CMR growth, you've seen that we reported 24% year-over-year growth for the quarter. If you look at the past few quarters has been growing strongly considering this large base. I believe the CMR growth continue to have high potential. If you look at this revenue, actually the term is merchant's budget, right? To pay for the services we provided. Currently our take is somewhere around 4%. This is mainly where merchants paying for the sales and the marketing branding services we provided. Even in this sole area, we still have a lot of potential. There are also other areas that we could provide merchants a service. Take rate has been growing over the past years. I think this year, as we talked about, we going to provide more support to the merchants. In our last call, we talk about the details on how we support the merchants. These including waiving certain charges fees and also invest in the platforms and infrastructures to support merchants. We're not aggressively monetizing the value we created for the merchants actually. The one thing worth to mention is that CMR currently accounts for approximately 43% our total revenue. If you look at three years ago, five years ago, it used to be like 70%, 80%, right? It has been growing very fast, but as a percentage of revenue coming down, I think that trend will continue. That is because of our multi-engine strategy. We have so many new businesses and revenue contributed from these new seeds that become more and more important and significant to our total revenue. [Non-English content] Yeah, just one minor correction. The 24% year-on-year growth is for the annual fiscal 2021. For this quarter, the growth rate for CMR was 40%. [Non-English content] Let me answer the second question in terms of the technology, how to apply technology into the competition. We always believe that technology is so critical in the competition, and we are proud of our technology development and integration with the real operation even in the fierce competition. Let me just give you a few examples. In the method consumption area, actually one of the key thing is how to acquire and retain the customers on our China retail marketplaces. The key thing is how to use technology to match the most comprehensive product offerings we have on our platforms with the right customers and generate the real consumption. The matching capabilities is all driven by AI and driven by technologies. I think that's our big advantage to make sure we have a most effective conversion. I mean, over years, our conversion rate continue to grow, and which not only to grow our GMV, but also to meeting the diversified demands of our customers. The second example I want to give you is that once we acquire new customers, it's all about how to maximize the lifetime value of these customers via the cross of category setting opportunities. In this regard, we build a very comprehensive user profile and product features profile to make sure we can maximize, understand our customers very well and provide all they need during their lifetime cycle. Let me stop here for translation. [Non-English content] Technology application is not limited to the consumer management side. It covers all the areas. Just a few more examples. On the logistics side, technology actually plays a very important role for Cainiao to build a smart data-driven logistics network and operating system, to serve our merchants both in China and the international market. On the cloud side, I think technology is a key. As I said in my script, we continue to invest in technology to build our competitive advantage in the Art and products. Our benchmark is not only in China, we benchmark global leaders in all their core cloud products to make sure we are at the top tier of the world. Thank you. [Non-English content] Okay, next question. Thank you. Next question is from the line of Jerry Liu of UBS. Your line is open. Please go ahead. Okay. Thank you. Thank you, management. My question is really on the business model. If we look at the recent past years, we've seen an increase in the 1P revenue mix, as Alibaba consolidates Sun Art and as we grow Hema or Freshippo. Today we talk about investing in community marketplace and from the presentation, it looks like the providers of groceries and FMCG into this business includes also Sun Art and I believe Hema as well. As we invest in these high-frequency categories, how does this change the long-term business model? How do we envision the ecosystem looking long term? Maybe more specifically, do we have a target 1P, 3P mix in mind? Thank you. [Non-English content] In short, we don't have any specific goal for 1P, 3P mix. We strongly believe that this mix is an organic result, outcome of operation. We don't manage the 1P, 3P mix intentionally. Over years, we built our two flying wheels in our consumption business. One is continuous to build the capability to manage the customers smartly and efficiently. In this regard, we said how to create the demand. The demand side, we continue to invest to improve our user interface with creativity and with technologies. We strongly believe that it's very important for us to enhance our engagement with our customers, not only to have more customers on our platform, but also to have them spend more time with us. We strongly believe that a very diversified supply from the merchants from different sources is very, very important, and the selection is very, very important to enhance the user stickiness. I think that's the area we continue to invest and to build the capability on the customer management and demand creation. On the other hand, over years, we try to build a very strong merchandising capabilities and supply chain management capabilities, which we believe actually over years, no matter how changed the user interface will be, the efficient supply is a must to do a successful commerce business, including e-commerce business. That's why we invest a lot to build our supply side capabilities. We believe that the advantage of this capability will not change even with user interface upgrading and change. These are two flying wheels to Alibaba. I'm so proud that maybe we are one of the few companies in the world which has excellent consumer management capabilities, but at the same time has this merchandising and supply chain management capabilities in one company and in one team. I think that these two flying wheels are the critical successful factor for our long term growth. [Non-English content] Next question. Thank you. Next question is from the line of Han Joon Kim of Macquarie. Please go ahead. Great. Thank you for your time today. I wanted to ask about Taobao Deals. I think it's been one of the fastest-growing apps in last year. Are you guys empowering it to kind of grow to 700 million, 800 million kind of over a few years? Do you just kind of see it as something that stabilizes around- Sorry. Hello? Can you hear me? Sorry to interrupt. Can you repeat your question? Maybe get closer to the mic. Sure. It's regarding Taobao Deals. I'm wondering if we are empowering it to kind of grow to 700 million, 800 million users over a few years. Sorry, your mic is still very noisy. Hopefully this is a little bit better. Yes. Yeah. Sorry, just to repeat, for Taobao Deals, just wondering if this is a business you're empowering to try to get to kind of 700, 800 million user base in a few years time. If that's the case, how do we see this interacting with, I guess, Taobao and Tmall in the sense of as Taobao Deals grows, do we see any kind of cannibalistic behavior to our own services? Part of this is also, I don't feel like I'm seeing your competitors in that similar space being particularly impacted as Taobao Deals grows. I'm also kind of thinking how this impacts perhaps the competitive landscape as well. Thank you. [Non-English content] Well, the value proposition of Taobao Deals is very clear. It's for price-conscious consumers. We provide on Taobao Deals platform, the value for money products for these price-sensitive customers. In terms of supply side, actually, we focus on manufacturers and farmers and their direct offer end-to-end to the customer, which care more about price. I think the value proposition and the simple consumer shopping journey, I think is key for Taobao Deals. We are very happy to see the progress we've made during the last year. As I said, our MAU in March reached 130 million. For the entire year, our annual active consumer reached 150 million. I think that's a good start. Because China is so big and with so many population with different consumption power and with different segmentation and preferences. As part of Alibaba China retail marketplaces, we try to provide multiple destinations to the customers with different purposes. I think Taobao Deals is a good supplement to other application, other business we have in China retail marketplaces. In terms of the incremental value we create from Taobao Deals, I just give a good example in my script to you, which is the average spending of our customers on Taobao Deals. The increase rate of this spending for the customer on Taobao Deals is bigger for the average spending on China retail marketplace. Which indicates that if we give people multiple choices, the overall total spending within Alibaba ecosystem will be bigger. That's a very good indicator. That's why we will continue to invest in Taobao Deals. As to whether this have any impact on other players, I think it's very important that on Taobao Deals, our goal and value proposition is very clear and straightforward and even simple. We are confident the impact is coming. Because for these customers, they just need a simple choice and price sensitive and the price advantage, that's it. We will strengthen this value proposition on Taobao Deals. While on Taobao mobile app, our flagship, I think we provide more comprehensive offerings to different segment customers, and they will enjoy more selections and more fun. The value propositions are quite different. As I said, our goal is to build a application matrix to serve the customers with different needs. Thank you. [Non-English content] Okay. Thank you everyone for joining today's call. We have all the materials that will be provided in our IR website. We look forward to communicating with you in the coming months. Please contact me and the IR team, Alibaba. Thank you. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.