Q4 2024 PDD Holdings Inc Earnings Call
Paul.
Speaker Change: At this time all participants are in a listen I need married.
Speaker Change: There will be a presentation followed by a question and answer session at which time if you wish to ask a question you will need to press star one on your telephone.
Speaker Change: Please be advised that today's conference is being recorded.
Speaker Change: I would now like to hand, the conference over to your host today. So please go ahead.
Speaker Change: Thank you operator, Hello, everyone and thank you for joining us today.
Speaker Change: PDD Holdings earnings release was distributed earlier and is.
Ladies and gentlemen, thank you for standing by and welcome to the P. D. D Holdings, Inc, fourth quarter and fiscal year 2020 full earnings conference call.
Speaker Change: It's available on our website at Investor Dod PDD Holdings Dot com.
Speaker Change: So with Globe Newswire services.
Speaker Change: Before we begin I would like to refer you to our safe Harbor statement in the earnings press release, which applies to this call.
At this time all participants are in a listen only mode.
There will be a presentation, followed by a question and answer session.
Speaker Change: As we will make certain forward looking statements.
At which time, if you wish to ask a question you will need to press star one on your telephone.
Speaker Change: Also this call includes discussions of certain non-GAAP financial measures.
Please be advised that today's conference is being recorded.
Speaker Change: Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.
I would now like to hand, the conference over to your host today. So please go ahead.
Speaker Change: Joining us today on the call Mr Shan, Li our chairman and co Chief Executive Officer.
Speaker Change: Thank you operator, Hello, everyone and thank you for joining us today.
Speaker Change: Mr. John <unk> our.
Speaker Change: P. Diddy Holdings earnings release was distributed earlier and is available on our website.
Speaker Change: Executive Director and co Chief Executive Officer.
Speaker Change: As well as Ms Celgene RVP.
Speaker Change: PDD holdings dotcom as.
Speaker Change: Our VP of finance.
Speaker Change: As far as to Globe Newswire services.
Speaker Change: Les and Joe will make some general remarks on our performance for the past quarter and our strategic focus.
Speaker Change: Before we begin I would like to refer you to our safe Harbor statement in earnings press release, which applies to this call.
Speaker Change: Gene will then walk us through our financial results for the fourth quarter and fiscal year ended December 31 2024.
Speaker Change: As we will make certain forward looking statements.
Speaker Change: Also this call includes discussions of certain non-GAAP financial measures.
Speaker Change: During the Q&A session Les and Joe will answer questions from Chinese and will help translate.
Speaker Change: Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.
Please note the English translation is for reference only.
Speaker Change: Joining us today on the call Mr. Chen, let our chairman and co Chief Executive Officer.
Speaker Change: In case of any discrepancy statements in the original language should prevail.
Jim Koch: Mr. Jim Koch.
Speaker Change: Now, it's my pleasure to introduce our chairman and co Chief Executive Officer <unk>.
Jim Koch: Executive Director and co Chief Executive Officer.
Speaker Change: <unk>. Please go ahead.
Jim Koch: That's why I asked me Celgene.
Speaker Change: Okay.
Jim Koch: Our VP of finance.
Speaker Change: Hello, everyone.
Speaker Change: Thank you Paul joining our earnings call for the fourth quarter and the fiscal year of 2024.
Speaker Change: Les and Joe will make some general remarks on our performance for the past quarter and our strategic focus.
Speaker Change: Gene will then walk us through our financial results for the fourth quarter and fiscal year ended December 31st 2024.
Speaker Change: 2024 is a pivotal year for <unk>.
Speaker Change: <unk>, our high quality <unk> strategy.
Speaker Change: To drive sustainable close our platform as primary ecosystem with.
Speaker Change: During the Q&A session.
Speaker Change: John will answer questions from Chinese Oh will help translate.
Speaker Change: We extended our high quality Delever ambition.
Speaker Change: Please note the English translation is for reference only.
Speaker Change: Praful, so surprised trend through a series of initiatives such as speed reductions.
Speaker Change: In case of any discrepancy statements in the original language should prevail.
Paul: So Paul the policies and the trust and safety updates.
Speaker Change: Now, it's my pleasure to introduce our chairman and co Chief Executive Officer 10 days.
Paul: We systematically implemented proactive measures and Praful operations.
Speaker Change: Please go ahead.
Speaker Change: Okay.
Speaker Change: Hello, everyone.
Thank you for joining our earnings call for the fourth quarter and fiscal year of 2024.
Paul: <unk> basis.
Paul: <unk> and logistic innovations DDR platform into a new phase of high quality, Germany grows.
Speaker Change: 2024 is a pivotal year for advancing our high quality <unk> strategy.
Paul: We delivered stable results over the past quarter.
Paul: Our Q4 revenue reached RMB $110 6 billion.
Speaker Change: To drive less sustainable close our platform is priced ecosystem.
Paul: Up 24% year over year and full year 2024 revenue totaled.
Speaker Change: We extended our high quality 11 ambition.
Speaker Change: Praful, so surprised trend through a series of initiatives such as speed reductions.
$393 8 billion.
Speaker Change: So Paul the policy and the trust and safety updates.
Paul: Growing 59% year on year.
Paul: Which are the presents a moderation in revenue growth.
Speaker Change: We systematically implemented proactive measures and Praful operations.
Paul: As mentioned in previous quarters.
Speaker Change: <unk> basis.
Paul: Our significant ecosystem investment.
Speaker Change: <unk> law, just taking innovations DDR platform into a new phase of high quality driven growth.
Paul: All the way to fast changing external environment.
Paul: Intensified competition landscape with E Tech short term financials.
Speaker Change: We delivered stable results over the past quarter.
Paul: However.
Paul: <unk> two ecosystem investments Goldman unwavering.
Speaker Change: Our Q4 revenue reached RMB $110 6 billion.
Paul: We are confident that this.
Paul: First and deliver sustainable long term returns.
Speaker Change: Up 24% year over year and full year 2024 revenue totaled.
Paul: In the second half of 2024.
Speaker Change: 393 8 billion.
Paul: As I said rated our high currency Delevering strategy with several major initiatives, including a 10 billion <unk> reduction program.
Speaker Change: Bill in 59% year over year.
Speaker Change: Which are the presents a moderation in revenue growth.
Paul: Just Paul measures to promote e-commerce services in <unk>.
Speaker Change: As mentioned in previous quarters.
Speaker Change: Our significant ecosystem investment.
Speaker Change: Hey, James.
Paul: High quality merchant support program.
Speaker Change: All the way to fast changing external environment.
Speaker Change: We are pleased to see that lift initiatives are starting to bear fruits.
Speaker Change: Intensified competition landscape with E Tech short term financials.
Speaker Change: However, our commitment to ecosystem investments.
Paul: Among these are <unk>.
Paul: 10 billion <unk> reduction program enabled over $10 million matures in house operation operational efficiency and reduce costs.
Speaker Change: Wavering.
Speaker Change: We are confident that these efforts will be.
Speaker Change: Leave less sustainable long term returns.
Speaker Change: Yes.
Paul: While that promotions led by Steve repurchase program.
Speaker Change: In the second half of 2024.
Paul: <unk> has begun to deliver significant CBD eligible metrics.
Speaker Change: As I said right our high cost <unk> strategy with several major initiatives, including a 10 billion <unk> reduction program.
Paul: All logistics support measures tailored for Remortgages drove double digit.
Speaker Change: Jess Paul measures to promote E Commerce services.
Paul: Order volume grows extending the free shipping to nearly 100 million consumers in leases.
James: Hey, James.
Speaker Change: Hi, Karachi merchant support program.
Speaker Change: We are pleased to see is that at least initially are starting to bear fruits.
Paul: The first phase of high quality merchant support program supported a large number of high quality merchants and brands across 1000 agricultural regions.
Speaker Change: Among these.
Speaker Change: <unk> reduction program has enabled over 10 million matures in house operation operational efficiency and reduce costs.
Paul: Industrial resolved their transition towards high quality development.
Paul: At the same time, we also established the merchandise protection committee to formalize communication channels with merchants.
Speaker Change: Why that promotion so that may be the best program is all.
Speaker Change: As began to delay less significant CBD eligible metrics.
Paul: We have low upgrades to after sales service assistant and introduce a range of improvements and the government measures.
Speaker Change: All logistics support measures Teva underfloor with mortgages.
Speaker Change: Both double digit order volume grows and extended a free shipping to nearly 100 million consumers in the region.
Paul: Address issues such as other disputes were settled.
Lucas: Mr. Lucas.
Speaker Change: The first phase of high quality merchant support program supported a large number of high quality merchandise and brands across 1000 agricultural regions.
Lucas: These initiatives aim to enhance the overall business environment, while merchants and build a platform ecosystem that benefits all participants.
Speaker Change: Industrial resolved their transition towards high quality development.
Lucas: So perhaps not rooted in agriculture.
Lucas: We remain committed to supporting agriculture industry.
Speaker Change: At the same time, we also established the merchandise protection committee to formalize communication channels with merchants.
Lucas: And investments in agricultural technology supply chain innovation and training for next generation farmers.
Speaker Change: We have low upgrades to up sale of survey assistant and introduce a range of improvements and the government measures.
Lucas: One of the past year, our long term initiatives such as paint all towards smart agriculture competition.
Lucas: The overall equity culture innovation time, Inc.
Speaker Change: Address issues, such as order dispute or subtle.
Lucas: <unk> Academy growing competition and the agricultural research funding as delivered encouraging results.
Lisa Lucius: Lisa Lucius.
Lisa Lucius: These initiatives aim to enhance the overall business environment, while merchandize and build a platform ecosystem that benefits.
Lucas: For example, the six.
Lucas: Idaho These teams for spindle to smart agriculture competition achieved breakthroughs Yale.
Lisa Lucius: Yes.
Lisa Lucius: Perhaps not rooted in agriculture.
Lisa Lucius: We remain committed to supporting agriculture industry.
Lucas: AC and energy consumption.
Lucas: Tony optimize nufarm land with that innovation is now being applied in a real world setting.
Lisa Lucius: <unk> investments in agriculture technology.
Lisa Lucius: <unk> innovation and training for next generation farmers.
Lucas: In terms of our global business, our mission to provide global consumers with high quality products remain unchanged.
Lisa Lucius: Well one of the past year, our loans are in Asia, such as Pinterest or smart agriculture competition.
Zero equity culture innovation challenge.
Lucas: Diluted by this vision well.
Lucas: Continue to focus on supply chain accuracy steadily as innovation ecosystem development.
Lisa Lucius: <unk> Academy growing competition and.
Lisa Lucius: Agricultural research funding as delivered encouraging results.
Lucas: Observing high compliance standards.
Lisa Lucius: For example, the six Idaho these teams for spindle to smart agriculture competition achieved breakthroughs Yale.
Lucas: Our goal is to build a trusted global platform a shopping environment that serves consumers worldwide.
Speaker Change: PNC and energy consumption.
Lucas: Okay.
Lucas: High quality development will remain in our core of our strategy in 2025.
Lisa Lucius: Tony optimize Newfoundland.
Lisa Lucius: <unk> is now being applied in a real world setting.
Lucas: We will continue to focus on the houses as sustainable development of merchants as surprising.
Speaker Change: In terms of our global business, our mission to provide global consumers with high quality products remain unchanged.
Lucas: And certainly at the bar is high quality development strategy.
Lucas: Since that time, we will work on strengthening matching rights protection.
Lisa Lucius: By this vision.
Lisa Lucius: We'll continue to focus on supply chain accuracy, certainly as innovation ecosystem development.
Lucas: That is our support for high quality merchants and broadly Coty supply.
Lisa Lucius: After serving high compliance standards.
Lucas: Platforms.
Lisa Lucius: Our goal is to build a trusted global platform and shopping environment.
Lucas: In addition.
Lucas: Surprisingly investments.
We aim to assess and rate our supply of high quality products with more regions and in doing so enhance the product offerings for consumers in less assessable areas and foster.
Lisa Lucius: Consumers worldwide.
Lisa Lucius: Okay.
Lisa Lucius: High quality development will be met coal our strategy in 2025.
Lisa Lucius: We will continue to focus on a healthy and sustainable development of merchants as supply chain.
Lucas: Ecosystem for consumers.
Lucas: <unk> and the communities we serve.
Lisa Lucius: And suddenly the bar is high quality development strategy.
Lucas: Okay.
Lucas: Driving the sustainable development of our platform and the broader ecosystem e-commerce ecosystem.
Lisa Lucius: This time, we will work on strengthening matching rights protection.
Lisa Lucius: That would be our support for high quality merchants and broadly quality supply on that.
Lucas: And now I will hand, it over to our co CEO Jonathan to share more about our development plans in 2025.
Lisa Lucius: Platforms.
In addition.
Lisa Lucius: It will surprise me investments.
Jonathan: Hey, Anthony.
Lisa Lucius: We and to assess and rate our supply of high quality products remote regions and in doing so enhance the product offerings for consumers.
Speaker Change: <unk> 1000 tons.
Speaker Change: Yes, <unk> you didn't publicly.
Speaker Change: Thank you Li Hello, everyone.
Jonathan: Jonathan Thank you for joining our fourth quarter and full year 2024 earnings call.
Lisa Lucius: Less assessable areas and foster.
Lisa Lucius: Ecosystem for consumers merchants and the communities we serve.
Jonathan: The accordion momentum John cards at our finance Andrey <unk>.
Lisa Lucius: <unk>, who will drive a sustainable environment.
Charlie: Charlie go again.
Lisa Lucius: Our platform and the broader ecosystem e-commerce ecosystem.
Speaker Change: Yeah, Dan Yan yourself with government believes in that.
<unk> training.
Andy: And now Andy.
Speaker Change: Homeland in England.
Andy: Over to our co CEO, Jonathan to share more about our development plans in 2025.
Speaker Change: What message do the training department yet.
Speaker Change: Over the past year, we remain focused.
Speaker Change: Thank you.
Speaker Change: Hey, Anthony.
Speaker Change: Our development strategy.
Anthony: Dr Hollander hasn't gone.
Speaker Change: Driving ecosystem upgrades and supply chain transformation towards a mutually beneficial environment consumer merchant industry and society.
Andy: Got it.
Andy: It would be publicly.
Andy: Thank you Li Hello, everyone.
Jonathan: Jonathan Thank you for joining our fourth quarter and full year.
Speaker Change: By sustained progress of our higher cost development Jackson.
Andy: Earnings call.
Andy: Now of course Union women to John called it out by that downturn tapping that sometimes and sometimes that's a huge value.
Speaker Change: Steady macro economy recovery, we delivered stable performance.
Speaker Change: Quarter, four and throughout 2024.
Speaker Change: Legal again.
Andy: Yeah, Todd yet it yourself with government believes in that.
Speaker Change: <unk> line will May say <unk> bin.
Speaker Change: Because of our partner <unk>.
Speaker Change: <unk> <unk>.
Andy: Homeland determined don't know gene.
Speaker Change: <unk> document yet.
Speaker Change: With us on downsizing Panther truly seamless.
Andy: Over the past year.
Speaker Change: Yes, yes.
Andy: We remain focused on advancing.
Speaker Change: <unk> recently.
Quarterly development strategy.
Speaker Change: Semi permanent yes. Thank you.
Andy: Driving ecosystem upgrades.
Speaker Change: Yes <unk>.
Speaker Change: Concord is hanmi, seediness Aloha and sit down.
Andy: My chain transformation.
Andy: It's a mutually beneficial environment consumer merchant industry and society.
Speaker Change: <unk> and <unk>.
Speaker Change: And in Canada.
Speaker Change: Last year, we have rolled out a series of initiatives underway.
Andy: Supported by sustained progress.
Andy: Higher cost of almonds, Jackson and the study macro economy recovery, we delivered stable performance.
Speaker Change: <unk> reduction program.
Colin: Colin maybe a week or quantity supply to.
Speaker Change: Comprehensive end to end merchant support.
Andy: Quarter, four and throughout 2024.
Speaker Change: Our initiatives have not only empower merchants with innovative business models.
Andy: That's you know Eli will may see a whole lot of data easily about he came in and control.
Speaker Change: Also drove supply chain upgrades.
Gagnon: In congruence Gagnon, who puts in a concert a usual <unk>.
Speaker Change: In addition, our logistics equipment.
Andy: Could you list on downsizing Panther truly seamless.
Speaker Change: Significantly improved the efficiency and quality of new supply.
Speaker Change: Yes N equals recently.
Speaker Change: Western region.
Andy: Yes. Thank you.
Speaker Change: Providing consumers in this region with a more diverse selection of high carbon quota.
Andy: Yes, absolutely.
Andy: Concur This army cdna, Saudi on sedan.
Andy: Can you talk about how you go from 2004.
Diana Chang: So you do <unk> work or didn't country, Diana Chang hotel in Atlanta.
Speaker Change: What does that mean.
Andy: Last year, we have.
Speaker Change: <unk> rolled out.
Speaker Change: Any initiatives under 10 billion <unk> reduction program and accountability with a quantity supply too.
Diana Chang: You will hear timber marine was encouraging with Anthony.
Speaker Change: Comprehensive end to end merchant support.
Diana Chang: Great Andy is <unk>, meaning equaling <unk> <unk>.
Speaker Change: Our initiative.
Speaker Change: Not only empower merchants with innovative business models.
Speaker Change: <unk>, Sam Peters 90 nanometer, Suzanne <unk> being Congress in San Antonia and Tony.
Speaker Change: Also drove supply chain upgrades.
Speaker Change: In addition, our logistics equipment.
Diana Chang: I don't have an eye towards Hulu I think than a pattern.
Speaker Change: I'm sorry.
Speaker Change: <unk>.
Speaker Change: Thanks, Jesse and quality of new supply the western region.
Speaker Change: In Q4, our quality metrics support program spanned across agricultural and industrial.
Speaker Change: Providing consumers in this region with a more diverse selection of high carbon quota.
Speaker Change: China.
Speaker Change: Including non core specialty.
Speaker Change: Okay. So you do woman <unk>.
Craig: Ooh brighter winner, Craig will make footwear kimco maternal infant product.
Speaker Change: G suite and work on it.
Speaker Change: Countries Hyundai.
Speaker Change: Hotel.
Speaker Change: We don't want you to hear timber marine was encouraging with Anthony.
Speaker Change: <unk> Passu.
Speaker Change: Providing comprehensive support throughout the value chain constant currency developments.
Speaker Change: <unk> time, he means meaning equaling in the channel.
Speaker Change: The team operations and supply chain management.
Speaker Change: I really feel 17 19, Needless uses <unk> been Congress in San Antonia and Tony.
Speaker Change: We'll have neutrals and new generation at merchants and brands with strong innovation capability.
Speaker Change: I would tell you that rewards I think then the patent.
Speaker Change: <unk>, a leading the industry homogeneous competition toward the thing high value growth.
Speaker Change: <unk>.
Speaker Change: In Q4, our quasi merchant support program spend.
Speaker Change: Judy lateral while not quite on the same tensor core menu here Tanya.
Speaker Change: Across agricultural and industrial.
Speaker Change: Uh huh.
Speaker Change: This included noncore specialty.
Speaker Change: I answered that yes.
<unk>, you're in Shandong and <unk> Hydro <unk> Nathalie <unk>.
Speaker Change: Ooh brighter were great, though will make footwear.
Speaker Change: Maternal infant put us.
Speaker Change: <unk> here.
Sheila: Hi, Sheila.
Speaker Change: In the panel menu shekels.
Sheila: By providing comprehensive support throughout the value chain.
Speaker Change: So.
Speaker Change: Without wishing to head down that tunnel to hold out.
Sheila: Development marketing operations and supply chain management.
Speaker Change: Wassa handling both retailers seem groupon digitizing.
Speaker Change: <unk> is an anti <unk> currently.
Sheila: Neutrals and new generation as merchants and brands with strong innovation capabilities.
Speaker Change: For example, we are doing.
Speaker Change: Counting in Guangdong Province.
Speaker Change: This sale braces are leading the industry Jan homogeneous competition sure.
Speaker Change: Lean production hub for the titles womens footwear industry with nearly baltistan steel due to market share.
Sheila: The thing high value growth.
Sheila: P D lateral while not quite understand tends to go in and use yet.
Speaker Change: Last winter local merchants utilizing our performance data.
Sheila: I answered that.
Speaker Change: Creative freedom.
Sheila: Do we can't rule that came out a game in Shandong and <unk> found out he talking high dose, who do you think seasonality.
Speaker Change: <unk> Center.
Speaker Change: It is a casino consumers.
Speaker Change: Through the transformation of the traditional supply chain.
Sheila: In Poland, New Hino Fulton's yahtzee, neither downtime down here.
Speaker Change: A mid sized taxi.
Speaker Change: To reach a daily output at 15000.
Sheila: And on the new vehicles.
Sheila: Without wishing to hear Tom that tonnage will fall out.
Speaker Change: This not only.
Speaker Change: Tens of thousands of job also tiger path for causing supply chain driven.
Sheila: Wassa and <unk>.
Sheila: All I'm doing is through some anti angle around agave.
Speaker Change: <unk>.
John: Well, John I assume to the common data center needle pin pad colella and team.
Speaker Change: For example, Clinton County in Guangdong Province.
Speaker Change: The lean production hub for the Chinese womens footwear industry.
Speaker Change: The teams here.
John: We're getting now as John detailed color by each Omnichannel <unk> Martha to leasing John quiet managing PMA.
Speaker Change: Can you give us a standstill due to market share.
Speaker Change: Last winter local merchants utilizing our performance data and then to.
Speaker Change: <unk> can add doses enchant how determined.
Speaker Change: They seem to take on these things in a tower book here in Canada, and I think 90 until late at Hong Kong really can't you Belinda.
Speaker Change: The creative Freedom line Center.
Speaker Change: Female consumers.
Speaker Change: Through the transformation of the traditional supply chain.
Speaker Change: Yes, Anthony Ciber momentum with strategically allocated to perform capital resources.
Speaker Change: Let me cite taxi managed to reach a daily output is 15000.
Speaker Change: For example, <unk> 10 billion program.
Speaker Change: This not only.
Speaker Change: New campaigns.
Speaker Change: Tens of thousands of job also Tiger pack supplier.
Speaker Change: Can be it in consumption grocers and the Super <unk>.
Speaker Change: Supply chain.
Speaker Change: Transformation.
Speaker Change: Finally from branding building for Coty.
Speaker Change: Well I cannot seem to the community.
Speaker Change: I think you need to pin pad uncorrelated exiting without with the teams here valuable getting notwithstanding cooler by each company Chen Tong as available they see Martha to leasing John quiet managing PMA.
Speaker Change: Using last years double 11 shopping festival.
Speaker Change: Lance multiple rounds of Super double clothing.
Speaker Change: Operating expenses for two quality supply and.
Speaker Change: Just the first two round the other volume exceeded 61 meeting.
Speaker Change: <unk> been had doses in San Jose.
Speaker Change: I was hoping to have that kind of well.
Speaker Change: It seems like only thinking of Tullow up here in Canada, and I think 90 until late at humble that bill we can email on that.
Speaker Change: Listen patterns, a little room.
Speaker Change: How much of that May have some of them do you Wanna Hawkins with that user.
Speaker Change: Yeah, Anthony fibers momentum with strategically allocate the platform tap into resources.
Speaker Change: <unk>, yes.
Speaker Change: <unk> beauty parlor quite nice leverage on the <unk>.
Speaker Change: For example, <unk> 10 billion program has rolled out new campaigns.
I didn't know countries Ini think again things may drawn when that uses hunting shooting bank partner in intensity as Jamie said huh.
Speaker Change: You didn't consumption grosses.
Speaker Change: <unk>.
Speaker Change: The only thing branding building cost you mentioned.
Speaker Change: When we talk about entering this invoicing system.
Speaker Change: Using last years double 11 shopping festival.
Speaker Change: We were looking at all your any shipment dates of any future.
Speaker Change: Launched multiple rounds of supercuts advertising.
Speaker Change: 10 year Tdm, So U S antigen that we don't continue.
Speaker Change: Excessive support to Qantas supply.
Speaker Change: Timing has a timeline where youll see more.
Speaker Change: Just a question around the other volume city 61 meeting.
Speaker Change: John Doerr laser menu what can be <unk>.
Speaker Change: I was hoping to have that kind of well.
Speaker Change: From the consumer side, our ecosystem investment has and enrich their lives by delivering a broader range of profitable hardcore Dakota lift.
Pat: Listen Pat answer little room.
Speaker Change: How much of that May have some of them Paul Hawkins.
Speaker Change: Welcome to the weight of the user.
Speaker Change: In booties and they tell me that I'm not seeing that.
Speaker Change: This product across categories like fresh protein.
Speaker Change: Yeah T beauty parlor quite nice leverage on the <unk> retail.
Speaker Change: Judy and making further boosting consumer satisfaction and trust.
Speaker Change: I didn't know countries that does things in <unk>.
Speaker Change: Also activating new consumer needs.
Speaker Change: But diana intensity as Jamie said huh.
Speaker Change: This offering is gaining traction in both urban and rural market, becoming daily essential but diverse group.
Speaker Change: And we haven't even seen this invoicing says huh.
Speaker Change: Looking at all your shipment that you have any future.
Speaker Change: 10 year TTM, So U S antigen.
Speaker Change: <unk> kitchen to increasingly fragmented.
Speaker Change: So linear on what's happening at the time and where Youre Wuxi.
Speaker Change: Given the Chinese new year, our logistic support measures for remote regions drove a 30.
Speaker Change: He's young tour laser them and you know what can be <unk>.
Speaker Change: Most definitely.
Speaker Change: From the consumer side, our ecosystem investment has to enrich their lives.
With western region, witnessing with multiple growth instead of a trending category.
Speaker Change: <unk> will maintain the incident and target our finance value.
Speaker Change: A broader range of profitable hardcore Dakota lift.
Speaker Change: This quarter across categories like fresh burden.
Magnus: Magnus <unk>.
Speaker Change: So thats, how I would answer that.
Judy: Judy and then further.
Magnus: If you will come to that so quickly.
Judy: Further boosting consumer satisfaction and trust, we're also activating new consumer needs.
Magnus: Thank you attending element on roofing netsuite I cancel the casing.
Magnus: Our long term investment.
Judy: This offering is gaining traction in both urban and rural market coming daily essential with diverse group and kitchen into increasingly segmented them out.
Magnus: I've heard environment and now bearing fruit.
Magnus: <unk> ecosystem continues to create value for both supply and demand side this tangible outcomes.
Judy: Given the Chinese new year, our logistic support measures for remote regions Silver 30 ordered.
Magnus: Our results to differ in that ecosystem development.
Magnus: In a year or two <unk>.
Most definitely.
Judy: With western regions with anything with macro growth is that we're trending category.
Magnus: Dino rent coverage.
Magnus: I was hoping Pat Gillihan, Andrei <unk> and gas retail so do you think youll.
Judy: <unk> women's hunted incident, causing a finance value.
Magnus: <unk> T.
Speaker Change: Magnus <unk>.
Speaker Change: T mobile is happening that is an idea.
That's a nice young with answer bot.
Magnus: In January 2025.
Speaker Change: If you would consider that sort of kind of quickly.
Speaker Change: So you can get your ending element total peanuts, and I can't tell if you're seeing.
Speaker Change: Families. The merchants like Protection Committee, which I chair.
Speaker Change: Our long term investment in high quality environment are now bearing fruit.
Magnus: The committee.
Africa across our platform.
Magnus: Grow is to fully understand merchant room systematically.
Speaker Change: <unk> ecosystem continues to create value for both supply and demand side.
Magnus: Systematically collect feedback optimize.
Magnus: Okay.
Speaker Change: Tangible outcomes.
Magnus: Fine service.
Speaker Change: Our results to differ in that ecosystem development.
Magnus: <unk> are.
Magnus: Our critical thought towards fortifying our ecosystem.
Speaker Change: In a year or two moments and sandy actually if a Hawaiian.
Magnus: However, it only hope for my shareholder to handling diabetes. These outcomes are using them Deutsche acquisition in Utah.
Speaker Change: Diane we are weighted towards.
Speaker Change: I was hoping that Andre 10 million viewers and gas retail. So do you think that you get.
Speaker Change: Excluding the Sandy I think Danielle if I may on <unk>.
Speaker Change: And I think our food season.
Magnus: <unk>.
Speaker Change: T mobile is happening that is an idea.
Magnus: So a huge release and seek out with Andy.
Speaker Change: In January 2025.
Laurence: Hello, Laurence we introduced the pro Mercury is key.
Speaker Change: Families. The merchants like Protection Committee, which I chair the.
Laurence: Abnormal or low priced risk of working alongside upgraded services to both the snack merger and transaction efficiency.
Speaker Change: <unk> cut out quite nice efforts across our platform.
Speaker Change: So if you fully understand merchant room systematically cracked feedback optimize.
Laurence: Efforts are complemented by granular data analytics tool designed to optimize merchants return on investment.
Speaker Change: It is.
Speaker Change: Fine.
Speaker Change: Greenwood.
Speaker Change: Critical thought towards fortifying our ecosystem.
Laurence: Saturday.
Laurence: Hi, Sanjay <unk> <unk>.
Speaker Change: And at home.
Speaker Change: And I'll tell you too is handling the IBD. These outcomes are using the Deutsche acquisition in Utah.
Laurence: Meanwhile, equaled the highest I never comment Dahlia Wei.
Speaker Change: Excluding the Sandy I think Cindy bathroom.
Laurence: <unk>, New England, Linda Sudarsan digital.
Speaker Change: David I think things you'll have those services.
Speaker Change: Sushi tomo trainer Basel.
Speaker Change: So a huge release and had kick off with Andy.
Speaker Change: Recently, the committee has formalized regular communication with them with merchants in Howard.
Laurence: Hello Laurence.
Laurence: We introduced the pro Mercury is too such as abnormal or low priced risk women alongside upgraded services to both the net merchant transaction efficiency.
Speaker Change: Merchant round table.
Speaker Change: Following extensive consultation with business across sector.
Speaker Change: Unreal four major occurring including our noncompliance other system to intensify protection convergence right.
Laurence: Average complemented by granular data analytics tool designed to optimize merchants return on investment.
Speaker Change: Finally, <unk> dual financial saw while <unk> gotten our finance salary.
Laurence: Saturday.
Speaker Change: Hi, <unk>.
Speaker Change: <unk> been attitude historian Parkway panhandlers was upon us.
Laurence: So it says.
Laurence: Meanwhile, equaled the highest net a tremendous value.
Speaker Change: A few to add other country that tunnel.
Laurence: <unk>, New England mandate Sudarsan digital.
Speaker Change: Cash flow trading at <unk> T bolt household consumables again, that's equally chan equal again, Tanya Tanya challenger yourself way to have an ongoing impact.
Laurence: Sushi, Thomas I know trainer Basel.
Speaker Change: Recently, the committee has formalized its regular communication with them with merchants and how it is.
Speaker Change: <unk> emphasize 375 gross re double efforts.
Laurence: Merchant round table.
Laurence: Extensive consultation with business across sector, we unveiled for major upgrades.
Speaker Change: Our high quality development sacks.
Speaker Change: Leverage our digital capability.
Speaker Change: <unk> investments across both supplier and rebalancing.
<unk> non compliance other system to intensify protection convergent slide.
Speaker Change: At the same time, we're accelerating the delivery of high quality products to the Western region.
Laurence: Finally, <unk> <unk>.
Laurence: Financial saw while <unk> gotten our finance salary.
Speaker Change: We'll have rationalized economic vitality across regions and build ecosystems merchants industry consumer psyche threat.
Laurence: He has been added with Ito, yet got way behind us was upon us.
Laurence: You talked about a country that's on a total group cash.
Laurence: Cash flow trading it seems a little geeks is receding T Bo Powell from receivables again.
Speaker Change: Collectively.
Speaker Change: Hello <unk>.
Speaker Change: She is a woman oligosemy yesterday do Kenyon in RCM.
Laurence: Charlie It goes in and out 10 year challenge yourself to have an ongoing impact.
Jean: I'll now hand over to Jean who will provide an update.
Laurence: Suddenly I emphasize 375 gross re.
Jean: For full year financial performance.
Laurence: Double effort.
Laurence: Our high quality development.
Jean: Thank you Kent.
Laurence: We will leverage our digital capability.
Jean: Hello, everyone.
Speaker Change: Now, let me walk you through our financial performance in the fourth quarter and fiscal year ended December 31st 2024.
Laurence: Investments across both supply and the buying team.
Laurence: At the same time, we're accelerating the delivery of high quality products to the Western region.
Jean: In terms of income statement.
Laurence: How to rationalize economic policy across the region and build an ecosystem, where merchant industry consumer psyche threat collectively.
Speaker Change: Q4 <unk>.
Speaker Change: Total revenues increased 24% year over year to RMB 110 6 billion.
Speaker Change: And 59% to RMB 393, 8 billion for full year 2024.
Laurence: Oh, absolutely entangled lodging, but how might that Ips element that's in there.
Jean: So you do a Kenyan and I will now hand over to Jean who will provide you with.
Speaker Change: This was mainly driven by an increase in revenues from online marketing services and transaction services.
Jean: Quarter, four and full year financial performance.
Jean: Thank you Sachin.
Speaker Change: Revenues from online marketing services and others.
Speaker Change: Hello, everyone.
Speaker Change: Now, let me walk you through our financial performance and our fourth quarter and fiscal year ended December 31st trying to 'twenty four.
RMB 57 billion this quarter.
Speaker Change: Up 17% compared to the same period of 2023.
Speaker Change: In terms of income statement in Q4, our total revenues increased 24% year over year.
Speaker Change: Our transaction services revenue this quarter were RMB $53 6 billion.
Speaker Change: Up 33% same store growth of 2020.
Speaker Change: Can be $110 6 billion.
Speaker Change: And 59% to RMB 393, 8 billion for full year 2024.
Speaker Change: We own two cohorts in expenses.
Speaker Change: Our total cost of revenues increased 36% from RMB $35 1 billion in Q4 2023 to RMB 47, eight experienced this quarter.
Speaker Change: This was mainly driven by an increase in revenues from online marketing services.
Speaker Change: Transaction services.
Speaker Change: Revenues from online marketing services and others.
Speaker Change: For full year, our total cost of revenues increased 68% to RMB $153 9 million.
Speaker Change: Were RMB 57 billion this quarter.
Speaker Change: Up 17% compared to the same period of 2023.
Speaker Change: Mainly due to increase to procurement and.
Speaker Change: And payment processing fees.
Speaker Change: Our transaction services revenue this quarter.
Speaker Change: Basically three 6 billion.
Speaker Change: On a GAAP basis.
Speaker Change: Total operating expenses this quarter increased 19% to RMB 37, 2%.
Up 33%.
Speaker Change: Two rounds of 2020.
Speaker Change: From RMB 31, 4 billion in the same quarter of 2023.
Speaker Change: Okay.
Speaker Change: One two cohorts in expenses.
Speaker Change: Our total cost of revenues increased two 6% from RMB $35 1 billion in Q4 2023 to RMB 47 8 billion this quarter.
Speaker Change: Our non-GAAP basis, our total operating expenses increased to RMB $35 1 billion this quarter.
Speaker Change: RMB $29 3 billion in Q4 2023.
Speaker Change: For full year, our total cost of revenues increased 68% to RMB $153 9 billion.
Speaker Change: During the fourth quarter, we're continuing to invest in the platform ecosystem.
Speaker Change: Through a range of initiatives.
Speaker Change: Mainly due to increase to procurement.
Speaker Change: Including fee reductions merchant support policy I'm tracking a safety update.
Speaker Change: And payment processing fees.
Speaker Change: On a GAAP basis.
Speaker Change: Total operating expenses this quarter increased 19% to RMB 37, 2%.
Speaker Change: Our total non-GAAP operating expenses as a percentage of total revenues.
Speaker Change: From RMB 214 billion in the same quarter of 2023.
Speaker Change: Two 2% in Q4.
Speaker Change: Compared to 33% same quarter 2023.
Speaker Change: Our non-GAAP basis.
Speaker Change: Our total operating expenses increased to RMB $35 1 billion this quarter.
Speaker Change: For full year 2024, total non-GAAP operating expenses were RMB 122 billion.
Speaker Change: And 2009 3 billion in Q4 2023.
Speaker Change: Up from RMB 98, 3 billion in 2023.
Speaker Change: During the fourth quarter, we're continuing to invest in the platform ecosystem.
Speaker Change: Looking into specific expense items.
Speaker Change: Through a range of initiatives.
Speaker Change: Our non-GAAP sales and marketing expenses this quarter were RMB 31 1 billion.
Speaker Change: According fee reductions merchant support policy I'm tracking a safety update.
Speaker Change: At 19%, but it's the same quarter of 2023.
Speaker Change: Our total non-GAAP operating expenses as a percentage of total revenues was 32% in Q4.
Speaker Change: During Q4, the continued to give back to consumers.
Speaker Change: Promotional campaigns.
Speaker Change: Compared to 33% same quarter 2023.
Speaker Change: Keeping up our investment in marketing to strengthen our platform Sports authority.
Speaker Change: For full year 2024, total non-GAAP operating expenses were RMB 122 billion.
Speaker Change: Our non-GAAP basis.
Speaker Change: Sales and marketing expenses as a percentage of our revenue this quarter with 28%.
Speaker Change: Up from RMB 93 billion in 2023.
Speaker Change: That's a 30% for the same quarter in 2023.
Speaker Change: Looking into specific expense items.
Speaker Change: For the full year.
Speaker Change: Our non-GAAP sales and marketing expenses this quarter were RMB 31 1 billion.
Speaker Change: GAAP sales and marketing expenses increased from RMB 79, 8 billion to RMB $109 1 billion in 2024.
Speaker Change: Up 19% versus the same quarter of 2023.
Speaker Change: During Q4, the continued to give back to consumers through promotional campaigns, while keeping up our investment in marketing to strengthen our platform to visibility.
Speaker Change: Our non-GAAP G&A expenses were RMB $998 million in Q4.
Speaker Change: This RMB $674 million in the same quarter of 2023.
Speaker Change: Our non-GAAP basis, our sales and marketing expenses as a percentage of our revenue this quarter with 28%.
Speaker Change: Our annual non-GAAP G&A expenses were RMB, two 8 billion in 2024.
Speaker Change: This RMB, one 8 billion last year.
Speaker Change: It's 30% for the same quarter in 2023.
Speaker Change: Our research and development expenses were RMB 3 billion in the fourth quarter on a non-GAAP basis.
Speaker Change: For the full year.
Speaker Change: Sales and marketing expenses increased from RMB 79, 8 billion to.
Speaker Change: And RMB three 8 billion on a GAAP basis.
Speaker Change: <unk> $109 1 billion in 2024.
Speaker Change: We are committed to advancing the core technology capabilities of our platform and.
Speaker Change: Our non-GAAP G&A expenses were RMB $998 million in Q.
Speaker Change: And then with continued increase of investment mainly R&D laying a solid foundation for our high quality development strategy and are driving ecosystem agree and the supply chain transformation.
Speaker Change: Q4.
Speaker Change: This RMB 674 million in the same quarter of 2023.
Speaker Change: Our annual non-GAAP G&A expenses were RMB, two 8 billion in 2024.
Speaker Change: On a GAAP basis.
Speaker Change: This RMB, one 8 billion last year.
Speaker Change: Operating profit for the quarter was RMB 25 6 billion.
Speaker Change: And the $22 4 billion in the same quarter of 2023.
Speaker Change: Our research and development expenses were RMB 3 billion in the fourth quarter on a non-GAAP basis.
Speaker Change: non-GAAP operating profit was RMB 28 billion.
Speaker Change: In RMB, three 8 billion on a GAAP basis.
Speaker Change: Does this RMB 24 6 million in the same quarter of 2023.
Speaker Change: We are committed to advancing the core technology capabilities of our platforms.
Speaker Change: non-GAAP operating profit margin was 24 this quarter.
Speaker Change: And then with continued increased investment in R&D laying a solid foundation for our high quality development strategy and are driving ecosystem agree and the supply chain transformation.
Speaker Change: Compared with 28% for the same quarter of 2023.
Speaker Change: For the full year non-GAAP operating profit increased from RMB $65 8 billion to RMB 183 billion in 2024.
Speaker Change: On a GAAP basis.
Speaker Change: Operating profit for the quarter was RMB 25 6 billion.
Speaker Change: Net income attributable to ordinary shareholders was RMB 27, 4 billion for the quarter.
Speaker Change: And the $22 4 billion in the same quarter of 2023.
Speaker Change: And RMB $112 4 billion for the full year.
Speaker Change: non-GAAP operating profit was RMB 28 billion.
Speaker Change: And the fourth quarter basic earnings per ads was RMB $19 76, and diluted earnings per ads was RMB 18 point 53.
Speaker Change: Does this RMB 24 6 million in the same quarter of 2023.
Speaker Change: non-GAAP operating profit margin was 24 this quarter.
Speaker Change: Compared with 28% for the same quarter of 2023.
Speaker Change: The anticipated earnings per ads of RMB <unk> 17.
Speaker Change: And diluted earnings per ads of RMB 16, 83 in the same quarter of 2023.
Speaker Change: For the full year non-GAAP operating profit increased from RMB $65 8 billion to RMB 118, 3 billion in 2024.
Speaker Change: non-GAAP net income attributable to ordinary shareholders was RMB 29 9 billion.
Speaker Change: Quarter, and RMB $122 3 billion for the full year.
Speaker Change: Net income attributable to ordinary shareholders was RMB 27, 4 billion for the quarter.
Speaker Change: And RMB $112 4 billion for the full year.
Speaker Change: And fourth quarter.
Speaker Change: GAAP diluted earnings per ads was RMB 2015 buses RMB $17 32 in the same quarter of 2023.
Speaker Change: And the fourth quarter basic earnings per ads was RMB 19 seven.
Speaker Change: Six and diluted earnings per ads was RMB 18 point 53.
Speaker Change: This quarter, we delivered stable financial results supported by the Resolute ask your execution of our high quality development strategy.
Speaker Change: The space to earnings per ads of RMB <unk> 17.
Speaker Change: And diluted earnings per ads of RMB 16, 83 in the same quarter of 2023.
Speaker Change: Looking ahead, we will continue right.
Speaker Change: non-GAAP net income attributable to ordinary shareholders was RMB 29 9 billion.
Speaker Change: <unk> investment.
Speaker Change: And platform ecosystem.
Speaker Change: The cornerstone of our long term value creation strategy.
Speaker Change: Quarter, and RMB $122 3 billion for the food yet.
Speaker Change: That completes the income statement.
Speaker Change: And fourth quarter.
Speaker Change: Now, let me move on to cash flow.
Speaker Change: GAAP diluted earnings per ads was RMB 2015 buses RMB $17 32 in the same quarter of 2023.
Speaker Change: Our net cash flow generated from operating activities was RMB 29 5 billion in Q4.
Speaker Change: And RMB 121, 9 billion for the full year of 2024.
Speaker Change: This quarter, we delivered stable financial results supported by congratulate ask U S confusion of our high quality development strategy.
Speaker Change: Compared with RMB 36, 9 million in the same quarter of 2023.
Speaker Change: Looking ahead, we will continue right.
Speaker Change: And RMB $94 2 billion in 2023.
Speaker Change: <unk> investment in.
Speaker Change: As of December 31st 2024.
Speaker Change: And platform ecosystem as the cornerstone of our long term value creation strategy.
Speaker Change: The company had RMB 331 6 million in cash.
Speaker Change: That completes the income statement.
Speaker Change: Cash equivalents and short term investments.
Speaker Change: Now, let me move on to cash flow.
Speaker Change: Thank you. This concludes my prepared remarks.
Speaker Change: Our net cash flow generated from operating activities was RMB 29 5 billion in Q4.
Speaker Change: Thank you Jean <unk>.
Speaker Change: Next we'll move on to the Q&A session today's Q&A session.
Speaker Change: And RMB 121, 9 billion for the full year of 2024.
Catherine we'll take questions from analysts on the line.
Speaker Change: We could take a maximum of two questions from each other.
Speaker Change: Compared with RMB 36, 9 billion in the same quarter of 2023 and.
Speaker Change: Until then we will answer questions in Chinese and will help translate.
Speaker Change: In RMB $94 2 billion in 2023.
Speaker Change: Operator, we're open for questions.
Speaker Change: Thank you ladies and gentlemen, we will now begin the question and answer session.
Speaker Change: As of December 31st 2024.
Speaker Change: I wish to ask a question. Please press star one on your telephone and wait for your name to be announced.
Speaker Change: The company had RMB 331 6 million in cash.
Speaker Change: If you wish to cancel your request please press star two.
Speaker Change: Cash equivalents and short term investments.
Speaker Change: Participants are requested to restrict the number of questions to two at each time.
Speaker Change: Thank you. This concludes my prepared remarks.
Speaker Change: Your first question comes from Joyce Ju from Bank of America. Please go ahead.
Speaker Change: Thank you Jean <unk>.
Speaker Change: Next well move on to the Q&A session today's Q&A session.
Speaker Change: And ladies Sachin Jain with gasification with EQM will now Glenn key vehicle showroom Atlanta at all go towards alcohol should go down with Keytruda and she told with you the.
Speaker Change: In June we will take questions from analysts on the line.
Speaker Change: We could take a maximum of two questions from each other.
Speaker Change: Until then we will answer questions in Chinese and will help translate.
Speaker Change: We'll go to Tom following up Shanghai, Shanghai, GM sure Hi, Oshaf, Jeff what should you be energy 12 months.
Speaker Change: Operator, we're open for questions.
Speaker Change: With me at Tyndall, Bonnie <unk> shoot that Jonathan.
Speaker Change: Thank you ladies and gentlemen, we will now begin the question and answer session.
Speaker Change: Hello.
Josef: Thank you Josef that Shanghai, Shanghai finished vishal mucosa, Keisha cow Cheetah mobile again keen fisherman.
Speaker Change: You wish to ask a question. Please press star one on your telephone and wait for your name to be announced.
Speaker Change: Sure Hi, Joshua Shanghai, the Joseph Bank.
Speaker Change: If you wish to cancel your request please press star two.
Okay. Good luck with that actually.
Speaker Change: Participants are requested to restrict the number of questions to two at each time.
Josef: How would that Thiago Vinci ghansham.
Speaker Change: Glenn just a question Keith all Dessau corn soy Ashok Ashok have all been at home who wanted to own them.
Joyce Ju: Your first question comes from Joyce Ju from Bank of America. Please go ahead.
Speaker Change: Thanks Sophie.
Speaker Change: Hey, Kathryn Janeway somehow gasification with EQM will now Glenn T D.
Speaker Change: Thanks for the question just wanted to ask him what he told you should that we could do that triangle.
Speaker Change: Vehicle show them Atlanta at all go towards alcohol should they dealt with Sidoti and she told with you at the.
Speaker Change: Joel.
Speaker Change: Just wanted to ask you so natasha.
Speaker Change: Thank you Glenda.
Tom following up Shanghai, Shanghai, Jim Shaw <unk>, Jeff what should you be energy 12 months.
Speaker Change: Sure.
Speaker Change: I'll translate my question, we noticed that over the past two quarters. The company has taken several major initiatives in platform ecosystem development and merchant support.
Bonnie: EMEA Tyndall, Bonnie <unk>, SAP, which is huge.
Speaker Change: Hello.
Joseph Kim: So Joseph Kim Passion, Shlomi, you should call Cheetah mobile again keen fisherman.
Speaker Change: As management just mentioned the company plans to further increase investment in these areas how shall we think about our long term goals for platform ecosystem development and how this will drive the platform spreads out growth.
Speaker Change: Sure I can assure that Shanghai, the Joseph Bank.
Joseph Kim: With that I should be only in the shop.
Speaker Change: How would that Thiago Vinci ghansham.
Speaker Change: Glenn just a question Keith all Dessau corn soy Ashok Ashok have all been at home who wanted to own.
Speaker Change: My second question is on top of the supply side and merchant ecosystem investment could management also share what has been done on the consumer side recently for example, when you're initiatives were launched three window.
Sophie: Hi, Todd Thanks, Sophie Julienne.
Speaker Change: Just wanted to ask him what he told us that.
Speaker Change: Oh sure Joe of course is what I'm asking is how should we have a woman.
Speaker Change: Positive fourth quarter e-commerce season.
Speaker Change: J D.
Speaker Change: Well be the strategic priorities for consumer side in the future. Thank you.
Speaker Change: Sure.
Speaker Change: I will translate my question, we noticed that over the past two quarters. The company has taken several major initiatives and platform ecosystem development and merchant support.
Speaker Change: Jonathan.
Speaker Change: No.
Speaker Change: D J.
Speaker Change: Hi.
Speaker Change: As management just mentioned the company plans to further increase investment in these areas how shall we think about our long term goals for platform ecosystem development and how this will drive the platform for that growth.
Speaker Change: Hi, Joyce this is Charlie let me take your question regarding our platform ecosystem.
Speaker Change: Shimon.
Speaker Change: Your line.
Speaker Change: My second question is on top of the supply side and merchant ecosystem investment.
Speaker Change: And Caine hyphen pie.
Speaker Change: That's helpful.
Speaker Change: Management also share what has been done on the consumer side recently for example, when you initiative launched three window.
Speaker Change: No well it also sounds out of Chile chain.
Speaker Change: On tweets will you see that your tool.
Speaker Change: <unk> EMEA.
Speaker Change: Possibly fourth quarter e-commerce season.
Speaker Change: The San Jos switches.
Speaker Change: This was enough.
Speaker Change: Well be the strategic priorities for consumer side in the future. Thank you.
Speaker Change: Sean chunk deal.
Speaker Change: Yes.
Speaker Change: Sure <unk>.
Speaker Change: So it was a lot.
Speaker Change: So let's see.
Speaker Change: Jonathan.
Speaker Change: I'll, let Julie.
Speaker Change: No.
Speaker Change: Yeah, sorry, it's.
Speaker Change: Sure Glenn.
Speaker Change: While you had to go up.
Speaker Change: Keith was on slot machine not sure.
Speaker Change: Good.
Speaker Change: Hi, George This is Charlie let me take your question regarding our platform ecosystem.
Speaker Change: This is Hal.
Speaker Change: Well since the second quarter of 2024 in line with the overall direction of high quality development of our platform ecosystem, we have rolled out a series of initiatives.
Speaker Change: No absolutely.
Speaker Change: Well, the yen's Kane hyphen high cost at our thoughts that would be helpful.
Speaker Change: It also sounds out of Chile.
Speaker Change: Centered around protection of merchants right.
Speaker Change: <unk> you said that your tool.
Speaker Change: For example measures such as the 10 billion fee reduction program.
Speaker Change: Cool.
Speaker Change: EMEA.
Speaker Change: And the high quality merchant support program have been effective in lowering the operational costs.
Speaker Change: Colin Fawns Joss switching.
Speaker Change: This was enough.
Speaker Change: Chung deal.
Speaker Change: Yeah.
Speaker Change: Thanks.
Speaker Change: Vincent <unk>.
Speaker Change: By leveraging our platforms digital technologies and resources, we are also enabling manufacturers.
Speaker Change: So let's leave at it.
Speaker Change: Yes, Sean.
Speaker Change: Alright, Keith was on spine team I'm not sure.
Speaker Change: First in product innovation and also technology.
Speaker Change: Was that good.
Speaker Change: At the same time broaden their marketing access.
Hal: This is Hal.
Speaker Change: But since the second quarter of quantifying for in line with the overall direction of high quality development our platform ecosystem, we have rolled out a series of initiatives.
Speaker Change: Number two are you sure.
Speaker Change: One.
Speaker Change: Shanghai Tang.
Speaker Change: Yes.
Speaker Change: The machine.
Speaker Change: Sure.
Speaker Change: It's centered around the protection of merchants right.
Speaker Change: So Shannon Coyne Keytruda central European cool so.
Speaker Change: Sample measures such as the 10 billion of fee reduction program.
Speaker Change: So, yes, I'm, calling for about five times.
Speaker Change: What's that.
Speaker Change: And high quality merchant support program have been effective in lowering the operational costs for merchant.
Speaker Change: These initiatives are deepening our long term effort in building a stronger ecosystem.
Speaker Change: By leveraging our platforms digital technologies and resources.
Speaker Change: Also extend out into the supply side.
Speaker Change: Driving meaningful supply chain upgrades.
Speaker Change: Also enabling manufacturers to invest in product innovation and also technology.
Speaker Change: Which is central to our strategy of pursuing high quality development.
Speaker Change: While at the same time broaden their marketing access.
Speaker Change: But honestly I know when we can.
Andrea: Yes, Hi, Andrea.
Speaker Change: Number two are you sure.
Speaker Change: You switch with inside <unk>.
Speaker Change: One.
Speaker Change: And then Paul.
Speaker Change: Shanghai Tang.
Speaker Change: So Ms. How should can you to the hawkinson with balances.
Speaker Change: Yes no.
Speaker Change: <unk> sure.
Speaker Change: Based upon the hospital not much fun listen the tone, though you did hold the lead.
Speaker Change: Shannon.
Speaker Change: Central European cooler.
Speaker Change: Yes, what I would call so that was.
Speaker Change: Doug.
Speaker Change: That's something to use whatsapp.
Speaker Change: We are noticing that in certain industries.
Speaker Change: These initiatives are deepening our long term effort.
Speaker Change: Some merchants are facing homogeneous competition.
Speaker Change: A stronger ecosystem.
Speaker Change: With discrete profit for businesses and also undermines innovation and investments.
Speaker Change: And also extend out into the supply side.
Speaker Change: Driving meaningful supply chain upgrades.
Speaker Change: Which is central to our strategy of pursuing high quality development.
Speaker Change: A woman soybeans, you guys, hi, yes that sounds job push also so that's a watch.
Andy: But honestly I know Macondo ECS, hi, Andy until now you should split inside <unk>.
Speaker Change: So we seem to have gone Keith terminal so.
Paul Hawkins: Hey, Paul.
Speaker Change: So that feels EMEA.
Paul Hawkins: And that's how she Doug can you just the hawkinson.
Speaker Change: I'm always some jobs.
Speaker Change: Jonathan.
Speaker Change: Okay awesome.
Speaker Change: So you see that we saw on Jonathan machines heightened as far as seen.
Speaker Change: Not much fun listen the total now you did hold the lead on that.
Speaker Change: Equally so Doug.
Speaker Change: Tony.
Shin Yuan: Thank you Shin Yuan.
Hi, Michael.
Speaker Change: We are noticing that in certain industries.
Speaker Change: You too.
Speaker Change: Thank you Doug.
Speaker Change: Some merchants are facing homogeneous competition.
We as a platform connecting manufacturers.
Speaker Change: With discrete profit for businesses and also undermines innovation and investments.
Speaker Change: Trends in consumers.
Speaker Change: We have launched a series of policies to support high quality suppliers.
Speaker Change: Oh, yes, yes.
Speaker Change: By cutting fees and streamlining operations, we are encouraging merchants to invest more in their products and services.
Speaker Change: Yeah <unk> so.
Speaker Change: So that's a watch.
Speaker Change: So we seem to recall that you said in total so.
Speaker Change: This is meeting our platform onto a new stage of quality driven growth.
Speaker Change: Thank god stuff, so that feels EMEA.
Speaker Change: I'm always some jobs Jonathan.
Speaker Change: Jonathan.
Speaker Change: Unless there is a call you thought thats all it Jason.
Speaker Change: So you see that we saw on Jonathan machines heightened as far as seeing.
Speaker Change: Well astonishing.
Speaker Change: It seems as Dom John.
Speaker Change: Since you just want Tony.
Speaker Change: Towards the call today.
Speaker Change: Hum.
Speaker Change: Yeah, Hi, Michael.
Speaker Change: Yes.
Speaker Change: I'm not sure they'll go away.
Speaker Change: Thank you dawn.
Speaker Change: <unk> won't consult with us on patients as well.
Speaker Change: And when we come in Chico's Gulf Siddhartha <unk>.
Speaker Change: We as a platform connecting manufacturers.
Speaker Change: Also the goal yes.
Speaker Change: Our trends in consumers.
Josh: Hello, Josh inside the household.
Speaker Change: We have launched a series of policies to support high quality suppliers.
Speaker Change: Great.
Speaker Change: Sure sure.
Speaker Change: That's what that's all.
Speaker Change: By cutting fees and streamlining operations, we are encouraging merchants to invest more in their products and services.
Speaker Change: Ivan Cheng.
Speaker Change: Hi.
Speaker Change: You saw us do a <unk>.
Speaker Change: Tyson I told you just talked about tissue.
Speaker Change: This is leading our platform onto a new stage of quality driven growth.
Speaker Change: As the supply chains evolve and modernize this more high quality merchants on products have been emerging.
Speaker Change: Unless there is a call you thought thats all it Jason.
Speaker Change: Well Sean King.
Speaker Change: This gives consumers greater variety higher quality and a smoother shopping experience.
John: James This is John.
Speaker Change: Not going towards the Gulf.
Speaker Change: That's funny.
Speaker Change: Any real benefits to consumers and.
Speaker Change: I'm not sure I'm going to waste quinoa, and consult with us on patients as well.
Speaker Change: And creating a healthy ecosystem that benefits.
Speaker Change: Stakeholders in the long run.
Speaker Change: On the cost of that is the goal yes.
Speaker Change: This is our thoughts on the platform ecosystem investments.
Josh: Hello, Josh inside the household.
Speaker Change: Yeah I'll just add then that's great iconic Olympia.
Speaker Change: Great.
Speaker Change: Sure.
Speaker Change: That's what that's all mobile phones, Hong <unk> Kim.
Speaker Change: Hello. This is does that.
Speaker Change: Okay.
Question.
Speaker Change: No woman that it will continue to.
Speaker Change: Yeah.
Speaker Change: I mean, you saw that somewhat Dewey and Tyson I told me to kind of a tissue.
Speaker Change: I'm sorry, it's on us.
Speaker Change: Gcu's hybrid sounds like one is it sounds like Alexander thanks.
Speaker Change: As the supply chains evolve and modernize this more high quality merchants on products have been emerging.
Speaker Change: There is an element James with Allianz South Asia.
Speaker Change: Very good thank you towards a clinical call, Florida, because switching or using milk IBM.
Speaker Change: This gives consumers greater variety higher quality and a smoother shopping experience.
Speaker Change: Our emphasis on the supply side and merchant ecosystem complement our consumer centric strategy.
Speaker Change: Bringing real benefits to consumers.
Speaker Change: We remain dedicated to serving consumers, providing more value and better services recapping commented to us.
Speaker Change: Creating a healthy ecosystem that benefits all stakeholders in the long run.
Speaker Change: Our thoughts are on the platform ecosystem investments.
Speaker Change: As soon as we restart we don't know in women 20 Cafe.
Speaker Change: Yeah, I'll just add.
Speaker Change: You know what I've laid out I can't even at the Olympia.
Speaker Change: No that's it.
Speaker Change: Yeah, Josh on your fleet mix.
Speaker Change: Hello. This is does that mean.
Speaker Change: <unk> nine <unk> hundred answer, yes to all the way to do that.
Speaker Change: Second question.
Speaker Change: That woman that it will continue to have us I know sometimes its on US was wondering Lee gcu's hybrid sounds like Brian, though so it sounds like Alexander.
Speaker Change: Pin pads and 19 team.
Speaker Change: What room is it a pin pad E G SIFI cingal.
Speaker Change: So if there is an element of Genesis down in South Asia.
Speaker Change: And I guess is in the cool pool.
Speaker Change: With that I think that sounds notochord Zhong bi but here you're trying to send here by each region.
Speaker Change: Great. Thanks resources with a half water because switching or user milk IBM.
Speaker Change: Our emphasis on the supply side and merchant ecosystem complement our consumer centric strategy.
Lisa Damiani: Ladies and Lisa Damiani temporary chance issues on each of them.
Lisa Damiani: The promotion campaigns in the fourth quarter, we absolutely our Super example savings AUC by layering.
Speaker Change: <unk> dedicated to serving consumers.
Speaker Change: The more value and better services, what's happening commented to us.
Lisa Damiani: Additional savings on top of the discounted flights from our 10 billion program.
Speaker Change: So these are a thoughtful danone women's scent 20 cafe.
Lisa Damiani: This not only providing substantial savings to consumers, but also serves as a new growth engine for Bren.
Speaker Change: Hi, Bobby.
Speaker Change: Another Tito Santana Gaslog from your fleet.
Speaker Change: <unk>, Yeah tell me to do that prior to 19 team.
Lisa Damiani: Both the number of participating brands and products.
Lisa Damiani: Thanks.
Lisa Damiani: Hi, with total order volume achieving a significant milestone.
Speaker Change: Thank you for everyone at <unk>.
Speaker Change: And if I Miss June Cingal.
Lisa Damiani: Well at that hotel promotion with further enhance the program by launching 10 billion consumption Volta <unk>.
Speaker Change: Yeah, and I guess is twofold.
Speaker Change: With that I think that sounds known them for long drawn by able to hear you.
Speaker Change: Tools and data by each region or the ladies.
Lisa Damiani: Reinforcing our focus on consumer benefit.
Speaker Change: Ladies how major chicken Donnie analytics have any chance issues on each of visa.
Speaker Change: Can you just answer now oftentimes going to tell us what I'll tell you that I, usually am ball <unk>, Craig Lukin, you mean, the team has done a really seamless.
Speaker Change: During the promotion campaigns in the fourth quarter, we absolutely our Super example savings AUC by layering additional savings on top of the discounted slides from our 10 billion program.
Lisa Damiani: Okay.
Lisa Damiani: And you heard yet again.
Lisa Damiani: <unk> seen some will get us answer, yes, Joshua Chunghwa ammonia work okay.
Speaker Change: Not only providing substantial savings to consumers, but also serves as a new growth engine for Bren.
Lisa Damiani: <unk>.
Lisa Damiani: At the same time, our 10 billion RMB supply chain investment.
Speaker Change: Both the number of participating brands and product campaigns.
Lisa Damiani: Alright highs empowering quality merchants.
Speaker Change: Hi, with til.
Speaker Change: Total order volume achieving a significant milestone.
Lisa Damiani: Our logistics in remote regions.
Speaker Change: Well the double talk promotion with further enhanced the program by launching 10 billion consumption Volta <unk>.
Lisa Damiani: Parking firsthand.
Lisa Damiani: For example, during the Chinese new year shopping festival this year.
Speaker Change: Enforcing our focus on consumer benefit.
Lisa Damiani: <unk> accelerated the flow of tonnes year specialties into western region.
Speaker Change: And you just don't want to know what <unk> told you that I, usually am ball somebody else, what's the Haynesville Sanjay critical Mccann <unk> you mean, the team has done a really seamless.
Lisa Damiani: Both topics and promotion program.
Speaker Change: Now, let me I cannot walk woman that determines how much on this because it seems.
Lisa Damiani: <unk> yeah.
Speaker Change: Yes.
Speaker Change: That's a good thing and in yard yet again, peanuts, Umbro and Lee I, assuming some will get us answer John.
Speaker Change: Alright.
Speaker Change: And to the user the acceleration seen county, Tennessee.
Speaker Change: Kashmoula Chunghwa telecom.
Speaker Change: I know you always ask yourself with <unk> Suisse.
Speaker Change: <unk>.
Speaker Change: At the same time, our 10 billion RMB supply chain investment.
Speaker Change: We're going to recognize it back to Jay.
Speaker Change: By investing in both supply and demand we have seen a surge of quality supply enriching consumer choices with premium options and fostering a virtuous cycle.
Speaker Change: Prioritizing hiring quality merchants.
Speaker Change: Our logistics were measured.
Speaker Change: Regions.
Speaker Change: Sparkling firsthand.
Speaker Change: For example, during the Chinese new year shopping festival this year.
Speaker Change: Moving forward, we will continue to focus on our long term high quality investments on the consumer side to build a mutually beneficial platform ecosystem. Thank you.
Speaker Change: Platform accelerated approval our tons, new year specialties into western region.
Speaker Change: Both topics and promotion program.
Speaker Change: Now, let me come to Ottawa woman that <unk> seen.
Speaker Change: Thank you.
Speaker Change: <unk> yeah.
Speaker Change: Sounds like that's you're going to let them know their user base operations, Tony Guzzi, Tennessee.
Speaker Change: Thank you operator that question through the next analyst on the line. Your next question comes from Alicia Yap from Citigroup. Please go ahead.
Brian: I know you always ask yourself, Hey, Brian <unk> Susanne.
Speaker Change: Thank you Lendingtree Shanghai.
Speaker Change: We're going to recognize it back to Jay.
Speaker Change: So what the <unk>.
Speaker Change: By investing in both supply and demand we have seen a surge of quality supply enriching consumer choices with premium options and fostering a virtuous cycle.
Joshi: <unk> Joshi, with Guangzhou, and Shanghai, Guangzhou and Shanghai Xinjiang.
Speaker Change: She did a da Vinci XI shouldn't you Josh again, Joe Channel one is outlining and she says she sure for your one time about Susan G that you said she shops.
Speaker Change: Moving forward, we will continue to focus on our long term high quality investments on the consumer side to build a mutually beneficial platform ecosystem. Thank you.
Joshi: Oh wait I mean, they seem that didn't go so when I say that.
Speaker Change: Joe Machine shop, we owe somebody you go towards that.
Speaker Change: Thank you.
Joshi: I'll go into Asia E concert that trend sure yes.
Speaker Change: Okay.
Speaker Change: Thank you for that question through the next analyst Underlines. Your next question comes from Alicia Yap from Citigroup. Please go ahead.
Joshi: <unk> seen changes vehicles through <unk>, one Jason Jenne showed up yet.
Speaker Change: Thank you, let me turn like Hong Kong, just additional with the T <unk> <unk> juices, Guangzhou and Shanghai to coordinate in Shanghai.
Joshi: What is that one in Chengdu and I, just see a whiteboard and sugar.
Joshi: Yeah, well so attached lending.
Joshi: Also by Typhoon <unk>.
Joshi: For sure.
Speaker Change: Xinjiang.
Speaker Change: Chile, the da Vinci XI that you Josh again, two channel one is outlined anytime she says Tim T shirts, or one time about things oncology that he said she said Sean.
Joshi: So I have two questions. The first one is the competitions in the domestic E. Commerce market that has been intensifying for some time could management share some insights into any recent developments in the competitive landscape and whether there will be any adjustment to the companys development strategies in the <unk>.
Speaker Change: Oh, whether in the synergies.
Speaker Change: So when I say that Sanjay Joshi, Anjali Osha, Mike you got.
Speaker Change: Okay I'll go into Asia, when he goes through the trend sure yeah.
Speaker Change: Sue chairs the second questions is regarding our global business, we noticed that recently the global business may stay from changes in macro conditions and policy could management share more about this extraordinary changes that might impact the company's business.
Speaker Change: Yes.
Speaker Change: <unk> vehicles through <unk>, one Jason Jenne showed up at one.
Speaker Change: What is that one in Chengdu.
<unk> Whiteboards and sugar.
Speaker Change: Yeah, well so attached lending.
And they also buy Tyson.
Speaker Change: Thank God for sure once you refinance that.
Speaker Change: What measure the company plans to take in restaurants. Thank you.
Speaker Change: So I have two questions. The first one is the competitions in the domestic E. Commerce market that has been intensifying for some time could management share some insights into any recent developments in the competitive landscape and whether there will be any adjustment to the company's development strategies in the.
Speaker Change: And how does that then.
Speaker Change: Absolutely, Brian because he didn't have 90 huh.
Doug: Hello. This is Doug let me take this question regarding competition.
Speaker Change: Oh, I'm, sorry, you didn't want Atms enhancing.
Doug: Unfortunately, it towards the Tanya.
Speaker Change: So.
Speaker Change: The second question is regarding our global business, we noticed that recently the global business may see some changes in macro conditions and policy could management share more about these extraordinary changes that might impact the company's business and.
Speaker Change: Yes, it's very long title into the high <unk>.
Speaker Change: Yeah. Good afternoon, I know you don't guide.
Speaker Change: <unk> is an Italian hopeful.
Speaker Change: Someone in northern England with Georgetown research on it.
Speaker Change: I don't know excuses hydrogen godfather answers yet.
Speaker Change: We have consistently emphasized that competition has not only inherited through the e-commerce industry.
Speaker Change: What measure the company plans to take in restaurants. Thank you.
Speaker Change: So a critical driver is continuous investment.
Speaker Change: And how does that then.
Speaker Change: All major platforms actively with refining their strategies and services to better respond to shifting consumer preferences.
Speaker Change: Because he didn't Amanda Yeah. Hello. This is Doug let me take this question regarding competition.
Speaker Change: Oh, I'm, sorry, you didn't want AT&T.
Speaker Change: And that makes that underscores the success is robust and healthy evolution.
Speaker Change: And what was unfortunate towards the town, yeah, things and sometimes I get it okay.
Speaker Change: Australia hyena, the Brazilians and the cutting the hydro that Huntsville senior yellow Melissa.
Speaker Change: Yes, it's very long title into the high <unk>.
Speaker Change: The key thing with your Union challenges and we will.
Speaker Change: Good luck and I know you don't guide kidney that Susan Italia hopeful.
Speaker Change: Yes, I mean tier ones with the IPO.
Speaker Change: Someone in northern England, with Georgetown, which is shown at the Aha.
Speaker Change: I know that you need kind of will be at like sushi, though youll sloppiness in 94.
Speaker Change: No excuses the hydrogen council have the answers yet.
Speaker Change: We have consistently emphasized that competition is not only inherent to the e-commerce industry.
Speaker Change: That means we can for the future.
Speaker Change: As industry and technology continue to evolve ecommerce platforms actively exploring innovative business models and technological applications to elevate.
Speaker Change: Also a critical driver of its continuous investment.
Speaker Change: Our major platforms actively with refining their strategies and services to better respond to shifting consumer preferences.
Speaker Change: And operational efficiency.
Speaker Change: We're closely monitoring this development.
Speaker Change: But then that makes that underscores the success is robust and healthy evolution.
Speaker Change: And continue optimizing our platform ecosystem and services.
Speaker Change: Australia Heine.
Speaker Change: Better meet consumer demand under our quota driven Jackie.
Speaker Change: Xena cutting the hydro that tangible Sundar Melissa.
Speaker Change: No one timers.
Speaker Change: He has done excellent.
Speaker Change: The key thing you would hear a human challenge now.
Speaker Change: A woman that's helpful.
Speaker Change: And with me is I need to find something that would be helpful.
Speaker Change: Congrats and thanks.
Speaker Change: So follow up with what I'll say Joe.
Speaker Change: I've got kind of a unique on the issue.
Speaker Change: Yeah, So I mean, <unk> mean trailer Gaza.
Speaker Change: She though youll sloppiness in 94.
Speaker Change: Furthermore, we have for the future.
Speaker Change: Thank you.
Speaker Change: As industry and technology continue to evolve ecommerce platform actively exploring innovative business models and technological applications to elevate.
Speaker Change: And Tony and I will Miss I sound like a single fully isn't about holiday.
Speaker Change: This woman escalation Yosef.
Our strategic investments across the consumer side supply side and platform ecosystem have deliver tangible results.
Speaker Change: And operational efficiency.
Speaker Change: We're closely monitoring this development.
Speaker Change: Demonstrating that the viability of hardcore development as a sustainable growth pathway.
Speaker Change: And continue optimizing our platform ecosystem services.
Speaker Change: Over the year, we have cultivated a chassis brand reputation and deep consumer loyalty, which remains our core strength.
Speaker Change: Better meet consumer demand under our quota driven strategy.
Speaker Change: No.
Speaker Change: He is an excellent.
Speaker Change: A woman a desktop computer comparison.
Speaker Change: <unk> will.
Speaker Change: It won't be a change to the use at all.
Speaker Change: In Peru, you've been in so Paulo, it's Joe.
Speaker Change: And then our funding needs.
Speaker Change: Yeah, So I mean <unk>.
Speaker Change: Curtis Center of younger users.
Speaker Change: And we'll maintain a Gaza.
Speaker Change: Goodbye.
Speaker Change: Thank you.
Speaker Change: Downtown San Diego hung yet, but they are not financed.
Speaker Change: <unk> seen them fully isn't about Kobe pitchwoman inflation Yosef.
Speaker Change: Okay.
Speaker Change: From what it sounds like train a ball who signed up for <unk>.
Speaker Change: Our strategic investments across the consumer side supply side and platform ecosystem has delivered tangible results.
Speaker Change: He said can we get a full full again.
Johan: But that <unk> tell me to go with you Johan.
So I don't think that's another can cause either.
Speaker Change: Intriguing that the viability of hardcore development as a sustainable growth pathway.
Johan: At the same time, we recognize.
Johan: Is the imperative for profound supply side transformation.
Speaker Change: Over the year, we have cultivated a trusted brand reputation and deep consumer loyalty, which remains our core strength.
Johan: E Commerce industry.
Johan: Current investments in Muslim welfare and industrials.
Johan: It's been a busy well overtime improved consumer experience.
Thompson: Mr Thompson.
Thompson: So the ease at all.
Johan: Safe guarding murky right now.
Thompson: And again our funding needs.
Johan: Our service quality and satisfaction and diversifying carbon supply.
Thompson: <unk> syndrome is in dollars.
Thompson: Volatility as well.
Thompson: Oh, the downtown Santiago her yet, but they are not.
Johan: This in turn will drive the healthy growth of the platform ecosystem.
Thompson:
Thompson: Uh huh.
Speaker Change: A woman Jon Tisch, Hugo whether he also against Israel E that holds as well as.
Sanjay Trainable, who signed up for minorities and he was able to get a feel for where they're tweeting tell me to go with you Johan.
Johan: <unk> also done a potent.
Johan: Winter weather handily, which sounds like a sequel to the yield as well.
Thompson: So I don't think that's another can cause either.
Johan: They'll go with you.
Thompson: At the same time.
Johan: We will continue to strengthen.
Thompson: Recognize the imperative for profound supply side transformation.
Johan: Anthony.
Johan: By making meaningful long term high quality investments.
Thompson: E Commerce industry.
Johan: By doing so we aim to deliver spending range of premium products and Assembly test was the shopping experience for.
Speaker Change: Embankment emotional welfare and industrial.
Speaker Change: <unk> will overtime improve consumer experience by safe guarding merchant right.
Johan: Will consumers. Thank you.
Speaker Change: Our service quality and satisfaction and diversifying carbon supply.
Johan: Alicia.
Johan: No.
Johan: Sure.
Speaker Change: This in turn will drive the healthy growth platform ecosystem.
Johan: Sure.
Johan: Yes.
Speaker Change: Women, Jon Tisch, Hugo whether he also Ken.
Johan: Hi, Alicia This is Charlie let me let me answer your question about the global business.
Speaker Change: So you'll eat at home.
Speaker Change: <unk> also done a potent painful would've handily, which sounds like a sequel to the yogurt hunting.
Johan: And does that change the volume.
Johan: So we will of course, which is a key to so called Honda.
Speaker Change: Go with you.
Speaker Change: We will continue to strengthen our advantage by making meaningful.
Johan: Quite often with banking deeply that five some johnson that'd be helpful.
Speaker Change: Long term high quality investments.
Elliot: Ken and Jon EOG Elliot, let me see in Shanghai.
Speaker Change: Doing so we aim to deliver spending range of premium products and Assembly test was the settlement with.
Johan: Shang Guang dong.
Johan: Okay.
Johan: They still don't change.
Johan: On the film sensor with Youngblood, the truthful, Bob Hombach wait for.
Speaker Change: Will consumers.
Speaker Change: Q.
Johan: So we see.
Speaker Change: Alicia.
Johan: Well, it's absolutely piece was on the <unk> GT.
Speaker Change: No.
Speaker Change: Sure.
Johan: <unk> done that.
Speaker Change: Sure.
Johan: The Shanghai gold toe.
Speaker Change: Yes.
Johan: Youll Hall.
Speaker Change: Hi, Alicia This is Charlie let me let me answer your question about the global business.
Johan: P J P can publicity.
Speaker Change: No no because you won't be able to do your job.
Johan: The BB&T.
Speaker Change: Unless that changed.
Johan: How are you.
Johan: Hey, Jeff.
Speaker Change: So we will close with some key tools are going to hold up.
Speaker Change: We're a global business as we discussed in recent quarters.
Speaker Change: Quite a few banking DCF awesome Johnson that'd be helpful.
Speaker Change: Ken just in the external environment has been accelerating and competition remains fierce.
Speaker Change: Tien Tsin EOG Elliot, let me see in Shanghai.
Speaker Change: Shang Guang.
Speaker Change: And in addition.
Speaker Change: Okay.
Speaker Change: There may be changes in macro policies that are related to our operations.
Speaker Change: I mean these are launching.
Speaker Change: On the folks you're still quite young.
Speaker Change: And in response to the first and foremost.
Bob: So Bob can you help us.
Speaker Change: So we see.
Speaker Change: Strictly comply with the laws and regulations to ensure full compliance in our operations.
Bob: So it's absolutely key for us on the <unk>.
Bob: Hi.
Bob: Because I suppose that Chunghwa will follow.
Speaker Change: And on that basis.
Bob: Colton, we thought Youll Hall.
Speaker Change: Also proactively communicating with external parties across the market to continuously refining our services and compliance standards.
Bob: P J P equals <unk> <unk>.
Bob: No no because you won't be able to DHL on the BBA.
Bob: Yes.
Speaker Change: However, these external changes taken together well in Nevada, avidly, bringing some challenges to our global business.
Speaker Change: How are you.
Bob: Jeff.
Speaker Change: For our global business as we discussed in recent quarters, Kansas.
Speaker Change: External environment have been accelerating and competition remains fierce.
Speaker Change: <unk> two is a question will be a follow up.
Speaker Change: And in addition, there may be changes in macro policies that are related to our operations.
Speaker Change: We changed the Iclusig Vishal sikka.
Speaker Change: The MTA.
Speaker Change: Would that be off of a squishy system globally.
Speaker Change: And in response to the first and foremost we.
Speaker Change: Well, what we see little thoughts.
Strictly comply with laws and regulations to ensure full compliance in our operations.
Speaker Change: And let's say it goes it Alfonso.
Sean: Thank you Sean.
Speaker Change: And on that basis, we are also proactively communicating with external parties across the market to continuously refine our services and compliance standards.
Speaker Change: Sure.
Speaker Change: Sure.
Speaker Change: J P.
Speaker Change: <unk> uniform yet so if you look homey and mature product all.
Speaker Change: <unk> you laid out earlier.
Speaker Change: However, these external changes taken together well in Nevada, avidly, bringing some challenges to our global business.
Speaker Change: Go ahead, Joshua Cushing Ocean.
Speaker Change: And despite the changes in the external environment.
Speaker Change: Well, we do as a question will be a follow up.
Speaker Change: We remain very committed to delivering high quality products to the global consumers.
Well no.
Speaker Change: We changed the shelf AIDS.
Speaker Change: This will not change.
Speaker Change: The MTA.
Speaker Change: Stay focused on our business investing in supply chain improvements service quality, our platform ecosystem, while ensuring high quality growth and uploading compliance standards.
Speaker Change: Would that be all such Wuxi doughboy.
Speaker Change: Well what was seasonal thoughts Duane.
Speaker Change: John.
Speaker Change: And let's say it goes it all falls out.
Speaker Change: By doing so we strive to further deepen our core strength and supply chain efficiency and operations capabilities that we have accumulated over the years.
Thank you Sean.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: J P.
Speaker Change: <unk> uniform yet so it's hard for you to call me.
Speaker Change: Now product.
Speaker Change: On the <unk>, if you laid up in EMEA.
Mr. Levine: No Mr Levine.
Speaker Change: So this year that Youll Wassa shop, it's always fishing is how much.
Joshua Cushing: Good morning, Joshua Cushing Ocean.
Mr. Levine: Indeed.
Speaker Change: And despite the changes in the external environment.
Speaker Change: Well Chi.
Speaker Change: Josh Wolfson side those lessons from the central.
Speaker Change: We remain very committed to delivering high quality products to the global consumers.
Speaker Change: Thanks Lee.
Speaker Change: No.
Speaker Change: This will not change.
Speaker Change: And then it will be on the stock.
Speaker Change: Hi, Sheila.
Speaker Change: Stay focused on our business investing in supply chain improvement service quality.
Speaker Change: So should the Shanghai disruption.
Speaker Change: Ecosystem, while ensuring high quality growth and uploading compliance standards.
Speaker Change: Furthermore, we will continue to explore new business models.
Speaker Change: By doing so we strive to further deepen our core strength in supply chain efficiency and operations capabilities that we have accumulated over the years.
Speaker Change: Jeremy.
Speaker Change: It is localized supply chain solutions.
Speaker Change: Some of our market presence.
Speaker Change: Introduced new product categories and services.
Speaker Change: And to build a more robust and sustainable platform infrastructure for the long run.
Mr Levine: No Mr Levine.
Speaker Change: So this year that Youll Wassa shop, it's always fishing is how much.
Speaker Change: Hello, Paul.
Speaker Change: <unk> you Doug.
Speaker Change: Yeah.
Mr Levine: Yes.
Speaker Change: That's reassuring.
Mr Levine: Michael Jordan, the Joshua woman site, two doses from the central.
Speaker Change: Joining me on the shield.
Speaker Change: Nevertheless, DJ how does each lasalle.
Mr Levine: Towards that.
Speaker Change: Mr. Joe <unk>.
Mr Levine: And then we'll be honest that's all the time.
Speaker Change: Keytruda and cardiology.
Mr Levine: Yeah.
Mr Levine: So should the Shanghai disruption.
Speaker Change: Doug wood or any changes that you do well needs is that Sean.
Mr Levine: Furthermore, we will continue to explore new business models.
Speaker Change: No the Achilles heel height.
Speaker Change: Hi, <unk>.
Mr Levine: <unk>.
Speaker Change: What shouldn't really be a function.
Mr Levine: Localized supply chain solutions.
Speaker Change: Sure Alicia.
Mr Levine: Our market presence.
Speaker Change: Joseph.
Mr Levine: We introduced new product categories and services.
Speaker Change: So what's not to waiver peanut Guizhou Shanghai, So all things that should either Sanjay machine.
Mr Levine: To build a more robust and sustainable platform infrastructure for the long run.
Andrew: Andrew This is Lee.
Andrew: I'm sorry could you just go on Youtube.
Mr Levine: Got it.
Speaker Change: Thank you the final quick.
Mr Levine: Yeah.
Speaker Change: When we you always how should I assume that's a shame.
Mr Levine: That's reassuring.
Mr Levine: That change order you joining us on the shield.
Our commitment to high quality sustainable development.
Speaker Change: DJ how does each lasalle.
Mr Levine: Mr Goldman Jewel potential shortly.
Speaker Change: Apply equally to our global business.
Speaker Change: Keytruda called the <unk>.
Speaker Change: Beyond offering high quality products at affordable prices.
Speaker Change: So let's start with all the changes that you do well needs is that Sean.
Speaker Change: To meet global consumers rising expectations of us.
Speaker Change: No that couldn't you Sue I think Tyson.
Speaker Change: As highlighted in previous quarters.
Speaker Change: <unk>.
Speaker Change: Implemented merchant support policies and trusted safety updates across the supply chain and platform ecosystem.
Speaker Change: It shouldn't really be intrusive horseshoe.
Speaker Change: Sure.
Speaker Change: Joseph.
Speaker Change: <unk> innovative high quality merchants.
Speaker Change: I wanted to note two waiver peanut Guizhou Shanghai, So all things that you need to Sanjay.
Speaker Change: At the same time, we're firmly regulate emotions, who violates platform route and harm consumer interest.
Andy: Tien Tsin this is Andy.
Speaker Change: I'm sorry could you just go on Youtube.
Speaker Change: These efforts have started to yield positive results.
Speaker Change: Just a quick.
Speaker Change: Hum.
Speaker Change: We are committed to executing them for the long term.
Speaker Change: That's a shame.
Speaker Change: Our commitment to high quality sustainable development.
Speaker Change: Let me use the ocean <unk>.
Speaker Change: Apply equally to our global business.
Speaker Change: Yeah.
Speaker Change: GT is Bala you Didnt glean morbidity assumption impact.
Speaker Change: Beyond offering high quality products at affordable prices were aimed to meet global consumers rising expectations of us.
Speaker Change: So we don't know plus would essentially.
Speaker Change: Yeah.
Speaker Change: One question.
Speaker Change: As highlighted in previous quarters, we implemented merchant support policies and trust and safety updates across the supply chain and platform ecosystem empower innovative high quality merchants.
Speaker Change: Well, yes.
Speaker Change: Joey.
Speaker Change: South Florida is it took us on that.
Speaker Change: <unk>, Inc, or.
Speaker Change: The only thing I would tell you that.
Speaker Change: Well no.
Speaker Change: Sure.
Speaker Change: At the same time, we are firmly regulate merchants who violated platform route.
Speaker Change: Welcome to the judge.
Speaker Change: At the same time as a growing E. Commerce platform. We are aware of the rising attention our global consumers are paying to corporate social responsibility.
Speaker Change: And harm consumer interest.
Speaker Change: These efforts have started to yield positive results.
Speaker Change: And we are committed to executing them for the long term.
Speaker Change: We are actively seeking opportunities to utilize our technology capabilities.
Speaker Change: Let me use a portion of its own.
Speaker Change: Yeah.
Speaker Change: Thank you Bella.
Speaker Change: Abilities and platform of resources to create greater value for the communities we serve.
Speaker Change: Okay assumption.
Speaker Change: So are we done with the Transocean.
Speaker Change: Yeah.
Speaker Change: One question.
Speaker Change: <unk> yourself.
Speaker Change: Well, thank you Sundar.
Speaker Change: Yeah.
Speaker Change: South Florida is it took susana <unk>.
Speaker Change: Well, maybe when you see it that's all it is.
Speaker Change: In Q1 that really.
Speaker Change: Memorial I know who you're.
Speaker Change: Thank you Michelle.
Speaker Change: I would tell you that.
Speaker Change: My time doing it.
Speaker Change: No one knows for sure.
Speaker Change: Sure.
Speaker Change: Thanks Joel.
Speaker Change: Until the judge.
Speaker Change: Thanks, Homeaway Footsore, Linda Chen CFO.
Speaker Change: At the same time.
Speaker Change: One quick Costco agenda in April.
Speaker Change: <unk> E Commerce platform.
Speaker Change: We are aware of the rising attention our global consumers are paying.
Speaker Change: In addition to especially highlight door I'm doing that right now please.
Speaker Change: To corporate social responsibility.
We are actively seeking opportunities to utilize our technology capabilities.
Speaker Change: Abilities and platform resources to create greater value for the communities we serve.
Speaker Change: <unk> yourself.
Speaker Change: Yeah.
Speaker Change: Well, maybe gene or you see it that is all of this.
Speaker Change: Memorial I know well.
Speaker Change: We're seeing this year.
Speaker Change: My time doing.
Speaker Change: Hi.
Speaker Change: Yes Joel.
Speaker Change: Thanks, Homeaway Footsore, Linda Chen CFO.
Speaker Change: You bet.
Speaker Change: One quick cost which ended in April.
Speaker Change: We have launched several initiatives in global corporate social responsibility and have a few new ideas for the future.
Speaker Change: In addition to assist you highlight door.
Speaker Change: You don't know quite how much does that.
Speaker Change: Our team is dedicated to exploring this area and taking concrete steps towards becoming a responsible corporate citizen on a global scale.
Speaker Change: We have launched several initiatives in global corporate social responsibility and have a few new ideas for the future.
Speaker Change: Our team is dedicated to exploring this area and taking concrete steps towards becoming a responsible corporate citizen on a global scale.
Speaker Change: Yeah, it's much more we can do and our team is very excited about the opportunities ahead.
Speaker Change #100: Unless you want to talk about how much of the total.
Speaker Change: Yeah, it's much more we can do.
Speaker Change: Our team is very excited about the opportunities ahead.
Speaker Change #100: Disney homes will tell you this with Jean.
Speaker Change: Sure.
Speaker Change: So to your question.
Speaker Change: Question Joseph.
Speaker Change #100: Unless you wanted to towards how much of the total.
Speaker Change: You saw job.
Speaker Change: Does it flow through the <unk>.
Speaker Change: Sure Jamie.
Speaker Change: I'll Miss you on that.
Speaker Change: I mean, you sound Les.
Speaker Change #100: On the call.
Speaker Change: Thanks, Johan here with Jessica.
Speaker Change: I can use it.
Speaker Change: You saw job essentially Jimmy so until I've seen it.
Speaker Change #102: And through the long term investment and consistently doing the right thing, we hope to strengthen our core competitive advantages.
Speaker Change: I mean you saw in.
Speaker Change: High yield.
Speaker Change: Yeah.
Speaker Change: And who the long term investment and consistently doing the right thing, we hope to strengthen our core competitive advantages.
Speaker Change #102: And build long lasting trustworthy relationship with motion and global consumers are this.
Speaker Change #102: Is my thinking on our global business.
Speaker Change: And build long lasting trustworthy relationship with motion and global consumers.
Speaker Change #103: Thank you.
Speaker Change #104: Operator, I think we have time for one more analyst.
Speaker Change: Is my thinking on our global business.
Speaker Change #105: Thank you. Your next question comes from Kenneth Fong from UBS. Please go ahead.
Speaker Change: Thank you.
Speaker Change: Operator, I think we have time for one more analyst.
Speaker Change #105: Hey, why Soho excuse you're going to take a loyalty with our wheel demo NTR do you guys see a woman kind of opportunity to continue to consider so the junk food retail phone line that you should do and use your bottom no voting cornetto Goldman. Please go ahead.
Speaker Change #101: Thank you. Your next question comes from Kenneth Fong from UBS. Please go ahead.
Speaker Change #102: Hey, why Soho excuse me I'm wondering if it takes a while to win a wheeled Yahoo and tier do you guys see a woman kind of opportunity to continue to consider so yeah.
Speaker Change #106: Oh sure Whaler I will guide you to.
Speaker Change #102: Yeah. We go forward that we should do and use your boardroom no voting quantity toga woman.
Speaker Change #105: So they made the Mackay die.
Speaker Change #105: Zuko Sogou.
Speaker Change #105: <unk> order.
Speaker Change #102: Oh sure whaler I will meet Guy.
Speaker Change #105: Do you want to social media, it's retail portion that lets you do.
Speaker Change #102: So they made the Mackay die.
Speaker Change #105: Why do you feel with that far into it won't get you do conclude zuko lukaku, how does <unk> who died jojo.
Speaker Change #102: Young Suk Hao Sogou <unk> Honda.
Speaker Change #102: Do you guys want to social media to meet a portion of that lets you do one detail that far into it won't get to do <unk>.
Speaker Change #105: David which you can do a CFO Joe Wright.
Speaker Change #105: <unk>, telling you to go to U T K two teacher NHS Zuko.
Speaker Change #103: We would welcome how does <unk>, Tennessee died goetschel.
Speaker Change #105: Not single format, Ohio woman, when Telecom Italia and I turned over almost two two at G. Tw Tiger tariff I'm, Ed Yao told Susan Mariano Hi.
Speaker Change #103: Which you can do a sandwich or right now who didn't hear plenty telling you to go to U T. K two T J just to call Oh.
Speaker Change #103: Not to go forward made Ohio woman.
Speaker Change #107: You can see the same question Linda welcome to Joe Why don't you tell us who help getting home.
Speaker Change #103: Todd Goodnight contour almost two at G. T. W can tie that tariff I'm, Ed Yao told somebody I don't know Guy. So you can see the same question Linda.
Speaker Change #105: Her in the CTF.
Speaker Change #108: <unk>, what do you define eshop alright. Thank you management for taking my question, we noticed that the company's revenue growth has slowed in the recent quarters and profit have been fluctuating. So how should we think about the revenue and profit trends in detail.
Speaker Change #104: One of these homes suitable hoping home.
Speaker Change #103: No.
Speaker Change #105: <unk> alright. Thank you management for taking my question, we noticed that the company's revenue growth has slowed in recent quarters.
Speaker Change #109: And my second question is in the past two quarters management has talked about taking on more social platform responsibility at this topic and also be mentioned by management today. So can management share more about what company hopes to achieve with preferred responsibility in the long run and how to balance that.
Speaker Change #105: <unk> have been fluctuating so how should we think about the revenue and profit trend in the near term.
Speaker Change #105: And my second question is in the past two quarters management has talked about taking on more social platform responsibility and this topic and also be mentioned by management today.
Speaker Change #105: Can management share more about what the company hopes to achieve with peripheral responsibility in the long run and how to balance that with the duties to shareholders. Thank you.
Speaker Change #108: Duties to shareholders. Thank you.
Speaker Change #108: Oh, okay.
Speaker Change #108: Kenneth This is Jane.
Speaker Change #108: I'll take your first comes from regarding rooms and Wilson.
Speaker Change #105: Yeah.
Speaker Change #105: Oh, okay.
Speaker Change #108: Well Rick.
Speaker Change #108: Regarding this quarters financial performance.
Speaker Change #105: Kenneth This is James let me take your first customer regarding brown sand.
Speaker Change #108: As mentioned earlier in the prepared remarks.
Speaker Change #105: Well.
Speaker Change #108: External uncertainties and intense competition have impacted our short term revenue growth.
Speaker Change #105: Regarding this quarters financial performance.
Speaker Change #105: As mentioned earlier in the prepared remarks.
Speaker Change #108: And at the same time, our increased investments in Mers in support and platform ecosystem environment may create fluctuations in profitability.
Speaker Change #105: External uncertainties and intense competition have impacted our short term revenue growth.
Speaker Change #105: And at the same time, our increased investments in Mers in support and platform ecosystem environment may create fluctuations in profitability.
We expect fluctuations in revenue gross profit.
Speaker Change #108: We began this investment is part of.
Speaker Change #108: Building, a high quality platform ecosystem.
Speaker Change #105: We expect that the fluctuations in revenue gross and purpose.
Speaker Change #108: And achieving sustainable growth.
Speaker Change #105: We began this investment is part of.
Speaker Change #110: Sure, Ken ups and downs will shake our confidence in long term goes.
Speaker Change #105: Building, a high quality platform ecosystem.
Speaker Change #105: And actually sustainable growth.
Speaker Change #110: We believe that owning through sustained investments.
Speaker Change #106: Sure Austin, Dallas will shake our confidence in long term goes we'll believe that earnings through sustained investment.
Speaker Change #110: Optimization can we create a healthy.
Thomas: Thomas ecosystem.
Speaker Change #112: Currently our offers have already received positive feedback from merchants.
Speaker Change #106: <unk> optimization can we create a healthy commerce ecosystem.
Speaker Change #112: And supply side optimization are driving new consumption trends on the consumer side.
Speaker Change #106: Currently our accuracy has already received positive feedback from merchants.
Speaker Change #106: Supply side optimizations are driving new consumption trends showing the customer site.
Speaker Change #112: Has started to foster a virtuous cycle.
Speaker Change #112: Going forward, we keep focusing on our high quality development strategy, working rationally and patiently to ensure long term sustainable development. Thank you.
Speaker Change #106: This has started to fostering a virtuous cycle.
Speaker Change #106: Going forward, we keep focusing on our high quality development strategy.
Speaker Change #106: In resolutely.
Speaker Change #112: Yes.
Speaker Change #112: That then you would ask me that government.
Speaker Change #106: And Ah patients really to ensure long term sustainable development. Thank you.
Speaker Change #112: Gentleman behind.
Speaker Change #113: Hello, guys. This.
This is Doug let.
Speaker Change #106: Sure.
Speaker Change #113: Let me take your second question.
Speaker Change #106: Yes.
Speaker Change #106: Was that in.
Speaker Change #113: Therefore, <unk> two <unk> agenda on the balance.
Speaker Change #106: I think that government deanna.
Speaker Change #106: Hello, guys. This is Doug let.
Speaker Change #113: <unk> about that could you guys consider to be honest in the past with them constantly.
Speaker Change #107: Let me take your second question.
Speaker Change #107: Therefore, <unk> two <unk> agenda on the balance.
Donna: Thank you Donna.
Donna: Over the past few quarters, we have noted that in assessing the company's performance solely through the short term financial performance or capital return does not fit with our <unk>.
Speaker Change #107: He doesn't play ball considerably on this in the past.
Speaker Change #107: And of course, we're looking to finance your Atlanta.
Speaker Change #107: Over the past few quarters, we have noted that in assessing the company's performance solely through the short term financial performance.
Donna: Our 2000 stage.
Donna: Not only does she was with Antonio problems.
Donna: <unk> in our <unk>.
Speaker Change #107: Sure does.
Speaker Change #107: Not fit well with our 2000 stage.
Donna: Chairman in Taiwan.
Speaker Change #107: Not really Josh used with average renewal Hawkins.
Donna: Jim which you can do this.
Speaker Change #107: Yeah <unk> bin.
Donna: Anytime since its release the Holdco liquidity.
Donna: Tilikum cran icon.
Speaker Change #108: Chairman I thought well the yield as well.
Speaker Change #107: Itchy, Jim which you can do this.
Donna: <unk> wounds are linear feed system.
Speaker Change #115: As a global company in the new Euro we're embracing innovation that can be changed and taking on more responsibility in the regions, where we operate.
Speaker Change #108: Let's see this declining census.
Speaker Change #108: Tilikum cran icon.
Speaker Change #108: These wounds are treated.
Speaker Change #108: Adam.
Speaker Change #109: As a global company in a new era, where increasingly innovation, but that can change and taking on more responsibility in the regions, where we operate.
Speaker Change #115: This aligns with our long term accountability to shareholders and reflects thoughtful leadership position.
Speaker Change #115: Thank you Gigi women through issues of San Antonio.
Speaker Change #108: Aligned with our long term accountability.
Speaker Change #115: Kind of in the Tempe.
Speaker Change #109: Holders and reflects thoughtful leadership decisions.
Speaker Change #115: I mean do you believe you're in Chilean with your answer is yes.
Speaker Change #109: And Bureau, TG woman through issues of San Antonio.
Speaker Change #115: <unk>, you've made have been finding that netease users.
Speaker Change #109: <unk> E mail.
Speaker Change #115: We've had good to try anything like that.
Speaker Change #109: And do you believe you're in Chilean with you on this issue.
Yes, two trailers.
Speaker Change #109: <unk> yeah.
Speaker Change #115: <unk>.
Speaker Change #116: Simple our reason I'm focused on supporting quality merchants has provided comprehensive portfolio across product development marketing operations and supply chain.
Speaker Change #109: To assist with triad.
Speaker Change #109: Yes, two trailer panning out as we go.
Speaker Change #109: Cynthia.
Speaker Change #109: For example, our reason to focus on supporting quality merchant has provided comprehensive support across product development.
Speaker Change #116: Have fostered a group of quality merchants with Fuller and tech capabilities empowering independent entrepreneur to streamline their operations, while driving the transformation of the supply chain.
Speaker Change #109: Marketing operations and supply chain.
Speaker Change #109: We have fostered a group of Coty merging with <unk> and.
Speaker Change #109: And test capabilities.
Speaker Change #116: Thanks Savannah.
Speaker Change #109: <unk> independent <unk> to streamline their operations well driving the transformation of the supply chain.
Speaker Change #116: She thinks into <unk>, so again, a social agenda.
<unk> came in Q3 that you need a shopping center.
Speaker Change #109: That's savannah <unk> into <unk>.
Speaker Change #117: Hello, gentlemen.
Speaker Change #116: Great.
Speaker Change #109: <unk> is being done so again, a similar sort of agenda.
Speaker Change #116: That may sound now quota attainment.
Speaker Change #116: Yes.
Speaker Change #109: We came in Q3 that you need a shaft zone.
Speaker Change #116: Lisa.
Speaker Change #109: <unk> quick.
Speaker Change #116: Additionally, our logistic support measures tariff where remote regions.
Speaker Change #109: Great.
Speaker Change #109: That may sound Yao quota attainment Anatol.
Speaker Change #109: Yes.
Speaker Change #116: <unk> double digit order growth in Western China, and Japan, with Nash and one for chickens, and nearly 100 million consumers in remote areas.
Speaker Change #109: Okay.
Speaker Change #109: Additionally, our logistics support measures for remote regions.
Speaker Change #109: Double digit order growth in Russia, and China, and Japan with nationwide children's and nearly 100 million consumers in remote areas.
Speaker Change #116: This strategy unlocking of genes for merchants to grow their outage in less in China, not only spending business.
Speaker Change #116: Merchants, but also benefiting consumers across different regions.
Speaker Change #109: This strategy unlocks new opting for merchants to grow their outage in less in China, not only spending.
Speaker Change #116: Okay.
Speaker Change #118: So these are countries on it and we ended <unk> <unk> currency local EMEA genotype patients and are you intending little room.
Speaker Change #109: Merchants, but also benefiting consumers across different regions.
Speaker Change #109: Okay.
Speaker Change #109: <unk> is our country's Ananda we ended <unk> <unk> currency will go EMEA genotype patients then are you intending to Peru.
Speaker Change #118: Yeah, you're a woman that time charter it seems as I can see you.
Sean: Hi, Sean.
Speaker Change #120: <unk> alpha to.
Sean: Two legal Union pizza.
Speaker Change #109: Your woman that time charter refuses I kind of see myself.
Sean: Yes.
Sean: So.
Maybe juliet.
Speaker Change #109: <unk> two.
Sean: In agriculture, we remain committed to supporting the agricultural industry to sustain investments agricultural technology.
Speaker Change #109: Two legal union teeth, Tuesdays, Jonathan Boehm, who means and so on.
Speaker Change #109: Our tangible to you.
Speaker Change #109: Agriculture, we remain committed to supporting the agricultural industry.
Sean: Innovation and training for next generation Commerce.
Sean: This effort along with our current political cotton merchants promoting agricultural modernization improving supply chain efficiency, while at the same time, we're seeing farmer incomes and generating local employment.
Speaker Change #109: To sustain investments in agricultural technology supply chain innovation and training for next generation Commerce.
Speaker Change #109: Efforts, along with our current affordable quality merchants promoting agricultural modernization improving supply chain efficiency, while at the same time, we're seeing farmer incomes and generating local employment.
Speaker Change #121: Oh, Hi, Anthony International.
Sean: <unk> two <unk>.
Speaker Change #121: Yes, if I can.
Speaker Change #121: Sandra.
Speaker Change #110: Oh, Hi, Anthony International.
Speaker Change #121: David with Panasonic, <unk> Die Keytruda component Gaza.
Anthony Fibers: <unk> Oh, yes, you're trying to you know if I can jump in.
Speaker Change #121: From a downturn do you think that your unit doses.
Speaker Change #122: You just go into getting a little room, putting through internal hurdle, yes, there's things that you cannot be Macedonia agile.
David: Yeah, David at Santana, Kenai, Keytruda and Olive garden.
Anthony Fibers: From a downturn do you think actually you know doses.
Anthony Fibers: He's going to get us into getting a little room, putting serious internal hurdle, yes, there's things that activity has not been Macedonia agile.
Tyrone: Thank you Tyrone icon Gordian, San Jos Ruiz yourself with work ongoing at <unk>.
Tyrone: Yes, with your goals for the country and in the future. So we can definitely Bob tissue.
Anthony Fibers: Yeah, I don't have that kind of gordian and <unk>.
Anthony Fibers: So great work ongoing at <unk>.
Tyrone: Overall, the e-commerce industry is shifting towards quality service and innovation.
Anthony Fibers: Yes.
Anthony Fibers: Most of the country and in the future.
Anthony Fibers: Sometimes you definitely Bob tissue.
Tyrone: Writing high standards for platform.
Speaker Change #113: Overall, the e-commerce industry is shifting towards quality.
Tyrone: Our focus on merchants like the political quoting merchants and supply chain reform.
Anthony Fibers: Just curious and innovation.
Anthony Fibers: Slightly higher than digital platform.
Tyrone: Pulse children until to the growing demand e-commerce platform.
Anthony Fibers: Our focus on merchants like the peripheral quoting merchant and supply chain reform.
Tyrone: And in the long run.
Tyrone: Inclusive ecosystem that creates value for all participants will set us up for sustainable growth and long term returns.
Anthony Fibers: Pulse children and tier to the growing demand.
Anthony Fibers: Awesome.
Anthony Fibers: And in a long well being inclusive ecosystem that creates value for all participants will set us up for sustainable growth and long term returns.
Tyrone: Q.
Tyrone: Okay. Thank you Catherine and thank you all for joining US today, we look forward to speaking with you next quarter.
Anthony Fibers: Q.
Tyrone: Have a great day.
Anthony Fibers: Okay. Thank you Catherine and thank you all for joining US today, we look forward to speaking with you next quarter. Thank you and have a great day.
Tyrone: Okay.
Speaker Change #124: Ladies and gentlemen that does conclude our conference for today.
Speaker Change #124: For your participating participation you may now disconnect.
Anthony Fibers: Okay.
Speaker Change #114: Ladies and gentlemen that does conclude our conference for today. Thank.
Speaker Change #114: Thank you for your participation participation you may now disconnect.
Speaker Change #114: [music].
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Speaker Change #114: Thank you.
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Speaker Change #114: Okay.
Speaker Change #114: <unk>.
Speaker Change #114: [music].
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Speaker Change #114: Okay.
Speaker Change #114: Sure.
Speaker Change #114: [music].
Speaker Change #115: Ladies and gentlemen, thank you for standing by and welcome to the <unk> Holdings, Inc, fourth quarter and fiscal year 2024 earnings Conference call.
Speaker Change #114: At this time all participants are in a listen only mode.
Speaker Change #114: There will be a presentation, followed by a question and answer session.
Speaker Change #114: At which time, if you wish to ask a question you will need to press star one on your telephone.
Speaker Change #114: Please be advised that today's conference is being recorded.
Speaker Change #116: I would now like to hand, the conference over to your host today. Sir. Please go ahead.
Speaker Change #117: Thank you operator, Hello, everyone and thank you for joining us today.
Speaker Change #117: PDD Holdings earnings release was distributed earlier and is available on our website at Investor Doug PDD Holdings Dot com.
Speaker Change #117: Through Globe Newswire services.
Speaker Change #118: Before we begin I would like to refer you to our safe Harbor statement in earnings press release, which applies to this call.
Speaker Change #117: As we will make certain forward looking statements.
Speaker Change #117: Also this call includes discussions of certain non-GAAP financial measures.
Speaker Change #117: Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.
Speaker Change #117: Joining us today on the call.
Charlie: Charlie <unk>, our chairman and co Chief Executive Officer.
Dugan: Mr Dugan our coat.
Speaker Change #121: <unk> director and co Chief Executive Officer.
Dugan: As far as <unk> are.
Speaker Change #121: Our VP of finance.
Speaker Change #123: Les and Joe will make some general remarks on our performance for the past quarter and our strategic focus.
Speaker Change #123: Gene will then walk us through our financial results for the fourth quarter and fiscal year ended December 31 2024.
Speaker Change #123: During the Q&A session, Les and Joe will answer questions from Chinese uptrend.
Speaker Change #124: Ill translate.
Speaker Change #125: Please note the English translation is for reference only.
Speaker Change #125: In case of any discrepancy statements in the original language should prevail.
Larry: Now, it's my pleasure to introduce our chairman and co Chief Executive Officer Larry.
Speaker Change #125: Please go ahead.
Larry: Okay.
Larry: Hello, everyone.
Larry: Thank you for joining our earnings call for the fourth quarter and fiscal year of 2024.
2024 is a pivotal year for <unk>.
Larry: You can see our high quality Department strategy.
Larry: To drive less sustainable close our platform is priced that ecosystem.
Larry: <unk>, our high quality 11 ambition.
Larry: Paul.
Larry: <unk> through a series of key initiatives.
Larry: These reductions merchants are part of the policy and the trust and safety updates.
Larry: We systematically implemented proactive measures.
Larry: Operations merchant basis.
Larry: Supply chain and logistic innovations DDR platform into a new phase of high quality do you have any growth.
Larry: We delivered stable results over the past quarter.
Larry: Our Q4 revenue reached RMB 110 six.
Larry: Up 24% year over year and full year 2024 revenue totaled RMB 300, and the Nike three 8 billion.
Larry: Bill in 59%.
Larry: Yes.
Larry: Which are the presents a moderation in revenue growth.
Larry: As mentioned in previous quarters.
Larry: Our significant ecosystem investments.
Larry: So the way the fast changing external environment.
Larry: Intensified competition landscape with E Tech short term financials.
Larry: However.
Larry: Commitments to ecosystem investments.
Larry: Waivers.
Larry: Now we are close with this.
Larry: First deliver sustainable long term returns.
Larry: Yes.
Larry: In the second half of 2024.
Speaker Change #127: As I said rate case, our high cost CD lab strategy, so with several major initiatives.
Speaker Change #127: Including 10 billion <unk> reduction program.
Just following measures to promote e-commerce services.
Speaker Change #128: Hey, James.
Speaker Change #128: High quality merchants support program.
Speaker Change #128: We are pleased to see is that the lift initiative.
Speaker Change #128: Got it to bear fruits.
Speaker Change #128: Among these.
Speaker Change #128: <unk> been to have Steve reduction propane enabled over $10 million matures in house operation operational efficiency and reduce costs.
Speaker Change #128: The promotion so that may be the best program.
Speaker Change #128: Paul has begun to deliver significant CBD eligible metrics.
Speaker Change #128: All logistics support measures Teva, just slowly mortgages rose double digit order volume growth.
Speaker Change #128: Candy, the free shipping to nearly 100 million consumers.
Speaker Change #128: Thanks.
Speaker Change #128: The first phase of high quality emotion support program supporting a large number of high quality merchandise and brands.
Speaker Change #128: Across the why we saw the equity culture Regis.
Speaker Change #128: Industrial results.
Speaker Change #128: Transition towards high quality development.
Speaker Change #128: At the same time, we also established that merchant has got its protection committee, so far more lives communication channels with much.
Speaker Change #128: We have low upgrades to the sale of <unk> assistant and introduced a range of improvements and the government measures.
Speaker Change #128: Address issues such as other dispute with yourselves.
Lucas: Mr. Lucas.
Speaker Change #130: These initiatives aim to keep.
Speaker Change #130: The overall business environment, while merchandise and build a platform ecosystem that benefits.
Speaker Change #130: Yes.
Speaker Change #130: So perhaps a boutique in agriculture.
Speaker Change #130: We remain committed to supporting agriculture industry.
Speaker Change #130: Sustained investments in agriculture technology.
Speaker Change #130: <unk> innovation and training for Nexgen the ratio of farmers.
Speaker Change #130: Over the past year, our loans are in Asia, such as.
Speaker Change #130: Pinto Smart agriculture competition.
Speaker Change #130: Zero equity culture innovation challenge.
Speaker Change #130: Turning to the economy growing competition and.
Speaker Change #130: Equity culture be such fun.
Speaker Change #130: Delivered encouraging results.
Speaker Change #130: For example.
Speaker Change #130: 610.
Speaker Change #130: Spindle daus agricultural competition achieved breakthroughs yield efficiency and energy consumption.
Speaker Change #130: Digitally optimized Newfoundland.
Speaker Change #130: No issues no be apply a real world setting.
Speaker Change #130: In terms of our global business.
Speaker Change #130: To provide global consumers with high quality products.
Speaker Change #130: Cheng.
Speaker Change #130: Diluted by this vision well.
Speaker Change #130: Continue to focus on supply chain Atkins fee.
Speaker Change #130: Ladies innovation ecosystem development.
Speaker Change #130: Serving high compliance standards.
Speaker Change #130: Our goal is to build trust.
Rob Lynch: Global platform and showcasing Rob Lynch the service consumers worldwide.
Rob Lynch: Okay.
Rob Lynch: High quality development will be met coal.
Rob Lynch: <unk> in 2025.
Rob Lynch: We will continue to focus on our houses as sustainable development of merging a supply chain.
Rob Lynch: And suddenly the bylaws the high quality development strategy.
Rob Lynch: That time, we will work on strengthening the merchant price protection.
Rob Lynch: Our support for high quality merchants.
Rob Lynch: Broadly quality supply.
Rob Lynch: Gaslog.
Rob Lynch: In addition, there was.
Rob Lynch: The price investments.
Rob Lynch: We aim to assess and rate of supply of <unk>.
Rob Lynch: Quality of products to be more images and in doing so enhance the product offerings for consumers in less assessable areas and foster.
Rob Lynch: Ecosystem for consumers merchants and the communities we serve.
Rob Lynch: Okay.
Speaker Change #132: Joe I don't know sustainable to you Bob.
Speaker Change #132: Praful Angela broader eco ship e-commerce ecosystem.
Speaker Change #133: And now Andy.
Speaker Change #133: Over to our co CEO, Jonathan to share more about the bad debt.
Speaker Change #133: 2025.
Speaker Change #133: Yes.
Speaker Change #133: 1000, <unk> you Didnt publicly.
Speaker Change #133: Thank you Li Hello, everyone.
Speaker Change #134: Thank you for joining our fourth quarter and full year 224 earnings call.
Speaker Change #133: Therefore, the union will meant to John called it out by that.
Speaker Change #135: <unk> hired someone to enhance this is ali.
Speaker Change #133: <unk> again.
Speaker Change #133: Sandia ton yet it yourself with Brooklyn that believes in that.
Speaker Change #133: Because of our patented sushi trading E compounding.
Speaker Change #136: Combined Davita Lindell, Dean what message <unk> thoughts about yes.
Speaker Change #133: Over the past year.
Speaker Change #133: <unk> focused on advancing our high quality development strategy.
Speaker Change #133: Driving ecosystem upgrades and supply chain transformation towards a mutually beneficial environment for consumers.
Speaker Change #133: Industry and society.
Speaker Change #133: Supported by sustained progress of our higher cost developments, Jackie and the steady macro economy recovery, we delivered stable performance.
Speaker Change #133: Quarter, four and throughout 2024.
Speaker Change #137: Dr <unk> will Michelle <unk>.
Speaker Change #137: <unk> <unk> <unk>.
Speaker Change #137: Would you ask on downsizing Panther truly seamless.
Speaker Change #138: Yes, N equals rising Holly.
Speaker Change #137: Sure Matt.
Thank you.
Speaker Change #139: Yes, <unk> Sandler chunk will occur this army cdna shortly I'll sit down.
Speaker Change #139: Opinion, <unk> put us on the agenda.
Speaker Change #139: Since last year, we have rolled out a series of initiatives under 10 billion <unk> reduction program and a copy may be a wave of quality supply to come comprehensive end to end merchant support.
Speaker Change #139: Our initiatives have not only empower merchants with innovative business models will also drove supply chain upgrades.
Speaker Change #139: In addition, our logistic support measures.
Speaker Change #140: I think sequentially improve the efficiency and quality of new supply the western region.
Speaker Change #140: Providing our consumers in this region with a more diverse selection of high quality put us.
Speaker Change #140: So you do well Monday seamless and emphasis.
Speaker Change #140: See you soon with <unk> <unk> <unk>.
Speaker Change #141: <unk> timber marine was encouraging with Anthony.
Andi: And as Andi sees in time.
Andi: So, meaning Eagle, Indiana Changyou analysis.
Andi: <unk> <unk> 19, <unk>, <unk> and Xiaomi <unk> towards I Wonder why I think the end product.
Andi: <unk>.
Andi: In Q4, our quality merchant support program expanded its reach across agricultural and industrial growth in China.
Andi: This included non core specialties such as.
Andi: Further were critical almost footwear, Jean cool maternal infant put us portion.
Andi: No.
Andi: By providing comprehensive support throughout the value chain column product development marketing operations and supply chain management will have neutrals and new generation of merchants and brands with strong innovation capability.
Andi: This trail Blazers are leading the industry beyond homogeneous competition.
Andi: Sustained high value growth.
Andi: BD lateral one wholesale equivalent.
Andi: <unk> finances.
Andi: Do we can't rule that came out at <unk> in June.
<unk> <unk> <unk> thousand 90 <unk>.
Andi: <unk> here.
Andi: In the panel menu shekels.
Andi: So.
Andi: Without wishing to head count that tonnage will fall out between an adult.
Speaker Change #143: Wassa Sandler <unk>.
Andi: While I'm doing a Switzerland triangle around a gateway.
Andi: For example, we're doing counting in Guangdong problem.
Andi: Once the lean production hub for the Chinese womens footwear industry with nearly baltistan steel due to market share.
Andi: Last winter local merchants utilizing our profitable stable and to create a free slot line Sandoz.
Andi: For female consumers.
Andi: Through the transformation of traditional supply chain.
Andi: <unk> actually managed to reach a daily output of 15000.
Andi: Okay.
Andi: Not only save tens of thousands of job, but also tiger path for causing supply chain driven transformation.
Speaker Change #144: Well, John I assume to the common data center needle pin pad colella and team put out with the teams here, but we're getting <unk> chawla by each company Chen Tong <unk> Martha to leasing John quiet managing PMI.
Andi: <unk> can add doses actually on top of this.
Speaker Change #144: Things are going to be thinking that follow up with you.
Andi: In China alone I think 90 until late <unk> toggle that really changed about Wanda.
Andi: The unqualified this momentum with strategically allocate the platform traffic and the FERC.
Andi: For example, the 10 billion program has rolled out new campaigns.
Andi: <unk> leading consumption broaches.
Andi: Super double savings.
Andi: Looking branding building for Coty merchant.
Andi: During last years double 11 shopping festival.
Andi: Launched in multiple rounds of Super double ceiling.
Andi: Offering excessive four two quality supply.
Andi: In just the first two rounds the other volume exceeded 61 meeting.
Andi: I was hoping to have that kind of well listen Pat to answer a little room.
Andi: How much of that May have some of them to you on that front.
Andi: Welcome to the way that user.
Andi: <unk> seen that.
Andi: T boutique rollout and that is how much of the <unk>.
Andi: As in other countries and at the same Tien <unk> borgwarner intensity Seamus with him.
Andi: When we talk about entering this invoicing system.
Andi: We look at the outdoor and achievement that you have a future.
Andi: 10 year TTM, So U S antigen that hurdle.
Andi: And what time, you guys assigned minimal Yahoo.
Speaker Change #145: John Doerr laser can be dicey.
Andi: <unk>.
Speaker Change #146: From the consumer side, our ecosystem investment has to enrich their lives by delivering a broader range of profitable hardcore Dakota lift.
Speaker Change #147: This product across categories like fresh produce.
Speaker Change #147: Beauty and baby care further boosting consumer satisfaction and trust, we're also activating new consumer needs.
Speaker Change #147: This offering has gained traction in both urban and rural markets, becoming daily essential with diverse group.
Speaker Change #147: Our kitchen to increasingly segmented them out.
Speaker Change #147: Given the Chinese new year.
Speaker Change #147: Our logistics support measures for remote regions drove a 30 orders most specialty.
Speaker Change #147: With western regions witnessing with multiple growth in several trending category.
Speaker Change #148: <unk>, our finance and legal.
And that was minus <unk> <unk>.
Speaker Change #148: And I'll tell you with answer Bot situated control that so quickly.
Speaker Change #148: So you can get agenda elemental roofing netted against other <unk>.
Speaker Change #148: Our long term investment in high quality environment are now bearing fruit.
Speaker Change #148: Platform ecosystem continues to create value for both supply and demand side.
Speaker Change #148: This tangible outcomes.
Speaker Change #148: Cause our results to deeper investments ecosystem development.
Speaker Change #149: And you had to women's Haneda Sanjay <unk> <unk>.
Speaker Change #149: Rent coverage.
Speaker Change #149: Hoping that Andre.
Speaker Change #149: <unk> San Jos Rito, So do you think.
You'll have an <unk>, which is T. Mobile is happening that is an idea.
Speaker Change #149: In January 2025, we established the merchants right Protection Committee, which I chair the.
Speaker Change #149: The committee corrupt coordinated efforts across our platform.
Speaker Change #149: ROE is to fully understand merchant knee systematically collect feedback optimize.
Speaker Change #149: Or is it in the slide service.
Speaker Change #149: And with.
Speaker Change #149: Our critical thought towards fortifying our prevalent ecosystem.
Speaker Change #149: With our new Hall, while Michelle I'll try to eat handing diabetes. These outcomes are using the Deutsche acquisition seems neutral.
Speaker Change #151: Excluding the Sandy I think Nigel if I may add to it.
Speaker Change #149: <unk>.
Speaker Change #149: <unk>.
Speaker Change #149: <unk> check out with Andy.
Speaker Change #149: Hello, its launch with <unk>.
Speaker Change #152: Produce accrual Mercury is Keith.
Speaker Change #149: As abnormal order alert.
Speaker Change #149: Low priced risk women alongside upgraded services to both the net merchant transaction efficiency.
Speaker Change #149: These efforts are complemented by granular data analytic tools.
Speaker Change #149: Onto optimized merchants return on investment.
Speaker Change #149: Saturday.
Speaker Change #149: Hi, Sanjay <unk>.
Speaker Change #149: <unk>.
Speaker Change #149: Meanwhile, you saw the highest net a tremendous value.
Speaker Change #153: <unk>, New England, Linda Sudarsan digital.
Thomas: Sushi, Thomas I know you're talking about.
Thomas: Recently, the committee has formalized regular communication with them with merchants and how it is.
Thomas: We will merchant round table.
Thomas: Following extensive consultation with business across sectors.
Thomas: Well for major upgrades.
Thomas: Cruising on noncompliance other system to intensify protections for merchants drive.
Thomas: Finally, one yen dual financial Shaw, while <unk> gotten our finance salary.
Thomas: <unk> been added with <unk>.
Thomas: <unk>.
Thomas: You talked about a country, that's an adult room.
Thomas: Cash flow trading at Kingsville dome century, CD T bolt household consumables again, that's equally chan equals yet Tanya Tanya.
Thomas: <unk> impact.
Thomas: <unk> emphasize 375 will see us re double efforts.
Thomas: Our high quality development.
Thomas: We'll leverage our digital capabilities and amplify investments across both supplier and the mounting.
Thomas: At the same time, we will accelerate the delivery of high quality products to the western region.
Thomas: It will help revitalize economic policy across regions and build ecosystems merchants industry consumers.
Thomas: Throw us collectively.
Thomas: There's a lot of Walmart and target.
Thomas: Ips element Oligosemy yesterday to China, Yes, I will.
Jean: I'll now hand over to Jean <unk>, who will provide you with updates.
Speaker Change #155: <unk> four and full year financial performance.
Speaker Change #156: Thank you Kent.
Speaker Change #156: Hello, everyone.
Speaker Change #158: Now, let me walk you through our financial performance and our fourth quarter and fiscal year ended December 31st 2024.
Speaker Change #158: In terms of income statement.
Speaker Change #159: Q4 <unk>.
Speaker Change #159: Total revenues increased 24% year over year to RMB 110 6 billion.
Speaker Change #159: And 59% to RMB 393, 8 billion for full year 2024.
Speaker Change #159: This was mainly driven by an increase in revenues from both marketing services and transaction services.
Speaker Change #159: Revenues from online marketing services and others.
Speaker Change #159: RMB 57 billion this quarter.
Speaker Change #159: Up 17% compared to the same period of 2023.
Speaker Change #159: Our transaction services revenue this quarter were RMB $53 6 billion.
Speaker Change #159: 33% the same two rooms of 2020.
Speaker Change #159: We own two cohorts in expenses.
Speaker Change #159: Our total cost of revenues increased two 6% from RMB $35 1 billion in Q4 2023 to RMB 47 8 billion this quarter.
Speaker Change #159: For full year, our total cost of revenues increased 68% to RMB $153 9 billion.
Speaker Change #159: Mainly due to increased procurement and.
Speaker Change #159: And payment processing fees.
Speaker Change #159: On a GAAP basis.
Speaker Change #159: Total operating expenses this quarter increased 19% to RMB 37 2 billion.
Speaker Change #159: From RMB 214 billion in the same quarter of 2023.
Speaker Change #159: Our non-GAAP basis, our total operating expenses increased to RMB $35 1 billion this quarter.
Speaker Change #159: RMB 29 3 billion in Q4 2023.
Speaker Change #159: During the fourth quarter, we're continuing to invest in the platform ecosystem.
Speaker Change #159: Through a range of initiatives.
Speaker Change #159: Including fee reductions merchant support policy I'm tracking a safety update.
Speaker Change #159: Our total non-GAAP operating expenses as a percentage of total revenues was 32% in Q4.
Speaker Change #159: Compared to 33% same quarter 2023.
Speaker Change #159: For full year 2024, total non-GAAP operating expenses were RMB 122 billion.
Speaker Change #159: Up from RMB 93 billion in 2023.
Speaker Change #159: Looking into specific expense items.
Speaker Change #159: Our non-GAAP sales and marketing expenses this quarter were RMB, one 1 billion.
Speaker Change #159: Up 19% versus the same quarter of 2023.
Speaker Change #159: During Q4 with continued to give back to consumers through promotional campaigns, while keeping up our investment in marketing to strengthen our platform Sports authority.
Speaker Change #159: Our non-GAAP basis.
Speaker Change #159: Sales and marketing expenses as a percentage of our revenue this quarter with 28%.
Speaker Change #159: Thus its 30% for the same quarter in 2023.
Speaker Change #159: For the full year.
Speaker Change #159: GAAP sales and marketing expenses increased from RMB 79, 8 billion to RMB $109 1 billion in 2024.
Speaker Change #159: Our non-GAAP G&A expenses were RMB $998 million in Q4.
Speaker Change #159: This RMB 674 million in the same quarter of 2023.
Speaker Change #159: Our annual non-GAAP G&A expenses were RMB, two 8 billion in 2024.
Speaker Change #159: This RMB, one 8 billion last year.
Speaker Change #159: Our research and development expenses were RMB 3 billion in the fourth quarter on a non-GAAP basis.
Speaker Change #159: And RMB three 8 billion on a GAAP basis.
Speaker Change #159: We are committed to advancing the core technology capabilities of <unk>.
Speaker Change #159: Our platforms.
Speaker Change #159: And then with continued increased investment in R&D laying a solid foundation for our high quality development strategy and are driving ecosystem agree and the supply chain transformation.
Speaker Change #159: On a GAAP basis.
Speaker Change #159: Operating profit for the quarter was RMB 25 six.
Speaker Change #159: And the $22 4 billion in the same quarter of 2023.
Speaker Change #159: non-GAAP operating profit was RMB 28 billion.
Speaker Change #159: Does this RMB 24 6 million in the same quarter of 2023.
Speaker Change #159: non-GAAP operating profit margin was 24 this quarter.
Speaker Change #159: Compared with 28% for the same quarter of 2023.
Speaker Change #159: For the full year non-GAAP operating profit increased from RMB $65 8 billion to RMB 118.3 billion through 2024.
Speaker Change #159: Net income attributable to ordinary shareholders was RMB 27, 4 billion for the quarter.
Speaker Change #159: And RMB $112 4 billion for the full year.
Speaker Change #159: And the fourth quarter basic earnings per ads was RMB $19 76, and diluted earnings per ads was RMB 18 point 53.
Speaker Change #159: The space to earnings per ads of RMB <unk> 17.
Speaker Change #159: And diluted earnings per ads of RMB <unk> 16, 83 in the same quarter of 2023.
Speaker Change #159: non-GAAP net income attributable to ordinary shareholders was RMB 29 9 billion.
Speaker Change #159: Quarter, and RMB $122 3 billion for the full year.
Speaker Change #159: And the fourth quarter.
Speaker Change #159: GAAP diluted earnings per ads was RMB 2015 buses RMB $17 32 in the same quarter of 2023.
Speaker Change #159: This quarter, we delivered stable financial results supported by congratulate ask your execution of our high quality development strategy.
Speaker Change #159: Looking ahead, we will continue right.
Speaker Change #160: Eric has from last month.
Speaker Change #159: And platform ecosystem.
Speaker Change #159: The cornerstone of our long term value creation strategy.
Speaker Change #159: That completes the income statement.
Speaker Change #159: Now, let me move on to cash flow.
Speaker Change #159: Our net cash flow generated from operating activities was RMB 29 5 billion in Q4.
Speaker Change #159: And RMB 121, 9 billion for the full year of 2024.
Speaker Change #159: Compared with RMB 36, 9 million in the same quarter of 2023.
Speaker Change #159: The company had RMB 331 6 million in cash.
Speaker Change #159: Cash equivalents and short term investments.
Speaker Change #159: Thank you. This concludes my prepared remarks.
Speaker Change #159: Thank you Jean <unk>.
Speaker Change #161: Next well move on to the Q&A session today's Q&A session.
Speaker Change #161: Catherine we'll take questions from analysts on the line.
Speaker Change #161: Could take a maximum of two questions from each other.
Speaker Change #162: Les and Joe will answer your questions in Chinese and will help translate.
Speaker Change #161: Later, we will open for questions.
Speaker Change #165: Thank you ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question. Please press star one on your telephone and wait for your name to be announced.
Speaker Change #161: If you wish to cancel your request please press star two.
Speaker Change #165: Participants are requested to restrict the number of questions to two at each time.
Speaker Change #166: Your first question comes from Joyce Ju from Bank of America. Please go ahead.
Speaker Change #167: Hey, Kathryn Janeway somehow gasification with EQM will now Glenn key vehicle showroom Atlanta at all towards alcohol should go down with Keytruda should total hardwood.
Speaker Change #166: Tor followed the P&I Shanghai GM sure Hi, Oshaf, Jeff what should you be energy 12 months EMEA.
Jonathan Ho: At Tyndall Bonnie Tom should outweigh that goes to how quick this is Jonathan Ho with Lindsay Joseph that Shanghai, Shanghai Shlomi you.
Speaker Change #166: Cheetah mobile again fisherman.
I can assure that Shanghai, the Joseph Bank.
Speaker Change #169: Good luck with that Ashley on the issue.
Speaker Change #169: How would that Thiago Vinci ghansham.
Speaker Change #171: Glenn just a question I mean, it all does that go into Chile, Ashok Ashok have all made a total of one eight.
Speaker Change #169: I'm wondering if high Panther phase two at <unk>.
Speaker Change #172: Thanks for your question just wanted to ask him what he told US you guys speak.
Speaker Change #169: Sure.
Joe Gomes: Joe Gomes with Natasha.
Speaker Change #169: Natasha.
Speaker Change #169: Thank you Glenda.
Speaker Change #169: Sure.
Speaker Change #169: I will translate my question we.
Speaker Change #174: We noticed that over the past two quarters. The company has taken several major initiatives and platform ecosystem development and merchant support.
Speaker Change #174: As management just mentioned the company plans to further increase investment in these areas how shall we think about our long term goals for platform ecosystem development and how this will drive the platform first half growth.
Speaker Change #174: My second question is on top of the supply side and merchant ecosystem investments could management also share what has been done on the consumer side recently for example, what new initiatives were launched three window.
Speaker Change #174: Past fourth quarter e-commerce season.
Speaker Change #174: Well be the strategic priorities for consumer side in the future. Thank you.
Speaker Change #174: Jonathan.
Speaker Change #174: Sure.
Glen: Glen do you have to go up in some type of wounds.
John Doerr: Hi, George This is John let me take your question regarding our platform ecosystem.
John Doerr: No absolutely.
John Doerr: Well the yen's hyphen.
John Doerr: Hi.
John Doerr: So our thoughts that would be helpful.
John Doerr: So sanjay that Shelley chain.
John Doerr: And when you see that your tool.
John Doerr: And my take was EMEA.
John Doerr: EMEA.
John Doerr: Colin Fawns Joss switching.
John Doerr: This was enough.
John Doerr: Some dealers.
John Doerr: Yes.
John Doerr: Our legal team.
John Doerr: So what's new at it.
Yes, Sean.
John Doerr: Keith just on spine sheet not sure.
John Doerr: Hello.
John Doerr: This is Tom.
John Doerr: Well since the second quarter of 2024 in line with the overall direction of high quality development of our platform ecosystem, we have rolled out a series of initiatives.
John Doerr: Thats centered around the <unk>.
John Doerr: Protection of merchants right.
John Doerr: For example measures such as the 10 billion fee reduction program.
John Doerr: And high quality merchant support programs have been effective in lowering the operational costs for merchant.
John Doerr: By leveraging our platforms digital technologies and resources.
John Doerr: So enabling manufacturers to invest in product innovation and also technology.
John Doerr: While at the same time broaden their marketing access.
John Doerr: Number two are you sure.
John Doerr: Sean.
John Doerr: Shanghai Tang.
John Doerr: Yes.
John Doerr: <unk> sure.
John Doerr: Sure sure.
John Doerr: Cool.
John Doerr: And cost of about five times, that's willing to use whatsapp.
John Doerr: These initiatives are deepening our long term effort in building a stronger ecosystem.
John Doerr: And also extend that into the supply side.
John Doerr: Driving meaningful supply chain upgrades.
John Doerr: Which is central to our strategy of pursuing high quality development.
John Doerr: <unk>. Thanks, Yes, Hi, Andrea you should split inside <unk>.
John Doerr: Paul.
Speaker Change #177: So Ms House here, Doug can you just without.
John Doerr: So on that.
Speaker Change #177: Based upon the hospital.
John Doerr: Well listen up till now you did hold the lead.
Equally so Doug.
Speaker Change #177: Sure.
Speaker Change #177: We are noticing that in certain industries.
Speaker Change #177: Merchants are facing homogeneous competition.
Speaker Change #177: With discrete profit for businesses and also undermines innovation and the investments.
Speaker Change #178: <unk>, yes.
Speaker Change #177: It sounds yeah <unk>. So this is a wash.
Speaker Change #178: Or do.
Speaker Change #178: So we've seen sort of coming to you.
Speaker Change #177: So.
Speaker Change #177: So that so you won't see EMEA.
Speaker Change #177: I'm always sound job.
Speaker Change #177: Jonathan.
Speaker Change #177: So this year that we saw on Jonathan machines heightened as far as seeing.
Speaker Change #177: Thank you.
Speaker Change #177: Hum.
Speaker Change #177: Hi, Brian.
Speaker Change #177: Thank you Doug.
Speaker Change #177: We as a platform connecting manufacturers.
Speaker Change #177: Our trends in consumers.
Speaker Change #177: We have launched a series of policies to support high quality suppliers.
Speaker Change #177: By cutting fees and streamlining operations, we are encouraging merchants to invest more in their products and services.
Speaker Change #177: This is meeting our platform onto a new stage of quality driven growth.
Speaker Change #179: Unless there is a call you thought that's all <unk>.
Sean King: Well Sean King.
Speaker Change #177: It seems this time John.
Speaker Change #177: Towards the Gulf.
Speaker Change #177: That's funny.
Speaker Change #177: I'm not sure I'm going to waste quinoa, and consult with us on patients as well.
Speaker Change #177: On the cost of that is.
Speaker Change #177: So the goal yes.
Speaker Change #181: Hello, Josh inside the household.
Speaker Change #177: Great.
Speaker Change #177: Sure.
Speaker Change #177: That's what that's all.
<unk> com.
Speaker Change #177: Hi.
Speaker Change #177: I mean, you saw us do a.
Speaker Change #177: <unk> told me to kind of a tissue.
Speaker Change #177: As the supply chain evolve and modernize this more high quality merchants on products have been emerging.
Speaker Change #177: This gives consumers greater variety higher quality and a smoother shopping experience.
Speaker Change #177: Bringing real benefits to consumers.
Speaker Change #177: Creating a healthy ecosystem that benefits all stakeholders in the long run.
Speaker Change #177: This is our thoughts on the platform ecosystem investments.
Speaker Change #177: Yeah, I'll just add.
Speaker Change #177: Wait I can't even if he has olympia.
Speaker Change #177: Hello. This is does that.
Speaker Change #177: That means.
Speaker Change #177: Question.
Speaker Change #182: That woman that is a common feature of us and that's something that's on US was wondering Leigh TCU sharply shortly behind that is it sounds like Alexander.
Speaker Change #177: It's an element Genesis down in South Asia.
Speaker Change #177: Very good thanks resources with a half water because switching Nathan milk IBM.
Speaker Change #177: Our emphasis on the supply side and merchant ecosystem complement our consumer centric strategy.
Speaker Change #177: We remain dedicated to certain consumers, providing more value and better services, which are being implemented to us.
Speaker Change #183: So these will restart we don't know more Ms. Cynthia <unk>.
Speaker Change #177: With here that this is another Tito Santana gastro yoplait.
Speaker Change #183: <unk> hundred 90, <unk> order to answer, yes, so I'm going to do that.
Speaker Change #177: <unk> tightened 19 team.
Speaker Change #177: Importantly, the <unk> salmon.
Speaker Change #177: Sure Yeah, Thanks, Helane Cingal.
Speaker Change #177: Let me now I guess is twofold.
Speaker Change #177: With that I think that sounds none of what went wrong by able to hear you trying to send here by each region.
Speaker Change #184: Ladies salaries are taken time, you always have a chance issues on each of visa.
Speaker Change #184: During the promotion campaigns in the fourth quarter, we absolutely our Super example savings English.
Speaker Change #184: By layering additional savings on top of the discounted slides from our 10 billion program.
Speaker Change #184: This not only providing substantial savings to consumers, but also serves as a new growth engine for Bren.
Speaker Change #184: Both the number of participating brands and products.
Speaker Change #184: Thanks.
Speaker Change #184: Hi, with total order volume achieving a significant milestone.
Speaker Change #184: So the double talk promotion with further enhance the program by launching 10 billion consumption Volta <unk>.
Speaker Change #184: Reinforcing our focus on consumer benefit.
Speaker Change #184: And you can just answer it now we'll monetize <unk> somebody asked what's the hinges on gas critical <unk> you mean, the team has done a really seamless.
Speaker Change #185: That's a good thing and in the audience again, peanuts, Umbro ongoing ICD and Tom will get US answer, yes, Joshua Chunghwa telecom.
Speaker Change #184: <unk>.
Speaker Change #184: At the same time, our 10 billion RMB supply chain investments have prioritize empowering quality merchants.
Speaker Change #184: Our logistics were measured in remote regions.
Speaker Change #184: Keane freshmen.
Speaker Change #184: Example, during the Chinese new year shopping festivals. This year the platform accelerated approval, our Chinese new year specialties into western region.
Speaker Change #186: On both topics and promotion program.
Speaker Change #186: Now, let me I cannot walk <unk>.
Speaker Change #186: It seems a little makita gasoline yields yes, it may sound like a single attack.
Speaker Change #186: Through the use of the celebrations synteny, Tennessee.
Speaker Change #186: Yeah, Kevin I know you always ask yourself on <unk> Susanne.
Speaker Change #186: We're going to recognize impact okay.
Speaker Change #186: By investing in both supply and demand we have seen a surge of quality supply enriching consumer choices with premium options and fostering a virtuous cycle.
Speaker Change #186: Moving forward, we will continue to focus on our long term high quality investments on the consumer side to build a mutually beneficial platform ecosystem. Thank you.
Speaker Change #186: Thank you.
Speaker Change #186: Okay.
Speaker Change #186: Thank you operator that question to the next analyst on the line. Your next question comes from Alicia Yap from Citigroup. Please go ahead.
Speaker Change #187: Thank you, let me turn one Sean.
Speaker Change #187: Additionally, the <unk>, opdivo, and <unk> tissue, Guangzhou and Shanghai to coordinate in Shanghai <unk>.
Jim Jaye: This is Jim Jaye.
Jim Jaye: You did the da Vinci XI shouldn't you Josh again, Joe Shockley.
Jim Jaye: One is outlined anytime she said Tim T shirt for your one time about James oncology that you said she souchong box.
Speaker Change #189: Oh wait I mean, they seem a zinger.
Speaker Change #189: So when I say that Sanjay Joshi Anjali Osha like you go towards that.
Speaker Change #189: They'll go into Asia, when he goes through the trend sure yes.
Speaker Change #190: <unk> seen changes vehicles through <unk>, one Jason Jenne showed up in a box.
Speaker Change #190: What is that one in Chengdu and Digest your whiteboard Jay Sugarman.
Speaker Change #190: Yeah, well so attach endings.
Speaker Change #190: Also by Typhoon <unk>.
Speaker Change #190: For sure not what are the findings so.
Speaker Change #190: I have two questions. The first one is the competitions in the domestic e-commerce market that has been intensifying.
Speaker Change #190: Some time could management share some insights into any recent developments in the competitive landscape and whether there will be any adjustment to the company's development strategies in the future.
Speaker Change #190: Second question is regarding our global business, we noticed that recently the global business may stay from changes in macro conditions and policy could management share more about these external changes that might impact the <unk>.
Speaker Change #190: The company's business and what measure the company plans to take in restaurants. Thank you.
Speaker Change #190: And how does that then.
Speaker Change #192: John you're flagging it because he didn't have anyhow Hello. This is Doug let me take this question regarding competition.
Speaker Change #190: I'm wondering if you can quantify it.
Speaker Change #190: Unfortunately, it towards the tenure since then.
Speaker Change #190: Okay.
Speaker Change #190: Yes, it's great long title into the high <unk>.
Speaker Change #190: Good luck.
Speaker Change #193: Television audiences and the signing of a fool.
Speaker Change #193: So on an open season with Georgetown with those children.
Speaker Change #193: No excuses hydrogen finances yet.
Speaker Change #193: We have consistently emphasized that competition not only higher to the e-commerce industry.
Speaker Change #193: Also a critical driver of its continuous investment.
Speaker Change #193: Our major platforms actively with refining their strategies and services to better respond to shifting consumer preferences.
Speaker Change #193: And that makes that underscores the success is robust and healthy evolution.
Speaker Change #193: Australia hanging it just with the planting the cutting the hydro that tangible Sundar Melissa.
Speaker Change #194: <unk> Charlie.
Speaker Change #193: Yes, I need here.
Speaker Change #193: So I've got enough understanding of the unique kind of sushi, though youll sloppiness in 94.
Speaker Change #193: <unk> as we can for the future.
Speaker Change #193: As industry and technology continue to evolve ecommerce platform actively exploring innovative business models and technology applications to elevate.
Speaker Change #193: And operational efficiencies.
Speaker Change #193: We're closely monitoring this development and.
Speaker Change #193: And continue.
Optimizing our platform ecosystem services.
Speaker Change #193: Better meet consumer demand under our client driven strategy.
Speaker Change #193: No.
Speaker Change #193: He is an excellent.
Speaker Change #193: Well that's helpful.
Speaker Change #193: That's what I meant.
Speaker Change #193: You can follow up with Joe.
Yeah. So I mean, <unk> mean train at Gorgon are patents since the casino final. Thank you.
Speaker Change #193: So Neil I will Miss I sound like a single fully isn't about hotel Zoe Huckelby Pitchwoman inflation Yosef.
Speaker Change #195: Our strategic investments across the consumer side supply side and platform ecosystem have delivered tangible results.
Speaker Change #195: Reading that the variability of hardcore development as a sustainable growth pathway.
Over the year, we have cultivated a trusted brand reputation and deep consumer loyalty, which remains our core strength.
Thompson: Mr Thompson.
Speaker Change #195: There will be a chance or is it up.
Thompson: Again, our funding needs.
Thompson: We incurred a central rabindra between Portola goodwill.
Thompson: The downtown Santiago, Yes, that's in our financials.
Speaker Change #196: And kind of feel like huh.
Speaker Change #197: From what it sounds like Trina, Paul Sandra Poole for minorities.
Speaker Change #196: He said can we get a full full yes.
Speaker Change #196: We keep tweeting tell me to go with you in New York.
Speaker Change #196: Great well congrats another can cause either.
Speaker Change #196: At the same time, we recognize the imperative for profound supply side transformation.
Speaker Change #196: E Commerce industry.
Speaker Change #196: Our current embankment emotional welfare and industrial sustainability will overtime improve consumer experience by safeguarding merchant right, you have service quality and satisfaction and diversifying carbon supply.
Speaker Change #196: This in turn will drive the healthy growth.
Speaker Change #196: Platform ecosystem.
Speaker Change #196: Well John tissue co. He also against Israel eat it holds as well as.
Speaker Change #196: <unk> costs were down in total.
Speaker Change #196: <unk>, which sounds like a sequel to the yogurt hunting fashion they'll go with your ticket.
Speaker Change #196: We will continue to strengthen.
Speaker Change #196: Anthony.
Speaker Change #196: Making meaningful long term high quality investments.
Speaker Change #196: By doing so we aim to deliver expanding range of premium products and assembly trustworthy sharpening.
Speaker Change #196: Will consumers. Thank you.
Speaker Change #196: Alicia.
Speaker Change #196: No.
Speaker Change #196: Sure.
Speaker Change #196: Sure.
Speaker Change #196: <unk>.
Hi, Alicia this is Charlie.
Speaker Change #196: Let me answer your question about the global business.
Speaker Change #196: And most of that change.
Speaker Change #196: Yes.
Speaker Change #196: So my question Tito so called hold up.
Speaker Change #196: Quite a few banking do you feel that some johnson that'd be helpful.
Speaker Change #198: Ken and Jon EOG Elliot, let me see here.
Speaker Change #196: Shang Guang.
Speaker Change #196: Okay.
Speaker Change #196: We still don't see Paul on this.
Speaker Change #196: Sure So Kelly Youngblood the pencil.
Speaker Change #196: Great.
Speaker Change #196: So we see.
Speaker Change #196: Well, it's absolutely key for us on the.
Speaker Change #196: <unk> used to doing that because I suppose the Shanghai gold toe.
Speaker Change #196: All right.
Speaker Change #196: <unk> publishing team.
Speaker Change #196: No no because you wont be able on the DHS BPA.
Speaker Change #196: Yes.
Speaker Change #196: How are you.
Speaker Change #196: Jeff.
Speaker Change #196: For our global business as we discussed in recent quarters changes in the external environment has been accelerating and competition remains fierce.
Speaker Change #196: And in addition, there.
Speaker Change #196: There may be changes in macro policies that are related to our operations.
Speaker Change #196: And in response to this first and foremost.
Speaker Change #196: Strictly from with.
Speaker Change #196: The laws and regulations to ensure full compliance in our operations.
Speaker Change #196: And on that basis, we are also proactively communicating with external parties across the market to continuously refining our services and compliance standards.
Speaker Change #196: However, these external changes taken together well in Nevada.
Speaker Change #196: Evocatively, bringing some challenges to our global business.
Speaker Change #196: Hello, My question will be a follow up.
Speaker Change #196: Well no.
Speaker Change #196: Sure.
Speaker Change #196: Vishal Sikka.
Speaker Change #196: The MTA.
Speaker Change #196: Dr <unk>.
Speaker Change #196: Well what was seasonal thoughts.
Speaker Change #196: Yes.
Speaker Change #196: And let's say it goes to that followed that.
Sean King: Thank you Sean.
Speaker Change #199: The issue.
Speaker Change #196: Sure.
Speaker Change #196: J P.
Speaker Change #196: <unk> me just Tom for you to call.
Speaker Change #196: Call me a mature product.
Speaker Change #196: <unk>, if you laid up in EMEA.
Joshua Cushing: Go ahead, Joshua Cushing you should.
Speaker Change #200: And despite the changes in the external environment.
Speaker Change #200: We remain very committed to delivering high quality products to the global consumers.
Speaker Change #200: This will not change.
Speaker Change #200: Stay focused on our business.
Speaker Change #200: Investing in supply chain improvement service quality our platform ecosystem.
Speaker Change #200: While ensuring high quality growth and uploading compliance standards.
Speaker Change #200: By doing so we strive to further deepen our core strength in supply chain efficiency and operations capabilities that we have accumulated over the years.
Mr Levine: No Mr Levine.
Speaker Change #201: So this year that Youll Wassa shop, it's always fishing is how should <unk>.
Speaker Change #201: <unk> you Doug.
Speaker Change #201: Josh Wolfson side versus on the Centaur.
Speaker Change #201: Towards that.
Speaker Change #201: Yes.
Speaker Change #201: And well minimal to be honest, that's all the time.
Speaker Change #201: Keith.
Keith Laskowski: Sure Hi, Keith Laskowski.
Keith Laskowski: Furthermore, we will continue to explore new business models.
Keith Laskowski: Experiment with innovative localized supply chain solutions.
Keith Laskowski: Even though our market presence.
Keith Laskowski: Introduced new product categories and services.
Keith Laskowski: And to build a more robust and sustainable platform infrastructure for the long run.
Keith Laskowski: Got it.
Keith Laskowski: Yeah.
Keith Laskowski: So just your thoughts on this issue.
Keith Laskowski: That changeover or the yields on that on the shield.
Speaker Change #204: Yes, DJ how does each lasalle.
Keith Laskowski: Mr. You wanted to change or <unk> therapy.
Speaker Change #204: Thank you.
Speaker Change #204: The onshore.
Keith Laskowski: Yes.
Keith Laskowski: Thank you that you do.
Keith Laskowski: No that couldn't you saw some price on that.
Keith Laskowski: <unk>.
Keith Laskowski: It shouldn't really be included.
Keith Laskowski: Sure.
Keith Laskowski: Joseph <unk>.
Speaker Change #205: So I wanted to note two waiver peanut Guizhou Shanghai, So all things said Srinivasan job.
Andy: Tien Tsin this is Andy.
Speaker Change #206: I'm sorry could you just go on Youtube.
Andy: Great.
Andy: Hi, This is James.
Andy: Our commitment to high quality sustainable development.
Andy: Apply equally to our global business.
Andy: Beyond offering high quality products at affordable prices were aimed to meet global consumers rising expectations of us.
Andy: As highlighted in previous quarters, we have implemented merchants have put policies and trusted safety updates across the supply chain and platform ecosystem empower.
Andy: <unk> high quality merchants.
Andy: At the same time, we are firmly regulate merchant, who violates platform Ruth and harm consumer interest.
Andy: These efforts have started to yield positive results.
Andy: We are committed to executing them for the long term.
Speaker Change #207: Let me just took ownership well mitsui.
Speaker Change #207: Thank you Bella.
Speaker Change #207: Okay.
Speaker Change #207: So we thought it would.
Speaker Change #207: And Joe Shockley.
Speaker Change #207: Yeah.
Speaker Change #207: Im Gonna Guar sequential.
Speaker Change #207: Well, thank you Sundar.
Speaker Change #207: South Florida is it took susana.
Speaker Change #209: <unk>, Inc, or <unk>.
Speaker Change #207: Lee.
Speaker Change #207: You bet.
Speaker Change #207: We will know what <unk> achieved.
Speaker Change #207: Until the judge.
At the same time as our growing e-commerce platform.
Speaker Change #207: Are aware of the rising attention our global consumers are paying to corporate with social responsibility.
Speaker Change #207: We are actively seeking opportunities to utilize our technology.
Speaker Change #207: Capabilities and platform of resources to create greater value for the communities we serve.
Speaker Change #207: <unk> yourself.
Speaker Change #207: Hey.
Speaker Change #207: Well, maybe when you see it that's all.
Speaker Change #207: Memorial I know well.
Speaker Change #207: Without seamless.
Speaker Change #207: I'm doing well.
Speaker Change #207: You bet.
Speaker Change #207: So yes.
Speaker Change #207: This hallway width.
Speaker Change #207: Sure so.
Speaker Change #207: One quick cost which ended in April.
Speaker Change #207: Sure.
Speaker Change #210: Hi, I'm doing that you don't know quite how much does that.
Speaker Change #211: We have launched several initiatives in global corporate social responsibility and have a few new ideas for the future.
Speaker Change #211: Our team is dedicated to exploring this area and taking concrete steps towards becoming a responsible corporate citizen on a global scale.
Speaker Change #212: Yeah, it's much more we can do.
Speaker Change #211: Our team is very excited about the opportunities ahead.
Speaker Change #211: Unless you want to ask how much of the total.
Speaker Change #211: So is there any hope for doing this with Jean Michel.
Speaker Change #211: On the call.
Speaker Change #211: I can use it.
Speaker Change #211: You saw job you tend to shop, Jimmy so until I've seen it.
Speaker Change #211: I mean, you sound so do we.
Speaker Change #211: And so if I deal with it.
Speaker Change #211: <unk>.
Speaker Change #211: And through the long term investments and consistently doing the right thing, we hope to strengthen our core competitive advantages.
Speaker Change #211: And build long lasting trustworthy relationship with motion and global consumers.
Speaker Change #211: This is my thinking on our global business.
Speaker Change #211: Thank you.
Speaker Change #213: Operator, I think we have time for one more analyst.
Speaker Change #214: Thank you. Your next question comes from Kenneth Fong from UBS. Please go ahead.
Speaker Change #214: He was CFO since you're going to do so once you win a wheeled Yahoo and tier do you guys see a woman kind of opportunity to continue to consider so that.
Speaker Change #214: As we go forward that we should do at Boto Novo same quantity toga womens casual shoe whaler I will meet guy.
Speaker Change #214: We've made some of kind of die.
Speaker Change #215: Zuko Sogou <unk> Honda.
Speaker Change #215: When institutional media suite, our Wuxi that lets you do one detail we go far it just won't get homesick Zuko Lukaku, how does <unk>, who died goetschel.
Speaker Change #216: James <unk>, you can do a sandwich or Oh didn't help wanted you to go to U T. K 12 teacher in those days.
Speaker Change #215: No single firm it'll help woman.
Speaker Change #215: Goodnight contour homestead GT type you can tie that tariff I meant household excuse me I don't know.
Speaker Change #215: You can see the steel question Linda welcome to Joe.
Speaker Change #217: One of these homes suitable hoping home.
Speaker Change #215: No.
Speaker Change #218: What do you define Asia alright. Thank you management for taking my question, we noticed that the company's revenue growth has slowed in recent quarters and profit have been fluctuating. So how should we think about the revenue and profit trends you did detail.
Speaker Change #218: And my second question is in the past two quarters management has talked about taking on more social platform responsibility.
Speaker Change #218: <unk> also been mentioned by management today.
Speaker Change #218: Can management share more about what company hopes to achieve with preferred with flexibility in the long run and how to balance that with the duties.
Speaker Change #218: Beauty to shareholders. Thank you.
Speaker Change #218: Yes.
Speaker Change #218: Hum K Ken.
Speaker Change #218: Kenneth This is James.
Speaker Change #219: Let me take your first customer regarding growth and profits.
Speaker Change #218: Well.
Speaker Change #218: Regarding this quarters financial performance.
Speaker Change #218: As mentioned earlier in the prepared remarks.
Speaker Change #218: External uncertainties and intense competition have impacted our short term revenue growth.
Speaker Change #218: And at the same time, our increased investments in Mers in support and platform ecosystem environment may create fluctuations in profitability.
Speaker Change #218: We expect that the fluctuations in revenue gross and purpose.
Speaker Change #218: We began this investment is part of.
Speaker Change #218: Building, a high quality platform ecosystem.
Speaker Change #218: And actually sustainable growth.
Speaker Change #218: Sure Austin, Dallas will shake our confidence in long term goes we'll believe that earning through sustained investment.
Speaker Change #218: <unk> optimization can we create a healthy commerce ecosystem.
Speaker Change #218: Currently our offers have already received positive feedback from merchants.
Speaker Change #218: Supply side optimizations are driving new consumption trends showing the customer site.
Speaker Change #218: This has started to fostering a virtuous cycle.
Speaker Change #218: Going forward, we keep focusing on our high quality development strategy.
Speaker Change #218: In <unk>.
Speaker Change #218: And Ah patients really to ensure long term sustainable development. Thank you.
Speaker Change #218: Yes.
Speaker Change #220: Was that in.
Speaker Change #218: I think that government behind.
Speaker Change #218: Hello, guys. This is Doug let.
Speaker Change #218: Let me take your second question.
Speaker Change #218: <unk> two <unk> agenda on the balance.
Speaker Change #218: <unk> about that could you.
Speaker Change #218: Now consider to be honest in the past with them.
Speaker Change #218: Of course, we're looking to finance your Atlanta.
Speaker Change #218: Over the past few quarters, we have noted that in assessing the company's performance solely through the short term financial performance.
Speaker Change #218: <unk> does not seek.
Speaker Change #218: Our 2000 stage.
Speaker Change #218: Totally dashes with either turn Youll Hawkins.
Speaker Change #218: But <unk> seen in Q1.
Speaker Change #221: Chairman I thought well the yield as well.
Jim Koch: Itchy, Jim which you can do this.
Speaker Change #222: Let's see the soup uneaten census related to hotels.
Speaker Change #221: Silicon <unk>.
Jim Koch: These wounds are treated.
Speaker Change #222: Adam.
Speaker Change #222: As a global company in the new Euro, we're increasing the innovation, but that can change and taking on more responsibility in the regions, where we operate.
Speaker Change #222: Aligned with our long term accountability.
Speaker Change #222: Holders and reflect thoughtful leadership decision.
Speaker Change #222: And Bureau, TG woman through issues of San Antonio.
Speaker Change #222: <unk> P.
Speaker Change #222: <unk> yeah.
Speaker Change #222: To assist with triad.
Speaker Change #222: Yes, two trailers tying that into your facility.
Speaker Change #222: For example, our recent focus on supporting quality merchants has provided comprehensive support across product development marketing operations and supply chain we.
Speaker Change #222: We have fostered a group of Coty merging with <unk> and.
Speaker Change #222: And tech capabilities empowering independent entrepreneur to streamline their operations, while driving the transformation of the supply chain.
Joanna: Thanks, Joanna <unk> get that done.
Cipro DPI is being done in astonishment agenda.
Joe Hinrichs: <unk> came in Q3, the team leaders shop me Joe Hinrichs.
Joanna: <unk> quick.
Joanna: Great.
Joanna: Saturday Sanger quota attainment Anatol.
Joanna: So do you guys have either.
Joanna: Additionally, our logistic support measures tariff where remote regions.
Joanna: Double digit order growth in Russia, and China and extended nationwide with shipments of nearly 100 million consumers in remote areas.
Joanna: This strategy unlocks new tools for merchants to grow their outage in less in China, not only spending.
Joanna: Merchants, but also benefiting consumers across different regions.
Joanna: Okay.
Speaker Change #225: <unk> is a <unk> <unk> currency local EMEA genotype patients any of you attending the toll route.
Speaker Change #225: Your woman that time charter refuses I'm going to flip so you Max out on that.
Speaker Change #225: <unk> two.
Two legal union pieces Daytona coming soon yeah, bamboo means and so on.
Speaker Change #225: Maybe juliet.
Speaker Change #225: Agriculture, we remain committed to supporting the agricultural industry.
Speaker Change #225: To sustain investments in agricultural technology supply chain innovation and training for next generation Commerce.
Speaker Change #225: Efforts, along with our current affordable quality merchants promoting agricultural modernization improving supply chain efficiency, while at the same time, we're seeing farmer incomes and generating local employment.
Anthony International: Oh, Hi, Anthony International.
Speaker Change #225: <unk> <unk> to <unk>.
Anthony International: Yes, you're talking if I can jump in.
Speaker Change #228: David at Santana, Kenai, Keytruda and Olive garden.
Speaker Change #228: <unk> do you think actually you know doses.
Speaker Change #228: <unk>, putting through internal hurdle, yes, there's things that activity has not been eligible.
Speaker Change #228: I kind of Gordian, San Jos Pedro yourself with Wolfe uncle in Indiana.
Speaker Change #228: Yes, we are aware of it goes to the fact that in Q2.
Speaker Change #228: Definitely Bob tissue.
Speaker Change #230: Overall, the ecommerce industry is shifting towards quality service experience and innovation.
Speaker Change #228: Right the high standards for platform.
Speaker Change #228: Our focus on merchants like support for quoting merchant and supply chain reform.
Speaker Change #228: Pulse children until to the growing demand.
Speaker Change #228: Platform.
Speaker Change #228: In the long run building inclusive ecosystem that creates value for all participants will set us up for sustainable growth and long term returns.
Speaker Change #228: Thank you.
Speaker Change #231: Okay. Thank you Catherine.
Speaker Change #231: Thank you all for joining US today, we look forward to speaking with you next quarter.
Speaker Change #231: Have a great day.
Speaker Change #231: Okay.
Speaker Change #232: Ladies and gentlemen that does conclude our conference for today.
Speaker Change #232: Thank you for your participation participation you may now disconnect.