Good day, everyone, and welcome to Alibaba Group's December quarter 2021 results conference call. With us on the line today are Daniel Zhang, Chairman and CEO; Joe Tsai, Executive Vice Chairman; Maggie Wu, Chief Financial Officer; Toby Xu, Deputy Chief Financial Officer. This call is also being webcast on the IR section of our corporate website. A replay of the call will be available on our website later today. Now, let me quickly go through 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 the 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 Hong Kong Stock Exchange. Any forward-looking statements that we make on this call are based on assumptions as of today, and we do not undertake any obligation to update these statements except as required under applicable law. Please note that certain financial measures that we use on this call, such as adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA margin, 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 reconciliations of GAAP to non-GAAP measures can be found in our earnings press release. Unless otherwise stated, growth rate of all the stated metrics mentioned during the call refers to year-over-year growth versus the same quarter last year. In addition, during today's call, management will give prepared remarks in English. A third party translator will provide simultaneous Chinese translation 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's statement in the original language will prevail. With that, I will now turn the call to Daniel. Thank you, Rob. Hello, everyone. Thank you for joining our earnings call today. This quarter, Alibaba Group's business continued to make steady progress. We remain focused on building long term capabilities centered around customer value creation despite the resurgence of COVID, China's market economy slowdown, and increasing competition. In the fourth quarter of 2021, China's GDP grew 4%, while total retail sales rose 3% year-over-year. Both decelerated from the previous quarter due to the confluence of COVID, price increase of raw materials, and other factors. At the same time, the overall trend of digitalization across both consumption and industrial sectors became increasingly apparent and accelerated. Large internet companies in China have entered commerce through various ways, and digital consumption formats and user experiences have become increasingly diversified. Against this backdrop, we believe our most important proposition and the biggest opportunity for healthy and sustainable long-term growth are, number one, the ability to continually create new consumption demand and offer innovative consumer experiences. Number two, support the industrial digitalization of our customers. As of quarter end, our annual active consumers reached 1.28 billion globally, representing quarterly net adds of 43 million. In China, our AAC grew from 953 million to 979 million during the quarter, while AACs outside of China grow from 285 million to 301 million. We are fully on track to deliver the target of 1 billion China AACs by the end of this fiscal year, and Taobao Deals has been the major contributor to our new user acquisition. With 1 billion high-quality AACs, we believe we have substantially captured all consumers with purchasing power in China. We focus on shift from new user acquisition to user retention and output growth. Despite the impact from slowing retail sales and intensifying competition on our China commerce business, the next year retention rate of new AACs acquired in calendar year 2020 was 86% in 2021. This AAC retention rate held steady against our historical pattern, indicating healthy user stickiness on our platforms. Our overall ARPU, or the average annual spend per AAC, decreased by a low single-digit percentage year-over-year in 2021 due to increased contribution of new users from less developed areas. I want to highlight that ARPU of our AACs with over 10,000 RMB annual spend on our platform continued to increase year-over-year. Looking ahead, we aim to further strengthen user engagement and time spent through a greater variety of consumption use case offerings. We want to enhance our influence on the consumer decision-making journey and tailor it to reflect unique considerations of each product category. We will shift our focus from spending the total number of AACs in China to driving deeper AAC penetration across product categories. This will ultimately help us capture a more significant consumer wallet share. Over the past year, we invested heavily in Taobao Deals and Taocaicai. We do not view these two businesses as stand-alone units, but integral parts of our China commerce business metrics. The unique value per contribution of these two new businesses gradually became clear following several quarters of development. Taobao Deals has been a powerhouse in new user acquisition for China commerce, attracting 280 million AACs within a quarterly net add of 39 million. Paid orders during the quarter grew over 100% year-over-year. Taobao Deals and the Taobao app have highly complementary user base, with a higher proportion of price-sensitive consumers on Taobao Deals. There are many ways for us to realize the commercial value of these users. One example is improving supply chain efficiency by connecting manufacturers directly with consumers. As for Taocaicai, it has been a successful use case extension into the grocery and fresh produce category for price-sensitive consumers. More than 50% of Taocaicai's AACs were first-time fresh produce buyers on our platforms. Now that Taobao Deals and Taocaicai have established market presence, we will shift our focus towards quality growth. Through optimizing efficiency, we expect to gradually narrow the operating losses in these two businesses in the next few quarters. In local consumer services, the combined AACs of our To-Home and To-Destination business have reached 372 million, reflecting a quarterly net add of 17 million. Total order volume grew 22% year-over-year. On the To-Home side, we made meaningful progress in improving unit economics for Ele.me through a city strategy with more disciplined user acquisition spending and improved delivery cost. On the To-Destination side, Amap reached a record high of over 200 million DAUs during the National Day holiday in China, while transacting users continued to grow during the quarter. We believe the picture of Amap transforming from a map navigation tool to a lifestyle services platform centering around destination is becoming more and more clear. For our international commerce business, AACs reached 301 million by December, with a quarterly net add of 15 million. Overall order growth continued to maintain healthy momentum at 25% year-over-year, with Lazada and Trendyol growing 52% and 49% respectively. AliExpress was negatively impacted by changes in European Union's VAT exemptions. We believe the future of development of international commerce markets will be based on the combined combination of local supply and cross-border supply. Our long-term focus is a balance of both to fully leverage China's advantage in cross-border supply while organizing local supply effectively. Meanwhile, logistics network development is a priority in our globalization strategy, as logistics is a fundamental infrastructure supporting a high-quality consumer experience based on integrated product supply from cross-border and locally. Cainiao has been developing logistics network in Southeast Asia and Europe, leveraging the e-commerce use cases presented by Lazada, AliExpress, and Trendyol. We will continue to invest in Cainiao's global logistics network as a cornerstone of our globalization strategy. Additionally, global coverage and capacity in cloud is another essential piece supporting our globalization strategy. This quarter, Alibaba Cloud continued to invest in expanding its international infrastructure. We added 2 data centers in Asia Pacific, 1 in Korea and 1 in Thailand. Alibaba Cloud now provides cloud computing services in 25 regions globally. Our cloud revenue grew 20% year-over-year this quarter. We saw very strong growth in demand from financial services and the telecom sectors, which partially offset slowing demand from some customers in internet sector. China's cloud market will be a CNY 1 trillion opportunity by 2025, and industrial digitalization today is still in a very early stage. Alibaba Cloud is committed to serving the real economy for the long term and the digitalization of all industries. Recently, we helped the International Olympic Committee migrate 100% of their core systems onto Alibaba Cloud during the Beijing Winter Olympics. This is the first time in the history of Olympic Games that cloud computing has replaced traditional IT infrastructure to support the planning and operations of the games. In the past, each Olympic host city would have to build extensive IT infrastructure and then dismantle it after the end of the games. By replacing the physical infrastructure with cloud-based services, power costs will be significantly reduced while application development and deployment will be much more efficient. We see similar opportunities and advantages for digitalization in many industries in the future, such as new energy vehicles, financial services, and healthcare. These industries have high potential with massive demand for cloud computing and digital intelligence. We will leverage Alibaba Cloud proprietary technology and products to deliver tailored industry solutions. As China continues to advance towards its carbon peak and then neutrality goals, we foresee increasing demand for more reliable and sustainable technology infrastructure as digital transformation deepens across industries. We aim to leverage Alibaba Cloud product and technology innovations to help our customers find greater energy efficiency. For example, our data centers equipped by liquid cooling technology achieve industry-leading energy efficiency level with a PUE of as low as 1.09. Moreover, our facilities can deliver high performance with lower power consumption leveraging our proprietary product and technologies. During our Investor Day this past December, we announced Alibaba's carbon neutrality pledge. By 2030, we committed to achieving Scope 1, 2, and 3 carbon neutrality for Alibaba Cloud, Scope 1 and 2 carbon neutrality in the operation of Alibaba Group, and reducing Scope 3 carbon intensity by half. Additionally, we introduced a concept of Scope 3+ to facilitate 1.5 gigatons of decarbonization across Alibaba's ecosystem participants by 2035. Since Q4 last year, China's regulators have issued multiple important statements about the digital economy. They emphasize the need to strengthen China's digital economy, improve its quality, and grow its scale. They also promote healthy and sustainable development of the platform economy based on robust platform governance. These principles are highly consistent with Alibaba's own business philosophy and commitment to social responsibility. Looking ahead, we remain focused on healthy and sustainable development by serving our customers, especially SMEs, supporting the digital transformation of industries, serving the real economy, and supporting our community. Thank you everyone for your time. Now I will turn it to Toby, who will walk you through the details of financial results. Thank you, Daniel. Good morning and good evening, everyone. This quarter, revenue was around CNY 242.6 billion, up 10% year-over-year. Our top three revenue contributing segments were China Commerce, Cloud, and International Commerce, which grew by 7%, 20%, and 18% year-over-year respectively. While our China Commerce segment may be impacted by slowing macro and increased competition, our Cloud and International Commerce segment maintained solid growth and are expected to become increasingly important growth drivers in the future. These two segments will continue to contribute to diversification of our revenue base. Income from operations decreased by CNY 42 billion to CNY 7 billion, which included a CNY 25 billion impairment of goodwill in relation to the digital media and entertainment segment. Excluding this impact, the income from operations would have been CNY 32 billion, a decrease of 34%. Adjusted EBITDA decreased by 27% year-over-year to RMB 45 billion. The decrease was primarily due to our increased investments in growth initiatives such as Taobao Deals, Taocaicai, Lazada, and Hema, as well as our increased spending for user growth. Many of these growth initiatives saw strong growth momentum as highlighted by Daniel. Additionally, we have increased the merchant support through incentives to drive merchant adoption of new value-added services as well as strategic reductions in selective service fees to lower merchants' operational expenses in a slowing consumption environment. We believe this near-term spending builds goodwill with our customers and supports sustainable long-term growth for our China commerce businesses. Now on cost trends for the quarter. Excluding SBC as a percentage of revenue, cost of revenue ratio increased to 60% during the quarter. The increase was primarily attributable to, first, the higher proportion of our direct sales businesses such as Sun Art, Tmall Supermarket and Freshippo. Second, strong growth of Taocaicai, Freshippo and Tmall Supermarket that led to an increase in logistics costs as a percentage of revenue. Sales and marketing ratio increased to 15% during the quarter. The increase was due to higher marketing and promotional spending for user acquisition and engagement for our mobile commerce apps such as Taobao Deals, Taobao, Lazada and Ele.me. Ratios for product development and the general administrative expenses were steady year-over-year during the quarter. Now let's review net income and cash flow for the quarter. Our December quarter net income declined by CNY 58.8 billion to CNY 19.2 billion, which was primarily driven by, firstly, CNY 25 billion in goodwill impairment related to our Digital Media and Entertainment segment, as previously mentioned. Secondly, CNY 21.7 billion decrease in interest and investment income net to CNY 18.4 billion, primarily due to lower net gains from fair value changes of our equity investment. Our non-GAAP net income declined CNY 14.6 billion, primarily due to decrease of CNY 16.4 billion in adjusted EBITDA. As of December 2021, we continue to maintain and enjoy a strong net cash position of CNY 379 billion or $59.5 billion. Our strong net cash position is supported by healthy cash generation. Net cash flow from operation and free cash flow for the quarter were RMB 60.4 billion and RMB 71 billion, respectively. The difference of approximately RMB 9.4 billion reflected operating CapEx spending, majority of which is for our cloud business and logistics fulfillment infrastructure. We continue to focus on adding value to shareholders through share repurchases. During the quarter, we repurchased approximately 10.1 million of our ADSs for approximately $1.4 billion under our share repurchase program. For the nine months that ended December 2021, we repurchased approximately 42.2 million of our ADSs for about $7.7 billion, representing 51% of our $15 billion share repurchase program. Our current share price does not fairly reflect the value of the company. At current price levels, we plan on continuing our share repurchases. At the same time, we will maintain a strong cash position that gives us the financial flexibility for future investments. Now to our segment results. As mentioned during our Investor Day, we are providing more granular reporting of our commerce segment by further subdividing it into four segments, including China commerce, international commerce, local consumer services and Cainiao. Our cloud, digital media and entertainment and innovation initiatives and other segments remain unchanged. Revenue from our China commerce segment in the quarter increased 7% year-over-year to CNY 172 billion. Customer management revenue slightly declined by 1%, primarily due to, firstly, slowing market conditions and competition in the China e-commerce market that resulted in single-digit physical goods paid GMV growth for Taobao and Tmall. By categories, year-over-year GMV growth in the FMCG and home furnishing categories were faster than overall average. GMV of apparel and accessories and the consumer electronic categories grew at a slower pace than overall average. Additionally, as previously explained, we have increased merchant support through incentives to drive merchant adoption of new value-added services. We have also made strategic reductions in selected service fees to lower merchants' operational expenses in a slowing consumption environment. The increased merchant support resulted in customer management revenue growing slower than GMV growth. We believe a step up in near-term spending builds goodwill with our customers and supports sustainable growth for our China commerce businesses over the long run. Direct sales and others revenue grew 21% year-over-year, primarily due to revenue contributed by Sun Art, Freshippo, and Tmall Supermarket. Growth deceleration was primarily due to reduced impact of Sun Art consolidation as it was fully lapsed in this quarter. China commerce adjusted EBITDA decreased by CNY 14 billion to CNY 58 billion. This decrease reflected our increased investments in growth initiatives such as Taobao Deals and Taocaicai, as well as our increased spending for user growth and support to merchants. It's important to know that our investments in Taobao Deals and Taocaicai have not only generated robust transaction growth and built capabilities, but have also been more disciplined with improving unit economics. Taobao Deals paid orders grew over 100% year-over-year. At the same time, it successfully executed several initiatives to optimize logistic costs and improve delivery experience for consumers. Taocaicai's GMV grew 30% quarter-over-quarter. At the same time, its UE per order continued to improve, benefiting from higher regional order density and improving gross margin from enhanced supply chain capabilities. As Daniel mentioned, Taobao Deals and Taocaicai are strategic to our China commerce segment, contributing to new consumer acquisition and expansion of product offerings. Given their established presence, we will shift our focus towards quality of growth. We would expect Taobao Deals and Taocaicai to gradually narrow operating losses in the next few quarters. Revenue of international commerce continued to exhibit strong growth of 18%, primarily driven by solid transaction growth by Lazada and Alibaba.com businesses. Order growth of Lazada was up 52%. Transaction value completed in Alibaba.com grew approximately 50%. The slower year-over-year revenue growth compared to last quarter was mainly due to, first, single-digit revenue growth of AliExpress. This was primarily due to a year-over-year decrease in number of orders for AliExpress as a result of the value-added tax levied on cross-border parcels below EUR 22 in value in Europe. Second, significant depreciation of Turkish lira against RMB that negatively impacted Trendyol's revenue. Constant currency revenue growth for Trendyol was 60% year-over-year during the quarter, supported by robust order growth of 49%. Adjusted EBITDA loss widened by RMB 1.5 billion to RMB 3 billion, primarily attributable to the increase in Lazada's marketing and promotional spending for user acquisition and engagement, partially offset by steady profit growth of our international wholesale commerce business. Revenue of local consumer service businesses generated strong growth of 27% due to growth in order volume of 22%, as well as more efficient use of subsidies that was contra-revenue. Adjusted EBITDA loss increased CNY 0.7 billion to around CNY 5 billion, primarily due to the increased losses of our To-Destination businesses, including Amap. Losses of our To-Home businesses, including Ele.me, slightly increased year-over-year, but narrowed quarter-over-quarter, driven by our disciplined user acquisition spending and reduced delivery cost. Revenue from Cainiao before intersegment elimination grew 23% to CNY 19.6 billion, which was primarily driven by the growth of fulfillment solutions and value-added services provided to our China commerce retail businesses, as well as the increase in revenue from third-party merchants in our cross-border and international businesses. During the quarter, 67% of total revenue was generated from external customers. Adjusted EBITDA loss improved to a slight loss of CNY 92 million, given the economies of scale of its businesses and improving gross margin of its cross-border and international businesses. Revenue from our cloud business after intersegment elimination grew CNY 3.3 billion to CNY 19.5 billion. The solid 20% year-over-year growth reflected robust growth from financial and telecommunication industries, partially offset by the continuing impact of a top cloud customer's decision to stop using our overseas cloud services for its international business due to non-product related requirements and the slowing demand from customers in the internet industry, such as online entertainment and education. Excluding the impact of the top customer from the internet industry, Alibaba Cloud's revenue after intersegment elimination would have grown by 29% year-over-year. Alibaba Cloud's revenue is becoming more diversified, with revenue contribution from non-internet industries steadily increasing. Revenue from non-internet industries accounted for 52% of its revenue after intersegment elimination during the quarter. Adjusted EBITDA was RMB 134 million, primarily due to economies of scale of its profitable core cloud computing businesses, partially offset by increasing investments in DingTalk. DingTalk offers solutions to enterprises to facilitate their digital transformation, enhance the work collaboration, and easy access to Alibaba Cloud's big data analytics and AI capabilities. Since integrating DingTalk into our cloud business in 2021, we have identified new opportunities and growth initiatives for our overall cloud business, giving us confidence that increased investments in DingTalk will create long-term value for Alibaba Cloud. Our digital media and entertainment revenue during the quarter was RMB 8 billion. Losses slightly narrowed year over year during the quarter. Now let me wrap up with some concluding thoughts. Our China businesses will be focusing on quality growth, adding value to our customers, and building capabilities. In terms of near-term outlook, despite a challenging macro environment in a high comparison base year-over-year, our China commerce GMV growth remains resilient. We expect revenue diversification to continue with cloud and international commerce segment exhibiting strong growth. Our various growth initiatives, such as Taobao Deals and Taocaicai, have established sizable market presence and are delivering tangible results with robust AAC and order growth. We expect these two businesses to narrow losses in the coming quarters. Lastly, we will continue to build cloud and logistics infrastructure in both China and internationally. Now let's open the floor for Q&A. Consecutive interpretation for the Q&A session, and our management will address your question in the language you ask. Please note that the translation is for convenience purposes only. In the case of any discrepancy, our management statement in the original language will prevail. Operator, please connect speaker and CI conference lines now and start the Q&A session when ready. Thank you. Thank you. As a reminder, to ask a question, you will need to press star and the number 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, please press star one for your question. The first question comes from the line of Piyush Mubayi of Goldman Sachs. Please go ahead. Line is open. Thank you for the opportunity. Thank you, Daniel, Toby, for the presentation. My one question surrounds the growth rates for the business and particularly the core business. Given what parcel numbers are looking like for the month of January, and I don't want to read too much into that number, and the exit run rate we saw for NBS data for the month of December. I wonder if you could walk us through the exit run rate for the third quarter, the December quarter, for GMV growth as well as CMR growth rate. Also, if you could broadly guide us to what you think the growth rates we could be expecting in the first quarter of calendar 2022. Thank you. 非常感谢，也感谢 Daniel 和 Toby 刚才二位所做的发言。其实我主要就是问一个问题，就是围绕我们现在业务的一个增长率，尤其是核心业务的一个增长率，我们看到一月份的数字，我们也看到就是十二月份的 exit run rate 的数字，包括整个第三季度的 exit run rate、GMV、CMR。那我想知道的是能不能大体地给我们一个指引，就是 2022 年一季度，就是自然年 2022 年一季度总体的这个增长率会是如何。 Okay, thank you very much for this question. You know as I explained in my script, in the last quarter, actually the overall macro condition, if you look at the NBS data, the retail side like the growth rate for December, for NBS is only like 3%, you know, and our business as I explained, also impacted by the macro condition as well as the competition. Which give us also like a single-digit growth. That's for the December quarter. Then for you know, the new 2020 first quarter, you know, as I explained, you know, currently our growth rate, we still have a relatively resilient growth in our GMV. Of course, the market condition is also at this stage is quite, you know, we still don't see the January number, but, you know, we probably be waiting for the number to out. At this stage, I think our growth rate is still resilient. Toby, what I meant by exit run rate was for the month of December itself. 好，谢谢你的问题。那么如刚才我在发言中所介绍的那样，上个季度我们也看到国家统计局就宏观形势发布的数据，看一看十二月份的社会零售总额，它的增长仅仅是3%。那么我们阿里的业务呢，就既受到宏观形势的影响，还有竞争的影响。因此呢，在十二月份季度当中，我们是录得了单位数的增长。那么至于第一季度的增长数字，我们认为我们的增长依然还是有韧性。我说的是我们GMV数字上的增长依然有韧性，但是我们还没有看到一月份的具体数字，我们还在等待之中，但是我们总体感觉还是有强韧性。 Next question. Thank you. Next question comes from the line of Thomas Chong- Next question. Yes, the next question comes from the line of Thomas Chong of Jefferies. Please go ahead. Line is open. 晚上好，谢谢管理层接受我的提问。我的问题主要是想问一下关于在不同品类，在未来几个季度我们的看法，比方说FMCG、Apparel跟Electronics，我们在未来几个季度的增速，或者是trend，大概会是一个什么样的情况？然后也想看管理层可不可以分享一下，整个消费见底的，有没有一个时间表，就是看到是不是June quarter或者是September quarter，这个momentum是不是会重新有一个pickup。然后我第二个问题，主要是想问一下关于competition这个方面，尤其是在直播电商方面，对我们未来的一个影响，然后我们在这个方面的一个战略。谢谢。 Good evening management, and thank you for taking my questions. My first question has to do with your outlook for the performance of different categories in the next few quarters going forward, including FMCG, apparel and electronics. Can you share with us your forecast on growth and trends in those different categories? Secondly, I'd like to hear from management as to when you think we'll see a turnaround in the consumption slowdown. Do you think that we'll see a pickup in momentum by, say, the June quarter or the September quarter? And finally, I'd like to hear from management, please, on competition. What will be the future impact of increased competition in the e-commerce space, and what is your strategy to deal with it? Thank you. 好，谢谢。我来回答一下。第一个呢，这个我们一贯对这个特别是这个季度的GMV，这个整体的GMV也好，这个按照品类的GMV呢我们是不给guidance的。那我就按照整体的一个情况给大家做一个介绍。 Thank you. This is Daniel, and I'll be happy to take this question. First of all, when it comes to GMV, either by category or overall GMV, it is our consistent policy not to give guidance, but I can answer your question in overall terms in the following way. We can look at the macro environment and the e-commerce penetration in different categories from a number of angles. First of all, we can look at the share of different categories in total retail sales, and then we can look at the current e-commerce penetration rate of those same categories. If we look at those two categories you singled out, apparel and electronics. Due to the rapid development of e-commerce over these past years, penetration in those categories is now relatively high. We're looking at something like 30%-40%. However, if you look at the other categories you mentioned, like FMCG, and foods, especially fresh foods and groceries, the overall size of the market in those categories is very large, yet e-commerce penetration still remains relatively low. You'll recall that I talked about this in the presentation I gave at Investor Day back in December. We see very good opportunities for driving online conversion deeper in those categories. Now of course, in order to do that, and in order to ensure a good user experience, we need to have highly integrated fulfillment systems, and a range of different offerings that cater to different kinds of demand. That's precisely what Alibaba has put in place with a matrix that includes Hema, RT-Mart, with integrated online and offline operations, our third-party delivery platform, Ele.me, as well as T-mall Supermarket. We're organizing supply both from nearby and from nationwide in different consumption scenarios, catering to different kinds of users from the highly affluent through to the more price sensitive. By pursuing this matrix strategy, we expect to be able to deepen our penetration in these categories substantially. On your second question, I would say that live streaming certainly has become a very important part of the digital commerce ecosystem. It's an important means of enriching the user experience and marketing in particular certain kinds of categories. The Taobao live stream ecosystem therefore is an important part and highly integrated into our overall ecosystem as a complementary part of a larger offering. However, different categories and different products are best marketed to consumers in different ways with different kinds of interaction. Live streaming is indeed good, but it's certainly not the only means of getting there, and we do need a multifaceted and rich matrix of services through which to reach users and market products. 谢谢。 Next question please. Thank you. Yes. Our next question comes from the line of Jeremy Lim of UBS. Please go ahead. 谢谢管理层接受我的提问。我想问一下淘特和淘菜菜，我们之前提到的就是可能后面几个季度亏损能减少的这样的一个问题，我相信投资者们大概还是最近比较关心这个数据。所以我首先想了解一下，就是我们最近看到UE上面的变化，主要是在这个竞争或者可能政策方面，有什么样的一个影响吗？还是我们自己在业务方面，可能最近有什么可以分享的一些亮点。然后第二就是如果在UE方面有这样子一个改善的话，是不是我们整体的这个亏损，也是下面几个季度能看到比较好的一个提升是吧？或者可能是因为这个单量的增长，所以我想了解一下整体的亏损是不是也能看到比较明显的这个改善。谢谢。 Thank you for taking my question, management. My question has to do with Taobao Deals and Taocaicai. Where you see them going over the next few quarters in terms of UE. Further narrowing of losses. If you could talk to us please, about how UE has been evolving in the face of competition and market developments there, and whether that has been improved also by the scaling up of the businesses with larger order numbers. Thank you. 好的，谢谢您的问题。对于淘宝、淘特跟淘菜菜这两个业务来讲，其实我们从二零一几年开始的两个业务，刚才其实在Daniel的整个presentation里他也提到，对于这两个业务，我们看成它是我们整体的中国商业当中的很重要的两个业务，那么他们承担了不同的一个责任。那从淘特的角度来讲，其实过去的一年有很多新的用户的增长，我们通过这样一个淘特来获得。那从淘菜菜，其实我们通过过去一年建立了很好的这样一个下沉城市的服务下沉城市消费者的这样一个不光是一个供应链，而且是一个这个整个fulfillment物流的这样一个整体的网络。 Thank you for your question. Well, regarding these two businesses, Taobao Deals and Taocaicai. They were both launched in 2021. I think Daniel already spoke to this in his earlier presentation. We certainly see them as two very important businesses within the context of our China commerce segment. The two businesses do play different roles. As was presented earlier, Taobao Deals has been very important over the past year in terms of allowing us to drive user acquisition, very significant user acquisition in the lower-tier cities. The two combined Taobao Deals and Taocaicai have allowed us over the past year to make great progress in terms of developing the ability to serve consumers in these lower-tier cities, not only with supply, but also with excellent fulfillment capabilities. 对于这两个业务，我们在整体的增长过程中，在规模的同时，其实我们也会需要更多地去看整个的效率，包括在这个当中的效率的达成，有的是因为规模的角度，有的是更多的我们在追求整体的一个效率。所以我们可以看得到，这个随着我们在比如说淘菜菜，我们随着我们整体单量的一个这个密度的上升，我们在整个UE的角度获得了很大的提升。那同时我们整个的在淘宝淘特里，我们也是同样可以看到这样的一个这个效率的提升。 With respect to both of these two businesses, while working hard to grow them in terms of scale, we're also looking at ways to drive efficiency. Some efficiency improvements are being driven, as you said, by growth in scale, but other parts about efficiency improvement are coming from particular initiatives that we're taking to enhance efficiency. Certainly, in Taocaicai as order density has increased, we're seeing improvement in unit economics, and we're also seeing efficiency enhancement in Taobao Deals as well. 对于这个业务，往前看，从竞争的角度来讲，我们更多的是作为我们整个中国商业的一部分来看，那当然我们会看我们的竞争对手，但更多我们会看我们自己。随着往未来看的话，刚才Daniel也说了，那我们有信心对这两个业务未来的整体效率会进一步提升，然后整体的亏损在未来的几个季度会有一个进一步的收窄。 In terms of where these businesses are heading in the face of competition going forward, we would certainly look at them as part of our overall China Commerce business segment. Of course, we do look at our competitors, but more importantly, we look at ourselves. As Daniel said, we're fully confident that we can continue to grow these businesses and enhance their efficiency going forward, and we fully expect to see their losses narrowing over the next few quarters. Next question. Thank you. The next question is from the line of Alex Xiao of JP Morgan. Please go ahead. 谢谢管理层。晚上好。我想问一个关于我们现在中国零售这边GMV的问题，这个其实和整个市场的消费力是息息相关的。那么我们对于现在这样一个比较低迷的消费的情况，能够持续多久？有一个初步判断吗？或者进一步说，咱们觉得今年的这个消费是会出现一个V型的趋势，还是L型的，还是甚至只有V型的前一半。那么最后一个，我们觉得需要发生什么样的变化，才能让现在的消费变得更加的旺盛呢？比如说是不是需要政府出很多的这个刺激经济的政策，还是说，比如说疫情管控的放松，还是一些其他的一些这个因素的变化？谢谢。 Thank you, management. My question has to do with the outlook for a growth in China retail China commerce GMV. Indeed, this is related to the performance of the overall retail market in China as a whole. You know, how long do you think that this current slump in consumption generally in China will last? When do you think the turnaround will come and consumption will pick up? Do you think it will be like a V-shaped curve or an L-shaped curve? Are we talking about seeing the first half of a V-shaped curve? What needs to change to bring about that pickup in consumption? Would it require a stimulus from the government, a relaxation of COVID control policies or something further? 好，谢谢Alex。这个关于V型还是U型，我们也很想跟你一样，也都很想知道。但是从我们的平台的，看到的用户的行为数据来讲，包括从宏观的环境来讲，我觉得毫无疑问你提到的疫情的缓解，包括如果有一些对消费的一些正向激励的政策，我觉得这个肯定对整个消费的增长是有帮助的。 Thank you for your question, Alex. You know whether it's gonna be a V shape or a U shape recovery is a good question. Like you, I'd be very keen to know the answer to that. All I can say is looking at user data on our platform and also looking at data on the current macro environment. I think yes, both of those things you identified certainly would be helpful in stimulating recovery of consumption. If the impact of COVID could be lessened, or if there could be stimulus policy from the government put in place to stimulate consumption, those would be positive developments, yes. 那我想讲的重点还是说，我觉得除了这些宏观的条件以外，我想所有的我们跟这个整个的消费行业有关的从业者，我想也是我们共同的责任啊，如何能够创新供给啊，创造需求啊，这样的话才能够真正地拉动消费。 What I would like to emphasize in answering this question apart from the macro picture and this is true for us, true for everybody in the retail and commerce space. I think what really matters is your ability to innovate, to be innovative in terms of supply and leverage that to create new demand. 这个像刚刚结束的北京奥运会给了我们很好的例子，就是冰雪经济。因为这样的冬奥的来临，带来了一个非常好的，不但实现了三亿人上冰雪的这样的一个目标，同时这个冰雪经济也成为一个非常共同的一个消费主题。我想这是一个非常好的例子，来证明这个需求创造的重要性。最重要还是能够创造这样的需求的场景，创造这个需求的新一代的供给，我想这个才是真正的能够让这个消费能够更好地发展起来。 I think a very good opportunity, a very good example of this kind of opportunity was the recently concluded Winter Olympic Games held in Beijing. It is a great opportunity to stimulate new kinds of demand for participation in winter sport activities and the whole winter sport economy in China. I think that's a great example. Indeed, just one example of the way in which new demand can be created and new supply can be created to meet that kind of demand. Next question, please. Thank you. Next question is from the line of John Xiao of Barclays. Please go ahead. 谢谢管理层接受我的问题。刚才Toby提到了我们在buy back shares，我们有$70 billion的cash on the balance sheet to create value。那么另外一个way to create value，是有可能会spin off一些hidden asset。那么，在十二月份我们analyst meeting也提到了，我们在给Trendyol在融资。最近有一些媒体报道我们在给Lazada融资。那，我想再请教管理层一下，就是说我们那些同行在spin off了一些很多subsidiaries来create shareholder value，我们在这方面现在的一些想法是什么？特别是我们的cloud business，特别是我们的菜鸟business。谢谢。 Thank you, management. Toby mentioned in his earlier presentation that the group is carrying out a share repurchase program. You're buying shares. You also have some $70 billion in cash on your books, which could be used to create shareholder value. There's also the possibility, in addition to that, of spinning off certain hidden assets to create shareholder value. We heard back in December at your analyst event that Trendyol was in the process of raising funds. We've also more recently seen from the media that Lazada may be in a process of raising funds. We know that competitors are spinning off some of their subsidiaries to create shareholder value. I'm wondering if you could tell us about those kinds of opportunities, your plans in those spaces, especially around cloud and also around China commerce. Thank you. 好，我来回答一下这个问题。这个确实，今天阿里巴巴整个业务的发展，已经是一个多业务引擎驱动的发展。在这里边我们涉及了很多个业务领域，也有很多个既互相有关联，有共享，同时也是各自有非常独特用户价值和客户群体的这样的业务，也可以各自成闭环。 Thank you. This is Daniel. I'll be pleased to take that question. If you look at where Alibaba Group is today as a business, we're very much being driven by a multi-engine strategy. The group has expanded into multiple different business areas that are mutually complementary, but that each has unique user value and a unique user community. 这个我们也相信，这个市场啊目前的对阿里的这个多业务引擎的这样的每个业务的价值的体现，啊其实我们没有完全体现出来，啊这也是我们在这个推进我们的这个share buyback这样的一个program的一个重要的原因。 We believe that the market has not placed sufficient value on Alibaba's business in terms of how it's being driven by a multi engine strategy. The full value of each of these businesses together is not being reflected in where we're at today, and this is a big part of the reason why we're pursuing a share buyback strategy. 在现在的各个业务当中，我们像菜鸟也好，包括我们这个本地生活公司，就是Ele.me的这个载体也好，包括我们的Lazada和刚才提到的Trendyol这些，其实都是一个已经成…… 已经并不是一个内部的事业部的编制，而是一个独立的公司的运营方式。我们面向未来也会更多地来推进这样能够进行闭环业务设计和推进的业务来进行公司化的运行，在中间也持开放的态度，在需要的时候，其实就像我们已经做的一些一样，能够引入更多的多元化的投资来推进这个市场的进程。 Each of these different businesses, including Cainiao, including our local services offering, in particular Ele.me, but also Lazada, Trendyol, which you mentioned, are no longer simply internal business units, internal divisions of Alibaba Group. They're operating as independent companies. Certainly going forward where we have these businesses that can create a closed loop and operate as standalone entities. You know we will maintain an open attitude to do as we have indeed done in the past deals that bring in more diverse investor bases and help these companies grow as independent entities. 对，从长期来讲，我们肯定会去尝试各种对创造长期的股东价值、客户价值有帮助的事情。谢谢。 In the long term, we will certainly pursue strategies that are conducive to the creation of long-term shareholder value and customer value. Thank you. Thanks. Thanks Daniel, thanks Robert. Thank you. Thank you. The next question- Thank you. The next question is from the line of Eddie Liang of Bank of America. Please go ahead. 晚上好。有两个关于可能你们策略的问题请教一下的。一个是我们看见比较多的品类，你们开始引进一个即赢的模式，比如说现在从以前的一些超市，现在也好像会做一个…… 一些电器产品。所以想请一请你们在这方面的一个想法，也想提一提你们怎么跟我们的商家可能就是有一个可能潜在的一些竞争的一个影响。另外也是刚才关于你们讲就是比较多的一些以前的一些BU，未来可能越来越独立，我们也看见整个平台的用户其实在增加的，也蛮多这些新用户，其实一些新的BU带过来的。所以想问一问，如果未来越来越多BU越来越独立的话，我们怎么可以make sure他们当中还是有一个合作的关系，然后让这些比如说新的用户可以在整个平台带来更大的一个价值。好，谢谢。 Thank you, management. Good evening. Two questions, if I might. First of all, has to do with the impact of the growth of the 1P model in certain parts of your business. I'm wondering if the greater share of your business being 1P may lead to a situation where you're competing with merchants on the platform. Secondly, tying into the previous conversation we had about certain BUs growing fast, driving a lot of user acquisition. We're seeing a lot of these new users that have joined the Alibaba digital economy coming from a couple of these new BUs. I'm wondering if some of these BUs become more independent, how can we make sure that there'll be good synergy between them and the other businesses and the new users they're bringing on board will also contribute to the overall Alibaba economy? Thank you. 谢谢Eddie。这两个都是非常好的问题啊。第一个我讲一下关于直营和平台的模式啊。在这个问题上，阿里巴巴并没有偏好啊，我们认为最终啊，不管什么模式啊，能够服务好消费者啊，这是最重要的啊。所以我们还是要从消费者体验的角度出发，来进行合适的模式的选择。 Thank you. This is Daniel Zhang. I'll be happy to take that. As to your first question regarding the two different business models, the 1P model versus the platform model. Alibaba really takes no side and has no preference. To us, it all boils down to which model can best serve the consumer. We put the consumer's interests first. 第二个，这个非常重要的是从商家的视角、客户的视角来讲，我们认为在直营和在平台的模式上啊，实际上我们都希望能够为商家啊，这个能够服务好他的消费者，不仅是售卖他的产品给到他的消费者，同时能够推广他的品牌，这个能够建立和用户的连接，特别是用好客户的数据啊，上面创造条件。所以在这个意义上，我们做的这个直营绝对不是传统上在供货商，在商家和消费者之间竖一道墙的直营，而是说能够真正地经过我们在帮他们最后把货物通过更高效的方式啊，这个送到消费者手里，包括通过这个更灵活的这个定价和组合来这个销售给消费者。但是我们仍然希望消费者和商家之间是有连接的，并且商家有持续运营的空间。从这个意义上来说，这个我们已经希望把直营的模式能够更升级，并且在这个意义上，在消费者运营的角度，我们希望给商家提供的是这个一体化的服务。 Secondly, when it comes to how we engage with merchants, be it in the 1P model or the platform model, it's fundamentally our concern to find ways to help merchants better serve consumers, not just in terms of helping merchants to sell products to consumers, but helping them to develop their brands and to leverage consumer data to engage consumers and to grow their business. The 1P model for us is absolutely not about erecting a wall between merchants and consumers. It's really about helping to get goods to the consumer more efficiently with more flexible pricing, but at the same time, allowing for consumers to be engaged by merchants. We always hope for consumers to remain in touch with the merchants and for the merchants to be able to leverage data to better manage and grow their businesses. These several aspects are all integrated. 对，所以从这个意义上来讲，阿里巴巴现在对商家提供的是一个跨业务、多场景，跨业务包括直营类的业务和原来平台类的业务。多业务场景啊，包括原厂和进厂，这个原厂当中还分多种的业务形态，品牌直营，还是说通过渠道这个直营，通过各种方式一揽子帮助他们来服务好消费者，运营好消费者的这样一种解决方案。 What Alibaba is offering to merchants is a highly integrated portfolio of different possibilities, including the 1P model, including the platform model, so different business models, but also multiple scenarios, including hyperlocal commerce and nationwide commerce. With this complete basket of different offerings, it's possible to better engage consumers and possible for merchants to build their brands and grow a healthy business. 好，关于第二个问题啊，就是这个各个业务的发展和如何看待他们用户运营的关系，我认为这是一个非常好的问题啊。这个问题也是我们每天都在关注和解决的问题，在推进的问题。我们坚定地认为还是要用一个这个用户视角，从一个用户视角来看待我们如何把服务好用户。不同的业务啊，只是在这个过程当中实现的方式，实现的服务用户的方式和手段。在这一点上我们是非常坚定。 On to your second question, which had to do with how to ensure good consumer engagement across all different businesses as they develop. You know, we fundamentally believe that we must adopt the consumer, the user point of view, and looking at how we organize and how we run our businesses, because at the end of the day, all of our businesses are built on serving the consumer well, and we need to be able to do that across all of them. 在这个中间，我们努力做好的事情是让不同的业务能够有明确的目标用户群体。因为整体阿里巴巴我们在国内已经接近了十亿的AAC，但是如何进行差别化的用户、目标用户的定义，提供差异化的、针对特定目标用户群的价值，这样才能够真正地形成一个面向中国十亿消费者的消费业务的矩阵。这个consumer business matrix，这是我们努力建设的，我们每天的工作。 Something we're working on very very hard is segmenting the different consumers that we have in China with, you know, closing in on 1 billion AACs in China today. It's very important that we segment them and with our different operating offerings provide differentiated value to these different segments of consumers. This is something that's a fundamental importance to us. We're working hard on it every day. Segmenting the one billion consumers and presenting to them a comprehensive consumer business matrix that satisfies their differentiated demand. 谢谢经理。谢谢丹尼尔。 Thank you. Yes, the next question is from the line of James Lee of Mizuho. Please go ahead. Great, thanks for taking my questions. My question mainly on cloud. Now, given the slowdown we're seeing in internet industry, I'm just curious what's the plan to diversify the revenue base? It seems like that's your business plan and maybe help us understand which verticals are logical for your business expansion and why. Lastly, you know, along with that line of investment in cloud, what kind of investment do you need to make to expand not only your vertical exposure and also from a product and sales perspective. Thank you. 好，非常感谢。我的问题主要是针对云业务这一方面。随着互联网行业这个云业务的增长放缓，你们未来打算如何使你们的收入基础更加多元化？你们优先考虑就是拓展进军哪些新的垂直板块，然后要获得更多的一些垂直板块的业务，你们又需要做些什么？包括在销售方面，包括在产品的投入方面。 Well, actually after years of effort, we've already built a very diversified customer portfolio in our cloud business. As we shared in our earnings this quarter, 52% of our cloud revenue are from internet customers. I think actually this percentage actually if you look at the past few years track record is going up. We will over time continue to diversify this portfolio. 好，我是Daniel，我来回答这个问题。那么实际上通过多年的努力，我们的云业务已经实现了这个客户群体高度多元化的这样一个发展。那么刚才的业绩当中，大家可以看到，本季度我们云业务的收入当中有52%是来自非互联网的这些客户。那么如果去回顾过去几年的表现，可以看到这个数字是不停地在上升，那么未来我们云业务的客户群体还会继续地多元化。 As I share in my remarks today, we are still in the early stage of industrial digitalization in China. For all the industries they are going to be a data driven company and they need a new generation of tech infra to support this digital transformation. I think in this regard we see a huge opportunity in the coming years. This definitely will be a CNY 1 trillion market. 如我在之前的发言当中所说，那么实际上产业数字化这个进程现在还刚刚开始，那么未来各行各业所有的企业都将会是数据驱动的，因此他们将需要新一代的技术基础设施来支撑他们这样的一个转型。我们认为这是一个巨大的机会，中国的云市场会是一个万亿级的这样一个市场。 Well, in terms of the industries as I said before, we are keeping a close eye on the new industries. I mean which will generate massive amounts of data and which will consume high volumes of computing power. I think and also need more intelligent data intelligence technology. I think for those industries we definitely think it will drive the growth of the cloud business and also with the mutual collaboration is also very good for us to build ecosystem, which is also relevant to your second question. 那么我们会首要关注哪些行业呢？那么如先前所说，我们主要关注的是一些新的行业，他们一方面就会生成海量的数据。 另一方面，他们会需要用到很大的一个算力，同时他们也会需要很多的数据智能、大数据的处理能力。那么这样的一些新兴的行业一定会成为云业务的一个主要的驱动力。那么另外，还可以补充说明的是，我们在搭建一个生态系统，和第三方的合作伙伴共同搭建这样一个生态系统，可以更好地服务所有这些行业。那么其实这也是涉及到您提的第二个问题。 Yeah, our investment strategy for cloud computing is first to enhance our proprietary technologies. Second will be to enhance the power of the ecosystem to have more, I mean, strategic partners in the cloud ecosystem. 回答您的第二个问题，我们在云业务未来的投资布局，有两个重点，一个是进一步加强我们自研的这个技术的研发。那么第二就是继续增加我们生态系统的力量，有更多的合作伙伴加入生态系统，共同服务好这些客户。 Let's take the last question. Yes, thank you. Our last question is from the line of Alicia Yap of Citigroup. Please go ahead. 谢谢管理层接受我的提问。我跟进一个很快的问题，就是云业务这方面，就是因为那个互联网公司海外服务其实影响，我们大概有差不多一年，就是这个三月份这个季度。然后，是否今年三月份季度开始，云的收入就可以重新有个加速的增长呢？然后也想看下管理层怎么看，最近的一些竞争格局，还有就是行业的一些定价趋势。然后，对于宏观这边的影响，是否有蛮多的一些企业，你们看到就是说，虽然他们有上云的需求，但是可能因为宏观的一些影响，他们暂时推迟这些项目，而导致了以上几个原因，是否其实也是会影响我们接下来几个季度的这个增长。然后我一个很快的就是菜鸟这一块，菜鸟这个业务看到就是除了阿里巴巴以外的这个收入增长其实只有这个15%，就是比整体是比较慢的。然后接下来的几个季度，能否管理层跟我们分析一下，是不是就是那个阿里以外的菜鸟收入也是会增长得比较慢呢，还是怎么去看待这一块？谢谢。 Thank you management. Some quick follow-up questions on cloud. We understand that the impact of that one Internet company stopping the use of Alibaba Cloud services around a year ago from the March quarter has been ongoing, but we expect to see international revenue for cloud accelerating starting from, would you say, the March quarter? How do you view competition and price trends in the cloud space? In a more macro sense, do you think that there are perhaps many companies out there that need to get on the cloud but they are perhaps delaying that decision in the current macroeconomic environment, for the time being. Quickly turning just to Cainiao, we saw that growth of Cainiao business outside of the Alibaba ecosystem was only 15%. I'm wondering if you could talk to us about how you see Cainiao's revenue growing going forward with respect to serving external customers. 好，我来回答一下。第一个问题呢，确实在这个我们在海外有这个大客户，这个逐步在这个移出我们的云，这是过去几个季度在发生的。到现在确实这个对未来来讲，我们看到这个每个季度的影响会慢慢这个，随着时间的推移会消除啊，这个因为会进入到一个新的一个周期啊，所以这个是对。但是我们非常注重对整个的大客户的这个分散性啊，所以今天我们从整体来看，我们的这个超过百分之二的这个单一收入的客户啊，其实是非常少的啊，非常少的，就是说我们在其他的客户当中是非常分散的啊，所以我想这个是对我们长期发展是有利的。 Thank you. Starting with the first part of your question about the impact of that large cloud customer not making use of Alibaba Cloud services overseas over the past several quarters. Indeed, we've seen the impact of that reducing progressively quarter by quarter, and we're now entering a new cycle. I think the key point to be made is that we now have a much more diversified customer base, especially if you look at the number of large customers, there are now very few, a small number of large customers that account for more than 2% of revenues. We're highly diversified and that positions us well for the future. 关于这个第二个问题，宏观因素的影响，我想这个要看具体的行业。这个今天我想在整个的产业数字化的大潮当中，会出现一大批这个既有传统行业的数字化转型，同时也有出现一些新的行业。就像刚才我们在分享当中讲到的看到的，比如说新能源的行业，包括新能源汽车的行业，包括healthcare的行业，制药的行业，这些行业都会对计算量有新的要求。从某种意义上来讲，他们是新一代的数据公司，数据智能公司。所以从这个角度上，我们还是需要去正确地来定义云这个市场的未来。它不仅是一个传统IT市场的替代，更重要的它是一个对计算力和特别是智能的一个结合。在这个角度上，我们去探索未来的一个空间和推动我们的持续的增长。我们认为这上面中国还是刚刚开始。 Regarding the next part of your question, as to the impact of the overall macro environment on the current growth pace of the cloud business, I think you have to look at different sectors differently. There is this broad process of industrial digitalization that's unfolding. This digitalization is needed both by companies in traditional sectors, but also by other companies in new and emerging sectors. We talked about things like new energy, indeed new energy vehicles, healthcare, and other sectors. You know, these are all sectors that on the one hand require massive amounts of computing power, and secondly, need to leverage very powerful data intelligence capabilities. I think we do need to take a sector-by-sector approach to define the strategy and look in particular at those sectors that have those kinds of needs for massive computing power and for data intelligence. It's really important to understand that that really is what the cloud is about. The cloud is not simply about replacing traditional IT infrastructure. China is just getting started in this process. 关于第三个菜鸟的问题。其实菜鸟今天随着多年的发展以后，菜鸟已经形成了一个——菜鸟本身已经形成了一个多元的业务矩阵。它既有这个末端的业务，像我们的驿站，包括我们的裹裹，这个是关系到消费者的Last Mile和First Mile。同时也有我们To B的服务，包括我们的供应链的服务，特别是现在随着淘特的发展，这个产地直达消费者的这样的一个仓配一体的服务。随着我们海外的发展，形成的这个海外的跨境的从包裹网络走向一个供应链网络，这样的一个角度。以后可能更多的可以介绍的，随着我们B2B业务的发展，这个季度大家也看到我们B2B业务，特别是出口的业务，非常强劲，这个背后其实也有我们整个货运、跨境货运业务，货运网络的建设。所以从菜鸟的发展的潜力来讲是非常大的。当然它作为阿里巴巴大家庭的一员，我们也是努力希望，不管它是服务阿里巴巴内部的一个业务，还是服务我们整个大家庭当中的某一个业务的客户，我们都希望能够在商业场景的创造和在整个物流服务体创造上面能够形成一个一体化的设计。这样的话，我们通过增量的场景、增量的服务来创造，给菜鸟创造这个发展的空间。 Thirdly, on Cainiao. You know, following many years of investment and development, Cainiao itself today also enjoys a multi-engine growth strategy. There are many pieces to its business. It has Cainiao Post, it has first and last mile delivery capabilities. It has B2B, it has supply chain services. And now with the growth of Taobao Deals, it's supporting the manufacturer to consumer, the M2C business model. Overseas, it's built a very large cross-border parcel service and now supply chain network as well. Going forward with further development in B2B, I think we can expect to see the export side also to be very robust. All of that is underpinned by the international cargo network that Cainiao has built up. I think there's this huge potential for Cainiao given this diversified business matrix. As a member of the Alibaba family, you know, we want Cainiao to be well-positioned to serve the different parts of Alibaba's businesses internally with an integrated design providing the logistics underpinning, as well as to be able to service other customers, and we can find ways to create further growth for it with incremental growth in our different businesses. Okay. Thank you, everyone. That was the end of our Q&A session. If you have any questions, further questions, please reach out to the IR team and myself. Thank you for the participation. Thank you. This concludes today's conference call and thank you for participating. You may now all disconnect.