互联网公司在earning call上如何谈监管 | 长假系列阅读（一）【建投传媒互联网】
中信建投传媒团队 杨艾莉 杨晓玮
【写在前面】在各家互联网公司2021H1财报电话会议上，行业政策监管是与会者反复提及的问题。我们对腾讯、阿里巴巴、美团、爱奇艺和哔哩哔哩等15家互联网公开财报电话会议整理，将其中与监管相关的问题及回答进行梳理
注：1）所有电话会议内容均来自于各家公司官网，IR页面的公开会议录音或文字版本纪要；2）部分公司会议语言为英文，我们进行了翻译。请以附录中的英文原始纪要为准；3) 所有纪要，仅供参考。请以各家公司IR 页面会议录音为准。感谢理解！
【纪要】
1、腾讯【译】问题一：
感谢管理层今天可以抽出时间。第一个问题是，市场上近期有很多监管方面的发展，是否有一些与您在几个月或几个季度前的设想不同的事情需要特别指出，以及这些发展将如何影响我们的战略举措或优先事项？
这与我的第二个问题相吻合，就是关于税率的永久性差异问题，我认为多年来行业一直在从中受益。（但是）我认为市场上的一些同行已经表示，这些处理方式带来的好处也许正在慢慢消退。因此，我想从你与监管机构的对话中了解一下，你是如何看待将资本重新配置以造福社会的想法的，以及你是否仍然认为这是有效的，以及之前的税务处理方式是否还会长期存在。非常感谢。
【译】回答：
刘炽平，执行董事：
我认为，如果你想了解的是政策影响，比如有关课后补习的政策，这项政策实际上对我们广告业务的很大一部分广告主和整个行业产生了相当大的影响。我们在本季度已经看到了部分影响，并且将在下个季度看到（这项政策对）整个季度的影响。（这项政策）影响到了我们平台上的大广告主，以及本应给予这些客户的广告库存。（尽管）随着时间的推移，我们能够用其他广告主填满这部分库存，但是一开始是会有影响的。我认为这是最直接的影响。
我认为在监管层面还会产生很多问题，所以我还是从更系统的角度回答问题，好吗？我认为我们想说的是，第一，我们认为互联网监管是一种全球趋势，不仅局限于中国，同样包括美国和欧洲。但中国在执行更具结构性的监管框架方面有点领先。我认为这是预料之中的，因为考虑到互联网行业的规模和重要性，监管目前实际上相当宽松。
其次，我想从监管者的角度说，监管者非常注重识别和整顿行业的不端行为，并制定规则。他们强调合规性、社会责任，以及公平、正当的行为。我们应该期待在未来，在近期，应该会有更多的规则出台。
第三，我想说的是，我们的理解是，政府实际上希望促进互联网行业的长期可持续发展。政府确实有认识到互联网产业在经济和社会方面的重要性，以及该产业对全球竞争力的贡献。所以，这就是为什么（政府）确实想要培育一个长期健康的环境。
第四，我想说的是，在这一波监管浪潮中，我们的态度是，我们希望完全接受这一新环境，我们希望让自己成为完全合规的企业。我们认为，从长远来看，这实际上对我们和整个行业都有好处。相对而言，我们认为我们对新监管环境的适应能力很好，因为我们完全遵守了所有规定。这一直是我们的经营理念，我们一直致力于努力为用户创造价值。而且我们在商业化方面一直非常克制：我们建立开放平台来支持个体企业，一直以来都非常强调社会责任，强调我们希望将技术运用到有益的事情中。
因此，考虑到所有这些因素，我会说短期内会存在不确定性，并且会有很多新法规出台，但我们非常有信心能够保持合规。从长远来看，政策实际上将使行业实现健康增长，而我们将成为其中的受益者。
John Lo，CFO：
在税收方面，我认为通过对重点软件企业进行更详细的分类，税收减免随着时间的推移会逐渐减少。此前，集团拥有四到五家企业已获得重点软件企业资格。去年我们仍然有，但是数量减少了很多。我们只有在确定我们可以正常获得资格的情况下，在随后的一年中才以10%的优惠税率计提税款。
我们只有在产生利润时才会计提预扣税，而不像我们的一些同行，当他们需要时才计提预扣税。如你所见，2020年的有效税率约为11%，2021年上半年也约为11%，预计全年的有效税率将处于相似水平。从表面上看，税收似乎非常低，主要是许多非IFRS调整造成的，例如视为处置、处置或其他投资收益的非应税账面利润。
如果我们去掉所有这些——所有非IFRS调整，那么2020年的有效税率将约为11%-13%，2021年约为15%左右。总而言之，总税率差约为3%。
【译】问题二：
感谢有机会提问。我同样有一个关于监管的问题。我很欣赏管理层一直积极主动地与监管机构进行沟通，并对市场上的一些做法进行自我监管。根据公司与监管机构的对话，我们是否将看到监管机构对游戏行业采取更严厉措施的风险？例如，试图限制未成年人或12岁以下儿童的游戏时间限制。有没有关于18岁左右的青少年游戏时间的讨论？这就是我关于监管的问题。
【译】回答：
刘炽平，执行董事：
在游戏上，我认为此时关键的问题仍然是未成年人在游戏上花费的时间和金钱，这是我们正在重点关注的问题。因此，正如你在我们最新的声明中所看到的，我们采用了James（James Mitchell，首席策略管）已经谈到的许多不同的措施。
但是有一个问题，也是我们主动向监管机构提出的，即未成年人在游戏上花费的时间和金钱的总量。因为现在，我认为很多规定实际上都围绕单款游戏。但如果你纵观整个行业，大多数人会担心未成年人在某一类型的游戏上花费太多时间。因此，如果我们真的能找到一种方法来管理未成年人在不同游戏中花费的总时长，那这个问题将得到解决。这是一个复杂的问题，实际上需要监管机构和行业的共识，如果它确实需要得到监管，而且这个问题还需要一个监管系统进行配合。
但从实用性的角度来看，解决这个问题实际上是可行的。所以我们希望与行业和监管机构讨论的这件事情。如果这能实现，我认为大多数对游戏行业的批评都会得到解决。
【译】问题三：
晚上好，谢谢两位回答我的问题。我有一个关于网络游戏的问题，然后是另一个关于政策的跟进问题。
在网络游戏方面，我想你们之前提到过中国市场大约是8%（的增速）。去年是一个相当高的基数，但随着我们进入今年下半年，针对未成年人（游戏时间）的监管更加严格，我们应该如何看待游戏业务的增长，尤其是国内市场？我知道我们有几款游戏正在筹备中，但发布时间似乎会有一些延迟。
以及监管方面的跟进问题。Martin（刘炽平，执行董事）提到虽然你们更遵守法规，但这是否会对业务的开展产生一定影响，这是否意味着公司在开展不同业务时，努力符合监管的措施将造成更缓慢的业务增长？谢谢。
【译】回答：
James Mitchell，首席策略管：
关于我们的游戏业务前景的第一个问题，我们确实量化了一下如果不从12岁及以下用户那里产生收入的影响，即占我们中国收入的0.3%，因此占总游戏收入的比例较小。然后，从积极的方面来说，你对新游戏的发布情况有一些自己的想法，但这与我们的看法不同。我们实际上对即将在中国发布的新游戏感到非常兴奋。
在中国之外，我们最近看到了一些不错的成绩，比如在日本和韩国推出的策略类RPG是我们在该地区首次获得不错的表现。我们的Pokémon Unite主机游戏可以说同样有着不错的吸引力。
我认为这是一个存在不确定性的环境，有很多正在改变的事情。但总的来说，我们相信我们在中国和国际上拥有非常高质量的游戏发布。
刘炽平，执行董事：
在法规方面，我会说肯定会有不同业务需要短期调整。但另一方面，我认为，对我们来说，长期战略实际上是完好无损的。我们始终坚持创造具有用户价值的服务，帮助企业和行业，进而创造社会价值来执行我们的战略。在这个过程中，我们投资于这些服务，我们保持有自制力的方式获利。我认为这种策略将继续下去。
【译】问题四：
感谢管理层回答问题。第一个问题是关于增加更多的社会响应主动性以承担社会责任对财务的长期影响。在本季度，你们宣布了另外两项社会责任举措：（1）暂停12岁以下的未成年用户的在平台内的消费行为；（2）在某些情况下，将佣金率变得非常低，甚至是零。随着公司承担越来越多的社会责任，我们应该如何思考这些因素对公司的长期利润结构的影响？
其次，我对Martin（刘炽平，执行董事）表示更多监管将进入市场的想法有一个跟进问题。能否与我们分享一下你对未来的监管方向和领域的想法，或者你觉得我们将会在哪些领域看到更多监管？谢谢。
【译】回答：
刘炽平，总裁：
关于最后一个问题，我们已经提供了框架。我认为它将来自所有不同的监管机构，以及行业的不同部门。我们认为会有很多政策即将推出，但在政策被推出之前，我们无法提供更多的分析。
就现在对我们业务的影响而言， 12岁及以下的消费在我们营业收入中的比重只有0.3%，所以这部分收入实际上很少。
就我们来自中小企业客户的收入而言，总的来说，收入增长会放缓，但我认为会在一定的范围内。
就长期影响而言，我想说我们的利润率始终受到我们不同组成部分的整体战略的驱动。一个是盈利业务的商业化，通常我们对商业化是有一定约束的。然后，我们将提供免费服务，随着时间的推移，这些服务可以被商业化。我们也有亏损的业务，这些业务实际上到目前为止非常重要，但随着时间的推移，它们有望缩小亏损并能够产生一些利润。
这种整体战略组合实际上在过去多年中一直相当有贯彻性，我们打算保持这一战略稳定，这意味着随着时间的推移，我们的盈利状况将继续相对稳定，尽管会有一些短期波动。现在的500亿元人民币的SSB投资——我想强调的是——由IFRS利润提供资金，这部分我们实际上拥有相当大的资金池，所以不会对我们的非IFRS利润产生影响。
【译】问题五：
晚上好，感谢回答我的问题。第一个问题是关于广告和监管的跟进问题。从各种媒体数据来看，数据连接和隐私政策可能会有各种各样的收紧情况，我想了解一下对平台内不同的营销解决方案的潜在影响是什么？我们是否应该期望某些营销解决方案的影响小于其他解决方案？
【译】回答：
James Mitchell，首席策略管：
关于数据收集和使用数据进行定向广告投放的问题，我认为在消费者数据用于定位目的方面，我们在业内一直是众所周知地考虑细致且审慎。我不会在这里详细介绍所有细节。
但我认为，只有有关使用数据进行广告推送法规发生了重大变化之后，才有可能对我们的业务产生实质性的负面影响。（简言之，政策的轻微变化对我们的影响有限。）因为就使用数据进行广告推送的颗粒度和指向性而言，我们并没有得像西方或国内同行一样非常激进。这是第一个问题。
2、阿里巴巴
【译】问题一：
其次，我想问一下关于最近大家都在关注的一些报道，互联网行业的连通性预计将增加。我想知道管理层如何看待这些报告，在流量方面、与其他门户网站协作方面，有没有一些在不同公司的平台间开放更多连接和合作的想法？
【译】回答：
张勇，董事长、CEO：
让我谈谈有关连通性的问题。我们知道媒体对此进行了报道，我相信这将是许多投资者感兴趣的问题。
我们对连通性的看法是一致且非常明确的。我们认为连通性是互联网的核心价值，我们也认为开放是数字经济的根本，也应该是一个基本特征。相比只能在同一平台内实现较小的流通，当你能够不仅在平台内，而且可以跨平台实现用户信息、数据的流通，这肯定会有利于实现更大的社会价值。因此，我们确实将跨平台的开放性和连接性视为一种积极的趋势，可以在互联网时代释放更大的红利。
我们注意到，这个连通性和开放性问题也是我们的商家和消费者关注的问题。对于商家，尤其是中小企业来说，肯定会降低他们的流量获取成本，帮助他们提高运营效率，让他们更方便、更低成本地开展业务。同样，对于消费者而言，它将在跨平台购物、支付、访问不同服务时实现更好的用户体验，并为他们带来更大的便利。因此，对于互联网平台上的所有主要利益相关者，我们认为这是积极的。
我们还注意到工信部启动了互联网企业监管整改项目，重点关注歧视性屏蔽其他平台链接、屏蔽其他公司服务等行为。我们将高度重视此次审查整改项目，当然也会确保我们遵守所有监管要求。而借用最近流行的一句话，我们会努力寻找共同点，共同前进。
【译】问题二：
各位晚上好，感谢回答我的问题。关于监管的两个简单问题。第一个是我们已经看到监管对数据的关注，这将如何影响公司合规性和IT基础设施成本呢？其次，在过去的几个月里，我们也看到监管媒体的机构似乎正在考虑对行业进行大量补贴，包括一些垂直领域。那么，这将如何影响我们在其中一些新举措中的投资策略和用户获取策略？谢谢。
【译】回答：
张勇，董事长、CEO：
好的，让我来回答这两个问题。首先，关于数据。我认为中国监管机构在6月份发布了《数据安全法》。最近几个月，他们还发布了指南，并等待有关数据安全审查的意见。我们认为这非常重要。我们相信这些法律和立法会保障数字经济的长远发展，因为数字化是必然趋势，不论对个人还是对国家来说，数据正在成为企业的核心资产，这是一个普遍的认识。因此，采用这些与数据安全相关的立法非常重要。
而中国并不是唯一这样做的国家。事实上，看看美国和欧洲发生的事情，关键信息基础设施、个人数据保护等方面的法规已经在实施。所以对于阿里巴巴来说，数字化是我们业务的核心。
数据安全始终是我们业务的核心宗旨。我们一如既往地高度关注这个话题。现在，我们正在对最新的监管要求进行自我合规性检查。我们坚信，进一步加强数据保护将促进数字经济的长期健康发展。
现在关于第二个问题，关于补贴和获取新客户的方式，我认为总的来说我们很高兴看到监管机构最近为有序市场而做出的行动和指导。我们一如既往地相信补贴无法创造企业的长期价值，也无法创造客户的长期价值。所以如果你看阿里巴巴的历史，实际上我们从来没有靠补贴来发展我们的业务。我们坚信，从长远来看，关键仍然是价值创造。
这就是为什么在今年，当我们计划增量投资时，我们始终相信、专注于价值创造。我们强烈认为，对于其他继续亏损但仍试图通过补贴扩大规模的公司，我认为最终他们必须让市场看到如何盈利。
【译】问题三：
我的第二个问题是对之前关于数据问题的跟进，我想知道这些新的监管要求和发展可能会如何影响阿里巴巴未来使用、收集、处理数据，尤其是广告等商业化服务。
【译】回答：
张勇，董事长、CEO：
谢谢，这里是Daniel（张勇，董事长、首席执行官）。第二个问题，关于数据，阿里巴巴在收集、利用数据方面一直坚持最高的标准、最严的要求。我们一直坚持这样做，随着新立法和新政策的制定，我们也将继续这样做。
我们将确保严格、全面遵守法律要求，以及未来将进一步制定的指导意见。我们致力于大力履行我们对数据安全和数据保护的承诺。您的问题还涉及有关数据收集和使用的新法律和政策对收入增长、业务增长方面的潜在影响。我只想强调，阿里巴巴从未将数据使用或算法使用视为单一、独立的KPI，或我们在发展业务时所依赖的单一因素。
举一个具体的例子来说明我的意思，在我们的消费者广告业务中，我们从未试图利用数据或算法来最大化消费者广告业务。我们认为，与提供一流的用户体验和高水平的用户满意度相比，最大化点击率的重要性要小得多。因此，我们一直致力于利用数据来为社区、用户和社会增加价值。因此，我们认为数据安全相关的立法、对数据保护做出的努力、更严格地使用数据都有利于提升长期社会价值，也能够允许像阿里巴巴这样的好公司成长，为客户和公司本身创造更多价值。
3、美团
【译】问题一：
我想问一下有关法规的问题，管理层如何看待在目前的监管环境中的业务动态？我们是否有对外卖、店内消费、社区电子商务等各个细分市场的预期进行相应的调整？我们将如何在社会责任和企业效率之间取得平衡？谢谢你。
【译】回答：
王兴，董事长、CEO：
我想分享一些宏观的想法，因为发生了很多变化，所以人们很关心，但一切都是有原因的。所以，我想说，一切都是为了“共同富裕”。
我想说，“共同富裕”是建立在美团的基因中的。实际上，它甚至在“美团”的名字中，来自于“美团”这个名字中的两个汉字。当我需要向不会说普通话的人解释“美团”这个名字时，就像我说的“美”的意思是好或更好，第二个字“团”的意思是在一起。所以“美团”意味着在一起更好。所以，“共同”本身一直是我们的基因。
有了这个基础，让我们现在转向我们的业务。最近我们看到监管机构针对互联网领域提出了一系列的监管要求，重点关注反垄断、数据安全、社区电商等多个方面。而政府的监管和公众的关心，以及商家、快递员等合作伙伴的声音，对我们来说都是警示和激励，从方向上对我们提出了更高的期望。
我们认为，这些监管变化有利于互联网经济的可持续发展和有序增长，促进公平竞争，促进行业发展。这不仅仅是在中国，我们在全球也看到了类似的监管变化。
我们将继续积极落实合规要求，完善各项业务的内控机制，深入审查，积极整改问题，确保食品相关业务合规，防范突发风险。我们一直保持严格的数据安全和隐私保护标准。未来我们将继续严格保护用户数据。
在我们的送货服务方面，我们禁止——坚决反对——任何无偿的伙伴关系。我们将充分尊重商家的选择，并更加关注送货员的工人状况福利。
零售业务方面，我们积极调整定价策略，将伴随长远发展的目标继续壮大业务。虽然业务的微调在短期内不可避免地会带来一些后续的影响，但我们认为这些调整是最好的选择，从长远来看将有利于我们。
美团从来就不是传统的互联网公司。我们是一个会充分挖掘线下服务的平台，与一些同行相比，我们不是一家专注于并购的公司。支持我们的配送零售服务的履行成本和费用实际上相当可观，我们已经对生态系统进行了大量投资。
实际上，短期利润从来都不是美团的理念。我们更注重创造长期价值，创造社会产出，始终努力履行使命，帮助人们吃得更好，生活得更好。
因此包括社会责任和我们的发展都将更好，我们的长期发展目标始终保持不变。虽然我们的成长过程中存在一些不完善的地方，但我们会努力纠正我们遇到的任何问题，始终努力提高自己。
我们的宗旨没有改变，我们有信心创造更大的社会价值，同时扩大我们的业务。通过科技创新，我们将继续创造充足、优质的就业机会，为消费者的生活带来便利。
我们将帮助加快产业布局，帮助中小型商户更高效地经营，相对创造一个更加活跃、开放、多元化的市场，同时继续为农村地区带来更高效的物流网络，帮助农民提高生活收入，实现乡村振兴。
此外，我们将发展共享出行业务，实现碳中和，以实现未来的可持续发展。我们将利用我们的技术路径，帮助人们做更多的事情，享受数字经济带来的好处。我们的使命没有改变，让人们吃得更好，生活得更好。
【译】问题二：
感谢管理层。我的问题还与法规有关，我们是如何看待最近关于保护新形式就业的《关于维护新就业形态劳动者劳动保障权益的指导意见》？以及关于保护送货员《关于落实网络餐饮平台责任切实维护外卖送餐员权益的指导意见》？你将如何调整送货员的福利？谢谢你。
【译】回答：
王兴，董事长、CEO：
当指导意见发布的时候，我们的管理团队对文件进行了深入研究。我们认为，这些指导方针已经全面考虑了新的劳资关系，例如送货员。它阐明了各方的责任，介绍了这一系列切实可行的新措施。因此，这些（指导意见）对于促进按需配送行业的持续健康发展具有重要意义。
我们有这样一个专门的工作组，根据我们目前的实践，接受指导，并自我检查、自我完善。目前我们已经解决了一些问题，改进了一些做法。其他也在处理中，目前工作进展顺利。我们将严格遵守指导方针，积极履行我们的责任，为保护外卖骑手免受劳资关系的影响做出更大的努力。
目前，我们已率先响应政府号召以预防和解决职业风险。针对骑手的担忧，积极提供外卖骑手的工伤保险。展望未来，我们将与相关部门合作，为外卖骑手群体提供更全面的福利计划，并进行高质量的推广，助力行业发展。
在提升配送多元体验方面，我们将继续升级现有系统的智能化。我们将通过采取不同的运营策略来提高送货时间的灵活性，并考虑到不利或不可控因素，在长时间工作时为骑手提供合理的休息时间，我们将调整我们的订购系统，强制（工时过长的）骑手休息。我们将继续提供更好的设备和服务，例如智能头盔和电池更换服务，以保护送货骑手的人身安全，提高他们的工作便利性。
我们非常关注外卖骑手的反馈，并不断改善外卖骑手的工作环境。我们还将通过举办更多的产品体验研讨会和实地研究等小组会议来继续拓宽他们的反馈渠道。
并且为了帮助外卖骑手的长远职业发展，我们推出了“站长培养计划”。该计划为高潜力的骑手提供职业上升渠道，使他们成为经理等职务。同时，我们和国家机构合作，帮助外卖骑手提升职业技能和学历，通过转换机制提升职业生涯，实现更多元化的职业发展目标。
此次权威部门发布的指导意见，为美团在职业政策部分提供了更加明确的方向，是对配送行业一种新的提升方式的补充和动力。我们一定会努力提升自己，以自己的行动在配送行业树立榜样，推动公司、按需配送行业和外卖行业的健康可持续发展。谢谢你。
【译】问题三：
晚上好。关于监管，是否可以与我们分享一些关于外卖业务的长期经济性，过去各种不同的变化？然后，我想，Xing（王兴，董事长、CEO）你很早就提到了提高效率的技术。那么，能否就进展情况，以及我们在未来几年可以看到的什么潜在的好处，给我们提供一些看法？最后，关于数据相关的法规对我们的营销解决方案和营销收入的潜在影响有什么看法吗？谢谢你。
【译】回答：
王兴，董事长、CEO：
我来回答第一个问题。未来随着外卖骑手福利的改善而增加，我们相信福利的改善将有助于我们提高平台上的外卖骑手留存率，从长远来看有利于行业的健康发展。
因此，我们相信我们会通过不同方式进一步提高配送效率。例如，我们更广泛地采用了智能储物柜等新的交付模式，事实证明，该模式在运营区域具有更短的交付时间，并确保了交付骑手和消费者的良好体验。
与此同时，自主交付一直是我们提高交付效率的关键研发重点。过去几年，我们积极发明和设计自动送货车和送货无人机，因为我们相信一旦广泛应用，将对我们的业务产生重大的积极影响。我们的目标是构建一个全面的配送网络，希望在未来提高我们的效率。
截至目前，我们的自主配送已在北京部署一年多，累计配送订单近5万单。今年4月，我们推出了我们开发的自动送货车，以在未来几年内更广泛地部署。7月，我们有效地推出了自主交付无人机，我们已经测试和开发无人机服务超过三年，并在今年年底为实际的订单使用无人机配送服务。我们积累完成了超过2500个订单和220000次无人机试飞。
在广州疫情复发期间，我们利用在深圳南山区建立的城市物资运输的空中通道，为该地区的居民提供物资。在最近的新冠疫情反复期间，我们还使用我们的自动送货车向居民运送必需品。我们还对无人机送货的工作人员进行相关培训，并通过我们的投资积极为该领域的发展做出贡献。
总体而言，我们相信我们将通过进一步提高交付效率，以增加未来订单密度，我们有信心通过以设定目标利润的方式驱动业务发展，可以承担更多的社会责任。
陈少晖，CFO：
我认为，首先，我们已经仔细研究了与数据相关的新政策。我们认为这符合公司的理念和政策，我们应该始终保护我们的用户隐私和我们的平台的订单数据。所以我认为我们完全理解新政策背后的基本逻辑，我们也将严格遵循后续的监管要求。
总的来说，我们认为这对整个行业来说是正确的举措，而且从长远来看，将对行业产生积极影响。我也认为应该促进行业竞争的公平性。我们将继续评估（政策）对我们的影响，并遵守监管机构的要求。谢谢你。
【译】问题四：
感谢管理层回答我的问题，并祝贺强劲的季度业绩。我有几个关于拼车或共享出行业务的问题。我们注意到美团最近加大了对自营共享出行业务的投资，我们是如何看待这个行业未来的机会的？是否可以与我们分享任何业务战略的更新？我们应该期望在不久的将来进一步增加对该业务的投资吗？从长远来看，我们对拼车业务的盈利能力应该有何预期？最后，关于监管机构对出行服务的佣金率上限的要求，有什么可以提供的信息吗？非常感谢。
【译】回答：
王兴，董事长、CEO：
正如我们所知，共享出行业务属于高频率和大众市场类别，我们相信它具有潜力。四年多以前，我们通过自营模式开始了我们的共享出行业务。然后我们通过聚合其他平台的的共享出行服务进一步扩展了我们的地理覆盖范围。我们聚合的商业形式在好的季度显着扩大了司机的供应；而自营车型使司机的提供保持稳定，尤其是在高峰时段，带来更好的用户体验。
去年，我们只在上海和北京开展了自营模式。然而，我们现在相信我们的能力和市场环境已经达到了我们可以在更多城市进一步扩展我们业务的地步。自7月以来，我们的自营模式进一步拓展至30多个城市，之前我们仅在这些城市提供聚合式的共享出行服务。在运营方面，我们认为在这些城市开始自营模式的共享出行服务具有战略重要性。我们继续招揽司机与我们合作以扩大我们的能力。
我们还将通过营销促进我们的业务增长。在短期内，营销费用使我们的整体费用略有增加，（但）我们将依然保持财务稳健，以实现可持续增长。
根据交通部，拼车公司需要限制对司机的抽佣比例。一旦（规定）有进一步的更新，我们将严格遵守。目前，我们的佣金率符合行业标准，并因地区和时间而异。我们预计（政策）不会对我们的运营产生重大影响。
在分析了中国和其他国家的共享出行业务后，我们仍然认为我们的共享出行业务具有规模化的潜力，并在运营效率的持续提高方面具有长期前景。而且我们相信，从长远来看，共享出行和自动驾驶可以创造更多的社会经济价值，我们不关注短期绩效，而是关注共享出行为人们创造的长期价值。
4、拼多多
问题一：
第二个问题，我们注意到，新的个人信息保护法规和一些平台的变化使商家更难获取用户信息。我只是想了解一下你们的想法，商家对平台的依赖程度会不会因此受到什么影响？商家对平台上的广告工具的需求有什么影响？以及你们计划如何解决他们的需求，稳固消费者关系？谢谢。
回答：
陈磊，董事长、CEO：
我先回答一下第二个问题吧，就是关于数据保护的问题。最近出台了一系列针对数字安全的策略和法律法规，我觉得是对所有涉及数据的企业提供了一个可以参照的准则。我们觉得这是对整个行业中的企业、平台、消费者的长期健康的发展是有益的。从中短期来看，我会觉得根据业务形态的不同，大家会看到这些变化对商业模式、广告收入带来一些影响。但中长期看，我觉得是一个很好的事情。
一直以来，我们都是非常严格地按照中国的数据安全标准来要求自己的。随着行业的数字安全标准的不断完善，我们继续会按照最高的标准来要求自己。我觉得要为平台上的用户、商家提供一个安全的、有效的购物环境。最近，在不同的部门在推出不同的细则，我们也在加紧学习这些细则，我们会根据相关的法律法规来调整所有与数据相关的业务环境。
5、京东
【译】问题一：
晚上好。我有一个关于第二季度毛利率的问题。我们理解一定有不同的因素在起作用，因为我想Sandy（许冉，CFO）也提到，你们有京东物流，有收入结构的变化，有一些新的业务，如京喜拼拼的发展。因此，能不能多谈一下第二季度，或是接下来几个季度的毛利率趋势背后的不同因素？所以这是我的第一个问题。
然后是会计方面的一个后续问题。Sandy（许冉，CFO），鉴于其他一些互联网公司提到了一些优惠税收政策的潜在变化，我们是否同样应该期待远期税率有任何变化？
【译】回答：
许冉，CFO：
感谢你的问题。对于毛利率，让我逐个部门向你介绍。
我在开场的业绩报告中提到，就京东零售而言，如果你看一下目前的毛利率，本季度与去年同季度相比，实际上上升了30个百分点。因此，这是一个积极的、改善的趋势。而这是由我们的技术驱动的规模经济和履约效率所推动的。由于收入结构的变化，在内部我们不管理，也不看毛利率的变化。另外，业务组合的转变会影响整体毛利率的趋势。
其次，一方面，我们正在采取全渠道战略；而另一方面，因为我们正在利用线下业务伙伴的仓库和库存资源，所以在这种情况下，有时我们会与他们分享一些毛利，但这个策略帮助我们节省了成本。因此，毛利率实际上提高了，而你可能看到全渠道战略下的毛利率却下降了。因此，毛利率对零售业务不再有很大的意义。所以今后，我也鼓励投资者和分析师看一下零售业务的实际毛利率。
关于物流业务，我之前谈到了一点关于这个业务的营业利润率，主要的变动因素是我们去年收到的社会保障退款。因此，在合并财务报表中，这笔退款影响到了2个财务报表项目：一个是我们物流业务的销售成本，另一个是零售业务的履约成本。对于物流的利润率，它也受到产能投资速度的影响。去年上半年，我们没有像正常情况下那样进行产能投资以支持其未来增长。因此，我们在去年下半年进行了一些前瞻性的投资。随着我们规模的增长，这些投资将逐渐被吸收。
第三，关于新业务，在这个阶段，与我们的核心零售业务相比，它的毛利率相对较低，因为我们仍然在建立我们的供应链能力。正如我提到的，这些投资是为了未来的增长潜力。因此这就是为什么在综合层面上，你会看到我们的毛利率可能受到了一些影响。
关于你的第二个问题，即有效税率，我想说首先，与其他一些科技公司相比，京东的利润率一直相对较低。截至2019年底，我们在合并层面上有较大的累计亏损。而且你可以从我们2020年年报上看到，我们的一些子公司仍然有相当大的净营业亏损，这可以在未来用于税收减免。
其次，我们在中国的大多数子公司的所得税率为25%，其中某些子公司受益于相关税收法律和法规的优惠待遇，包括高新技术企业、软件企业和西部地区的鼓励产业。截至今天，我们申请的税收优惠还没有被拒绝过，我们没有收到任何通知。
因此，最近你们听到的有关其他公司税收减免的消息主要集中在重点软件企业，而我们的子公司没有申请过重点软件企业的资格。因此，我们认为在未来，京东是一个新型的基于实体经济的企业，收入主要来自于零售和物流业务以及供应链相关的服务费。因此，我们的税务处理不会受到重点软件企业政策变化的影响。
问题二：
谢谢管理层。我的问题主要是想稍微展开来讲一下监管的各方面的影响。首先，最近出台的一些政策会不会影响我们，不管是员工，或者是平台上的用户数据、用户体验，各方面的影响？第二个问题，监管如果对我们的商业化有很大的影响，我们在近期会不会有一定的受益？好比二选一，在下半年，会不会对我们的GMV或者商家的数量有更多的一些帮助？
回答：
徐雷，CEO：
关于监管的问题，那么近期政府确实出台了一系列的关于互联网行业的监管政策。我们认为长期还是对行业来说是利好的，（是促进）良性发展的，因为在京东发展历史上，我们其实受到了一些行业不正当的行为，比如说“二选一”、资本无序扩张的过度补贴，其实对我们的业务发展是严重干扰的，所以说我们非常欢迎行业监管的加强，而且我们坚信这个是对整个行业，包括对京东来说，是一个健康发展的。
根据我们的关注和持续的学习，国家监管主要是集中在几个方面：资本的无序扩张；数据隐私安全；技术和算法的滥用；还有就是系统的封闭。那么，对我们来说，我们也在根据这些要求进行主动的自查。从目前角度来说，应该说我们已经完成了自查和整改的内容。同时，我们在内部也建立起了监测体系，来避免违反国家的明确的规定。那么，我们也向监管部门沟通，我们目前整体督查的进度也得到了积极的反馈。所以，整体来说，对我们影响还是不大、比较平稳的。
在这里，我想重点提到，关于用户隐私和数据保护的监管。用户的隐私保护，包括合规，应该是我们一直在遵守的第一准则，我们一直是比较尊重用户的隐私和安全的，比如说新的政策和监管，目前来说，对京东的业务，包括广告业务，影响应该是比较小的。但是我们预期用户隐私保护的加强会持续。所以，更加合规其实是全行业，乃至全球的大势所趋。我们判断会对以广告为主的平台的影响会更大一些。
我再回答一下关于“二选一”的回归品牌。实际上，从去年年底到今年年初，我们陆续会有一些新的品牌加入，以及过往的“二选一”品牌回归到京东。回归的品牌包括星巴克、雅诗兰黛，新品牌之前也介绍过了，像宝格丽，包括有一些国内的新兴品牌。它们应该是通过多种模式创新的方式与京东品牌展开合作。我们也针对这些新回归或者新加入的品牌进行针对不同层级的商家的支持计划，包括对新商家的春苗计划，包括针对KA的成长路径规划。当然，就像我上面讲的，所有的新品牌、商家在一个新的平台上面，它们的成长应该都需要一定的时间，包括它们对新平台的运营，包括在消费者面前，它们都需要一段的时间去达到消费者的心智，当然我们会去做更多的配合。
另外，我再分享一下我们在618期间整体的POP业务的增速是高于我们自营9 pct的，也成为了我们二季度的业务增长的重要驱动力。尤其是我想包括很多分析师，包括可能消费者认为，京东是一个标品为主导的、带电品类的、自营为优势的电商平台。那么手机和笔记本这两个品类实际上增速和POP业务增速都非常非常的高，手机的POP业务在618期间的增速甚至超过了100%。那么，其实可以证明京东零售平台的生态化能力是在持续提升的，实际上在未来，京东平台上包括了我们的B to C的自营，也包括了B to C的POP，也包括了我们全渠道的到家的、到店的业务、及时零售的业务，实际上我们是一个多种模式组合的零售平台。
6、网易
问题一：
我想问一个关于监管的问题。丁总，您能不能给我们介绍一下咱们对于青少年反沉迷的一些相关的措施？然后应该怎么看待最近新政策的出台，就是青少年周一到周四不能再玩游戏了，只能是周五到周日每天的晚上八点到九点玩一个小时，这样的一个新的政策环境对我们的业务和游戏收入会有什么样的影响？能帮我们解答一下吗？谢谢。
回答：
丁磊，CEO：
昨天各位可能通过新闻也看到了国家新闻出版总署对于未成年人防游戏沉迷的决定。这个决定的主要内容就是一个星期只能有三个小时的时间，让未成年人玩游戏，而且时间是主要安排在星期五、星期六、星期天，以及法定节假日的晚上八点到九点这个时段。
网易作为一个中国主要的游戏开发商，我们积极拥护和支持这一项决定，严格落实这项决定。的确，在过去的一段时间里面，我们发现有些游戏让未成年人沉迷于其中，影响学业和身体健康。我想这个最严格的限制未成年人玩游戏的决定出来以后，会让未成年人最大程度的远离对游戏的依赖。我们也希望整个行业里所有的公司能够积极地落实这项决定，让中国的未成年人在一个更加健康的环境下这个成长，所以我们觉得这个是一个非常好的措施。
那至于从收入来说对我们的影响，我也想今天通过这个会告诉大家，目前我们测算到的数据是1%不到的财务影响（来自于18周岁以下的未成年人的收入占营业收入的比重）。
问题二：
我有两个问题，第一个是对刚才问题的跟进。在新的政策下，未成年人接触游戏现在的机会小了，短期来讲我也同意，对我们的财务影响比较小。但是在中线来讲的话，对我们培育新的玩家会不会有影响？我们对这个方面有什么应对的措施吗？第二个问题就是关于音乐方面的。现在音乐的版权垄断没有了，对我们网易云音乐方面对版权投入的方向跟力度，我们有什么想法呢？
回答：
丁磊，CEO：
我想未成年人的健康成长是一个国家最重要的未来利益。我觉得作为一家公司，我们要着眼与大处，我们有能力做出更加精品的寓教于乐的游戏。不只是说在中国，能够在全球范围内都取得成功。我简单的说，我们不会去打未成年的游戏的这个主意。
第二个就是我们可以看到腾讯音乐放弃了音乐独家版权的公告，我们非常期待。这是一个真心实意的、不含任何阳奉阴违的决定。在这里，我们也呼吁唱片公司以开放、公平、共同创造行业健康发展的理念，开放授权。我们愿以最大的诚意，我们也有足够的资金和各个唱片公司展开广泛的授权合作，共同来建设中国的音乐市场。
我们非常感谢国家市场监管部门做出的反垄断的处罚决定，给整个行业释放出一个非常明确、积极和振奋人心的信号，广大用户和相关的从业公司充满了期待。
问题三：
晚上好，谢谢管理层接受我的提问……另外的话，是关于最近的监管环境的，就是看到了饭圈，还有直播会加强监管。想问一下，最近政策的收紧会对我们粉丝，或者是对音乐方面的影响？另外的话，也是想看一下，对我们的音乐、直播那边的影响可不可以分享一下呢？
回答：
丁磊，CEO：
第二个事情，就你提到的，国家对于饭圈清朗行动等方面的整顿和处理，我们是抱着非常积极和支持的态度。对我们的音乐来说影响不大，网易云音乐更加关注的是如何去繁荣和发展中国的原创音乐。我们会重点去帮助和扶持中国的音乐人，这些都是有能力的草根音乐人，所以与饭圈的这件事情关系不大。
7、百度
【译】问题一：
跟进一下之前对法规的简短评论，我实际上对数据安全有疑问，这对百度会有什么影响？为了确保在9月1日之前遵守数据安全法，我们需要做什么或需要做哪些更改？然后随着我们刚刚结束夏季奥运会和冬季奥运会的临近，您能否可以提供一些最新的Robotaxi，甚至机器人商业化服务方面的更新？在即将到来的冬季比赛中，对乘车需求有什么期望吗？您认为百度的无人驾驶汽车服务能否利用这次大型活动吸引更多的商业用途和提升品牌形象？谢谢。
【译】回答：
李彦宏，董事长、CEO：
数据安全对我们来说非常重要，过去几年我们一直在改进内部数据安全系统的管理。我们的管理团队中有一个数据隐私委员会，负责监督整个公司的相关事务。我们还积极协助制定行业标准。整体来看，百度在数据隐私和数据保护方面的评级在同行中名列前茅，所以我非常有信心能够在数据安全和用户隐私方面很好地应对新的监管环境。
在奥运会方面，我们确实计划在冬季奥运会期间用我们的机器人出租车做点什么。但重要的是，我们刚刚在第四个城市启动了自动驾驶出租车的运营，也就是广州。我认为我们将继续在许多不同的城市、不同地区推出我们的机器人出租车服务，而且我们提供的乘车次数增长非常迅速，正如我在开头的业绩报告中提到的，我们为客户提供了47,000次乘车。这比今年第一季度增长了20%。所以我们相信规模会增长得非常快，我们将能够学习各种极端情况并迅速改进我们的技术。我很乐观地认为，未来两三年内，Robotaxi将在30多个城市上线。
余正钧，CFO、CSO：
我只想补充一点，与Robin（李彦宏，CEO）刚才所说的有关。你专门提到了冬季奥运会。如果你了解一下最近在北京首钢公园，我们相信我们是世界上第二家真正拥有无司机的无人驾驶汽车公司。所以我认为这显示了我们在自动驾驶方面的多年经验，也显示了我们已经为自动驾驶进行了一段时间的运营。这就是为什么我们可以获得许可并开始实际测试。所以它对公众是开放的。你们可以来看看自动驾驶是如何在没有人坐在驾驶座上的情况下完成的。
【译】问题二：
感谢管理层给我机会进行提问。其实我有两个问题，都是对前面几个问题的跟进。首先是关于监管，感谢管理层之前对关于数据隐私的评论。数据安全问题有什么可以分享的吗？我们有没有从政府层面的监管机构那里听到任何消息，政府是否允许私人公司——像我们这样的科技公司——完全掌握敏感的道路数据？或者是否有任何关于与政府建立合资公司，以完全访问这些数据？（这些数据）完全掌握在私人公司手中吗？这是与数据安全相关的第一个问题。
我的第二个问题与Robotaxi有关。2025年甚至更长时间，我们应该如何预测渗透率？经过认证的无人驾驶汽车的移动渗透？我问这个问题的原因是，既然目前无人驾驶汽车仅限于特定地点的某些使用场景，那么我们应该如何看待未来的渗透？谢谢。
【译】回答：
李彦宏，董事长、CEO：
关于数据安全的监管，我们与监管机构保持不断地对话，正如我提到的，有时我们参与行业标准的制定。所以我想说我们有一个非常高的标准，我们还没有听到任何会对我们的业务运营产生不利影响的、非常突然的事情。
关于Robotaxi的普及，对，就像我说的，我们是循序渐进的。有些道路适合自动驾驶出租车，有些道路不适合自动驾驶出租车，我们正在仔细选择要在哪条道路上运营。但如果你看整体市场，我认为你乘坐的网约车每天可能有大约5000万个订单，（所以）我认为我们的订单数量很容易翻倍。这是一个巨大的市场，这仅取决于我们改进技术和扩大服务的速度。
【译】问题三：
感谢回答我的问题。让我问一个关于广告业务的问题。我查看了第三季度的业绩指引，我们一直在谈论COVID-19复苏的一些潜在影响。所以我只想问，首先，这是我们已经看到的，还是更对未来的预测？其次，我们还看到了新冠疫情和不同行业的一些潜在的影响。所以想了解目前不同垂直行业的优势和劣势。我们是否会看到进一步的影响，例如在线教育、电子商务或其他垂直领域？谢谢。
【译】回答：
李彦宏，董事长、CEO：
感谢你的提问。你是对的，我们已经看到COVID-19对第三季度的影响，尤其是对旅行的影响。我们看到了第三季度前几周有一个非常好的趋势，但肯定的说，反复的疫情确实扰乱了这一趋势。另一方面，我们在媒体、职业教育这些垂直领域取得了不错的进展。因此，谈到监管，到目前为止，我们看到了K12教育和其他垂直领域的一些情况。首先也是最重要的是，K12教育本身对我们来说是相当大的垂直领域。在我们的第三季度的业绩指引中，K12教育占了很大的部分。我们对K12教育方面的创新非常乐观，因为我们可以看到两个潜在的好事：第一，我们期待K12业务的团队可以继续扩大；第二，据我所知，一些资源已经转入职业教育领域，这是一个非常好的垂直方向，我认为我们会发展很好。
8、快手
问题一：
管理团队，谢谢给我机会提两个问题……另外一个就是关于监管的问题，可不可以跟我们讲一讲现在初步来看，会不会发现有监管可能会对我们的运营有一些影响？比如说关于数据的一些新的法律。
回答：
宿华，CEO：
我回答一下第二个问题，关于监管的问题。首先，当前是整个社会的发展进入了一个新的阶段，我们既要关注效率，更要关注公平。作为一家企业，快手是从第一天就在坚持公平普惠，让每个人都享受到科技进步的好处，这是我们的价值观。从这个角度来讲，快手的使命和当前社会发展大方向是完全一致的。我们与监管部门也始终保持着积极的沟通，针对包括数据安全等涉及生产经营的底线和红线的要求，我们很早就开展了合规的准备工作。
无论是整个互联网行业，还是我们作为一家企业，都应该积极承担相应的治理责任和社会责任，我们相信监管和企业的良性互动能够让数字经济发展得更好、更快。短期，从收入角度来看，因为各类政策的调整和适应，（快手）的确会受到一定影响。在那这方面，我们和行业基本是一样的。
问题二：
晚上好，谢谢管理层接受我的提问，我有两个问题……第二个问题是关于看到第二季度的广告业务都是保持强劲的增长，想了解一下我们的广告业务，特别是品牌广告的进展？另外最近看到了宏观环境的不确定性，对我们广告业务有什么影响？
回答：
宿华，CEO：
我再来回答一下关于广告的问题。首先，二季度，我们的广告收入达到100亿元，同比增长超过150%。随着我们基础设施的完善，以及销售队伍的充实，越来越多的广告主看到了快手平台以及快手用户背后的价值，我们的活跃广告主数量在二季度持续保持高速增长。我们年初制定的品牌广告战略取得了初步的成果，我们为品牌广告组建立了一套闭环的解决方案，帮他们拍短视频、做直播间，管理的话是有流量，最后做电商的变现，效果的话也比较好，我们的品牌广告占比在持续的提升，品牌广告主数量较去年同期增长了近四倍，帮助公私域联动的内循环广告也保持着稳定的增长。
往后看，我们的广告业务我觉得还有很多的抓手，比如说一是与电商业务的联动，持续推动内循环广告的增长；二是继续提升算法、产品和运营的基础能力，提升客户价值；再有就是重点行业的集中突破，继续提升我们在这些行业的市占率。虽然说广告市场的环境变化肯定也会对我们的业务有一定的影响，在这一点上，我们与行业差不多。但是整体来看，可能全年看，广告业务依然在一个高速的发展过程中。
9、哔哩哔哩
问题一：
感谢管理层接受我的提问，恭喜非常强劲的业绩，特使是广告增长方面。我的问题是关于广告业务的。今年上半年我们的广告收入增长超过200%，想问一下我们应该怎么看待下半年收入的趋势和增长点？也考虑到最新的总的监管要求，比如说数据收集、开屏广告、行业等。
回答：
李旎，董事会副主席、COO
第二季度，我们的广告收入第一次超过10亿人民币，同比增长超过200%，确实已经实现了9（连续）个季度的超预期的增长。为了下半年，甚至更长期，商业变现效率和广告的收入其实在这个季度我们除了历史的基础建设以外，还是做了几件比较关键的事情。
首先在商业产品上，我们主要围绕客户的需求，把B站拓展的多场景化实现了。实现一个客户只要在B站进行了投放，可以在B站生态的不同的场景和不同的端口，可以精准地多次触达用户。这个其实可以方便我们的品牌快速建立与用户之间的相互认知，这个在这个季度已经基本实现。
同时，B站的整个广告模式是整合营销的方式，我们很积极地尝试新形态的模式，其实广告的视频化和广告与up主创意连接将会是个大方向。刚才其实你也提到监管的问题，其实监管的逻辑更多是希望消费人群被告知的情况下去看到广告，但是B站的广告逻辑一直都是我们希望做到的广告是非阻拦式的广告，这是第一点。我们做的所有广告是倾向于“内容即广告，广告即内容”，好的内容可以是很好的广告，但很好的广告依然可以是很好的内容。这个就是我们在up主生态和整合营销上其实已经验证，也比较顺利成功的点。
第二点，我们还是继续把我们的算法策略的商业技术团队进行了进一步的加强，就实现了变现效率持续的高速提升。这个部分，除此以外，我们还是会对广告前沿的这个技术进行深入的研究以及沉淀。
第三点的话，我们还是会把本来的品位优势提供了完整的解决行业方案，例如游戏、数码、教育、电商、食品饮料等等，那跟随着用户增长的节奏，我们还是积极的拓展了新的行业和大预算的行业，就例如汽车、新国货，在这个季度都能看到很明显的变化。
最关键的这个季度，我们还是对商业化团队的架构进行了升级，把原来的商业流量的管理系统、广告系统和花火系统打造成了B站的商业中台，主要是挖掘B站生态的商业资源，分配商业流量，同时提高变现效率。同时的话，整合了营销团队，和up主的营销团队合并成了一个大的营销中心，为客户可以提供B站特色的整合营销方案的同时，我们会帮助品牌在B站去实现品牌资产的沉淀，以及在B站内部实现营销路径的内循环。
平台的广告价值其实我们一直都认为是取决于用户价值，刚才其实反复提到了B站的用户价值的内容。B站现在平均用户的年纪到了22.8岁，86%还是35岁以下，他们平均还大部分在一二线城市，这批用户我们还是很相信是中国未来消费的主力军，B站也占据了最高的广告价值人群的平台，所以在这样的先天优势下，我们还是会坚定地把广告业务的基建做好。下半年还有未来的一到三年，我们还是很有信心去保持一种健康、高速的增长。
问题二：
谢谢管理层给我这个问问题的机会，也在此恭喜非常强劲的业绩。刚才从广告的角度讲了一下我们对于监管环境变化的一些理解，那我换一个角度，对于数字娱乐方面，特别是游戏和直播这两个行业的这个监管政策的变化对我们B站的业务有没有什么影响？
陈睿，董事会主席、CEO：
其实今年并没有什么对于游戏、视频行业监管的明显变化。我觉得最近所有关于游戏和视频行业监管变化的讨论其实都是在自媒体层面的讨论。我们也会接触很多政府对话之类的，但是我们说实话，从公司层面，我们并没有感觉到游戏和视频方面监管的政策近期有什么变化。我觉得更多的是自媒体在讨论，或者是网上的人在讨论。讨论的东西我觉得以猜测和想象为主，并没有所谓的依据。
我其实觉得对于游戏也好，对于视频也好，甚至说是对于整个互联网行业来说也好，全世界各个国家对于这些方面的监管从趋势来看都是越来越规范的，其实今年在这块儿并没有什么新的消息，就是视频和游戏方面。
我再多说几句吧。其实包括过去，我们B站一直以来对于政策的监管我们的态度都是很积极的，因为我觉得对于一个大的并且发展很快的一个行业，政策的监管促使这个行业朝健康的方向发展，它是必要的。
随着行业发展得越来越大，它势必对于社会的影响也会跟过去不一样。在这种情况下，对于行业的监管变得更规范、更细致，我认为也是很自然的。视频行业未来一定是超过一万亿的产值，游戏未来一定是主流的娱乐方式，所以我认为它们跟过去不一样，过去他可能是个新兴的，所以可能政府也不知道具体怎么去细节上要求，而随着行业越发展越成熟，影响力越来越大，政府对于细节上的要求肯定会越来越规范，我觉得这也是自然现象。
对于视频、游戏方面的监管，他的这个措施也都是非常明确的、非常清晰的。首先，政府是希望看到这个行业发展的，他们是鼓励这个行业健康发展的。其次，他们对于不希望出现的一些点，要求也是非常明确的，比如说对于未成年人游戏能不能有限制，比如说对于内容的合规性、合法性的要求，都是非常明确的。反正对于我们公司，就对于B站在过去在这一块儿，我觉得我们的工作也一直是很清晰以及很明确的。
我感觉对于视频也好，对于游戏也好，发展的趋势肯定是朝前发展的。同时，我觉得像我们这样的互联网公司，我们也一定会做好相关的（措施），达到政府的要求，比如说在未成年人游戏，比如说在内容的合法性、合规性方面。我个人来看的话，其实我对这方面一直是乐观的，我觉得行业一定会发展得越来越好，并且越来越健康。
这个行业跟十年前不一样的是，如果说十年前还带着一些野蛮生长的感觉的话，我觉得现在这个行业其实都挺成熟的。从业的公司都已经至少是几年、十几年的从业经历了，所以我觉得行业的从业者其实也能够很清晰地认识到“健康发展”对这个行业的重要性，这其实是一个共识，这个共识就是行业的公司和政府已经形成了这样的一个共识。事实上，我们也在比如说减少未成年人玩游戏时间。从我们内部统计的数据来看，18岁以下的用户在我们游戏里的充值占我们的——从2021年的统计数据来看——游戏收入的1%左右。事实上，所有的游戏公司也都在限制和减少一些我们看来不健康的（发展），所以我觉得目前的形势其实是朝积极的方向发展。
最后我总结一下吧，我觉得过去几个月我并没有感觉到在游戏和视频的监管政策方面有什么大的变化。我们一直觉得政府在这方面的监管是合适的，并且是科学的。而且行业里的厂商对于这些监管的方向也是认可的，这个已经形成了一个行业的共识，所以我觉得整个行业的形势是积极的。
10、腾讯音乐
【译】问题一：
早上好，管理层，感谢回答我的问题。我想跟进一下管理层刚才的评论，我们预计业务运营将会在监管发布后受到哪些潜在影响？是否更多与预期的订阅趋势有关，还是更多与未来付费用户转化率有关？以及我们是否有计划或已经采取什么的抵消措施来最大程度地减少影响？是否有可能更多地进行推广，提高在线广告收入潜力？谢谢。
【译】回答：
Tony Yip，首席策略管：
谢谢你的提问。我将答案第一部分，然后其他管理层人员可以继续补充。我想你知道在7月底，监管部门开了处罚，据此，我们必须实施整改计划，在自发布之日起30天内终止独家音乐版权许可。
我们之前接受了该决定，并致力于及时并完全遵守所有要求，而该决定将对我们的音乐业务产生影响，值得注意的是平台上所有音乐将继续提供给我们的用户。我们将根据监管要求专注于加强我们的运营，我们还将专注于通过产品创新更好地为用户服务，Ross（Ross Liang，CEO）和Cussion（Cussion Pan，副总裁）对此也进行了阐述。我们也将专注于促进音乐人和整个音乐产业的健康发展。让我在这暂停一下，看看管理层中的其他人是否还有其他要补充的内容。
Ross Liang，CEO：
谢谢你的提问。我只想补充一点，我认为TME的关键竞争优势之一是我们的双飞轮战略（dual flywheels strategies），意思是我们不仅拥有音乐平台，而且正如你提到的，我们还致力于继续发展我们的内容生态系统，这将使我们在更长期的健康发展中为用户创造价值。正如你所说，坦率地说，我们肯定会按照监管部门的要求及时履行。
而且我们还看到它对我们的运营——我们的日常运营——产生了一些影响，但我认为这不会对我们——例如我们的在线订阅用户数量——产生太大影响。如你所见，我认为我们仍然保持非常好的势头，因为用户了解音乐的真正价值，只要我们为他们提供高质量的内容，他们就愿意为音乐付费。
所以我们有内容，有在线音乐服务，我们（的业务）将以健康的方式发展。而且，正如我提到的，我们继续扩大我们的业务，并与不同的行业伙伴合作，特别是在内容创作方面，不仅是内容制作的上游，而且我们也在做下游，比如组织更多的线上和线下音乐会。这不仅仅是常规的音乐会，我们还有一些创意和新视频，用于与用户进行在线互动。所以我认为双飞轮策略显然将帮助我们长期继续创造有价值的用户。
Cussion Pan，副总裁：
我另外补充一点，我们现在也在和腾讯视频的包月（会员服务）合作，除了我们自身的内容平台以外，我们也可以与腾讯的最大的会员服务做联动。目前已经取得了比较好的结果，可能会在下个季度与大家分享，这也会对我们未来的包月服务有一个比较积极的影响。
【译】问题二：
早上好，感谢管理层挑选我的问题。我的问题是关于我们的长期业务趋势，鉴于我们已经看到下半年开始出现疲软，我们是否仍然期望（可以达到）长期付费会员数量的目标？我的第二个问题是关于我们是否需要注意优惠税率对净利润的影响？音乐平台和广告业务中是否考虑的数据保护和隐私的问题？谢谢。
【译】回答：
Ross Liang，CEO：
我将回答大部分问题，然后Shirley（胡敏，CFO）可以谈谈税收。首先，在数据保护方面，我们致力于遵守数据隐私和数据保护领域的相关监管要求。因此，我认为这是公司内部的一个重要优先事项，我们将继续改进我们的运营模式，以使其合规。就长期增长趋势而言，我们有信心，尽管某些与直播相关的业务短期内出现疲软，但我们对业务的长期趋势充满信心。正如我提到的，我们每季度400万至500万人民币的净广告（收入）仍在继续，我们预计这种情况会继续下去，我认为与我们的长期战略相符，就是我们有关内容和平台的双飞轮战略。
在内容方面，我们的目标是建立最全面的内容生态系统，涵盖广泛的音乐和音频产品。一方面，我们将继续加强和扩大我们与伙伴的合作，以扩展我们的内容库。而另一方面，我们也会与上游内容伙伴合作，我们将与艺术家和独立音乐人合作，共同制作差异化内容，甚至自产差异化内容。
第三，我们将继续促进独立音乐人的发展。我不会在这里详细说明，因为Cussion（Cussion Pan，副总裁）已经谈了很多。
四是深化与腾讯集团在内容制作领域的合作，与腾讯视频、腾讯影业、腾讯游戏、阅文集团等企业共同制作音乐内容，更好地挖掘现有IP的全部价值。
事实上，我们已经与众多知名艺术家合作制作了很多与游戏、电影、文学、漫画、IP相关的排行榜榜首歌曲。而且正如我们在会议开始的论述中提到的，部分受欢迎的电影的主题曲也是TME制作的。因此，我认为这是我们会追求的综合内容生态系统战略。
在平台内，我们的目标是加强我们在音乐、音频和社交使用体验方面的核心竞争力，具体来说，正如Ross（Ross Liang，CEO）提到的，有四个主要领域：
（1）可视化形式是第一领域，继续增强我们所有的视频功能平台。例如，我们在QQ音乐中推出了视频流，这是一种沉浸式全屏视频流。第二个例子，我们将继续深化与微信视频号的合作。
（2）其次，我们将继续强调社会和社区建设。举个例子，QQ音乐推出了扑通星球，这是一个将用户与其他相同音乐品味的用户联系起来的社交功能。我们还推出了新功能，允许用户使用他们正在听的歌曲更新他们的微信状态。因此，我们也有机会在社交领域深化与微信的合作。
（3）长音频对我们的音乐用户来说是一种高度互补的内容和服务。正如我们过去从实际结果中看到的那样，向音乐用户提供音频内容实际上有助于增加平台的粘性并增加整体时间花费，并在音乐和音频方面提供更具吸引力的内容，这与同行业的其他竞争者相比具有差异化优势。
（4）我们继续实施多品牌和多产品战略，产品组合中的每个产品都有其独特的定位，涵盖独特的用户细分市场，具有非常强大的领导力，我们将继续构建跨平台的运营协同效应和跨平台的研发效率。所以我认为这是我们打算追求的整体战略，我们致力于执行它。
胡敏，CFO：
关于税率，我们认为，我们相信我们的实际税率在接下来的几个季度会保持稳定，因为我们在计算我们的有效税率时，我们会直到申请获得批准，才考虑优惠税率的问题，因此这不会影响我们的净利润率。
11、微博
问题一：
晚上好，谢谢管理层接受我的提问。恭喜这么强劲的业绩，还有（给予了）这么好的展望。我主要是有三个问题：第一个问题，想先请问一下管理层可不可以分享一下我们怎么看下半年广告的展望？另外的话，我们在前面的业绩宣讲的时候有提到一些因素会对我们有影响，能不能给一个评估？比方说教育的监管、开屏广告的整治，我们还看到了其他的行业，如房地产、旅游等都有一些影响，所以想看一下，我们对这些因素的评估？第三的话，就是想问一下信息流。广告的增长的驱动力在哪？价格方面还有在库存方面，可不可以分享一下？
回答：
王高飞，CEO：
谢谢你的提问。我先回答一下，我们从整体来看，目前行业和下半年的增长驱动方面。首先去年疫情影响，可能基数比较低，但是我们会看到Q2即使与19年同期相比，广告增速都将近36%-40%，而且相比今年上半年的Q1，增速也有所加速。我觉得这还是微博在整个商业营销体系、在市场里突出了品效合一，包括内容营销和热点营销。这些优势其实都是大部分产品不能够同时具备的，这也促进了我们几乎在所有的行业里，今年上半年都保持了一个非常明显的提升。包括像FMCG，这次增速比较快，超过50%。即使今年大家都知道，像数码和汽车，虽然整体行业并不乐观，但是我们的这些行业的广告增速也都超过了50%。所以我们会看到，我们目前的销售和产品体系可以越来越多地承接这些行业里面头部客户的品效合一的营销需求，而且客户对我们的营销服务也（给予）更多的认可。
我们刚才提到的客户需求，我们的特色方面。另外，我们看到广告的库存和广告产品方面。一方面，库存我刚才会议里面也提到了，今年上半年视频流量的增长给我们带来了大量新增库存，而且这些库存的ad load等都会比较高。同时我刚才也提到了，奥运会使我们在七八月份达到了历史流量的峰值。而且从八月份以来，流量的增长还在持续，这也对我们信息流的广告库存带来了更多的空间。广告产品方面来看的话，刚才我提到了，其实我们除了效果广告之外，微博的品牌和内容营销的广告组合其实也越来越受到我们客户的认可，而且正逐步成为广告收入增长的关键性驱动。
价格方面，在去年下半年eCPM回升的基础之上，我们随着核心的行业客户需求持续增长，再加上我们超级粉丝的升级，今年上半年都带来了广告效果的持续提升。尤其是我们针对游戏、电商等效果行业，持续优化我们广告的产品技术和服务能力，这些行业eCPM同比提升都非常明显，也带动我们整个微博现有广告在今年Q2的eCPM价格同比保持三位数提升。
针对下半年的——您刚才提到的——一些行业负面因素，包括教育行业以及房产，我们确实看到这些行业的客户在下半年在微博的营销计划是有明显的下降的。但是这些行业——刚才上面提到了，例如教育行业——整体广告收入的份额大概到2%，整体影响对我们还是可控的。
另外对于开屏广告而言，我们会看到开屏广告的治理其实对于整个行业和微博都有一定的影响，主要表现在开屏广告点击率的下降，影响了效果为导向的客户投放的计划。但从微博自身角度来看，我们主要客户在微博投放开屏还是以品牌宣传为主，他们更多的关注点是曝光量，而不是点击率，以效果为导向的开屏广告的占比比较低。所以说从我们广告整体收入的大盘，我们认为影响可控。
从微博自身角度来讲，我们目前Q3的收入指引已经反映了基于目前最严的监管和市场环境的预估，例如教育行业，我们开屏所有的效果广告的影响。那如果除去上述的监管因素，我们原本在三季度和下半年的增速其实会更强一些。但是从我们自己角度来看，也会积极优化我们的广告模型，比如开屏广告，我们会采用一些新的广告形态，包括一些广告推荐的算法去提升，把这种负面的政策对我们的影响降到最低。这部分来讲的话，因为还在具体的执行过程中，所以说我们在收入预期里面并没有考虑这些可能带来的增量。
问题二：
好的，谢谢管理层接受我的提问，也恭喜微博强劲的业绩。我们二季度的用户表现不错，同时增速有加速，所以管理层是否可以分享一下我们七月、八月看到的一些情况，看今年下半年的用户预期？我们同时也注意到微博最近开展了饭圈整治，就请问这个对我们下半年的用户增长和流量是否会有影响？谢谢。
回答：
王高飞，CEO：
先介绍一下我们上半年以及目前（正在实行的）流量增长的策略吧。从去年四季度开始，我们加大了在用户获取、微博的核心用户留存的投入。首先在渠道方面，我们加大了与厂商、运营商、其他重点APP的合作，我们从渠道获取用户的规模比去年同期大约增长了一倍。但是我们也同时看到，因为整个渠道策略的优化、留存率的提升，以及渠道竞争的相对下降，我们其实获取用户的成本也在大幅下降，所以整体来讲，投入并没有特别明显的上升，这我觉得是好的方面。
产品方面，我们会看到，刚才前面也说了，像今年的兴趣类的策划产品，包括我们的关系流都获得了不错的增长，包括用户的留存以及用户的活跃度。同时，在热点事件的推动方面，大家从奥运会可以看到，微博这样的一个产品形态其实可以在这种重大事件的时候比较好得——与其他的短视频、长视频的平台相比——更加有效地获取用户的关注和讨论，以及获取用户的能力。而且这种优势我们会看到，随着奥运会的结束正在持续保持下去，整体来看，三季度应该有一个非常不错的结果。虽然微博目前在中国互联网渗透率已经达到了比较高的水平，但是我们会看到随着微博核心属性，在用户群的持续渗透，我们认为在今年下半年和中长期，我们还是可以获得持续稳健的用户增长。
刚才您提到，您也关注到了，最近的饭圈治理的情况。其实如果您关注微博平时的公告的话，微博其实并不是二季度才关注到饭圈的相关问题，微博在2020年二季度已经开始重点关注饭圈的一些负向影响，并开始调整我们的产品的运营，而且强化针对明星经纪公司，包括粉丝团的规范管理，以及鼓励明星参与正能量和公益的行为，去引导在微博平台上粉圈的良性的发展。我们应该从去年的财报会——我之前先看了一下——从去年年中至今，微博累计治理饭圈等专项工作发布公告大概已经有将近40起。
其实大家也知道，对于微博这个生态和用户方面，娱乐的确是微博重要的垂直领域，所以说我们从去年针对于娱乐行业做的这些内部的产品和功能的改造，其实对微博的流量是有一定的影响。在去年的下半年和今年的上半年，我们在关闭账号、热搜榜单优化，包括饭圈的粉丝账号的管理上，其实已经做了比较多的工作，例如热搜榜的娱乐的占比大概从去年的将近30%-40%，今年的二季度已经下降到25%。这些流量其实影响的是去年的下半年和今年的上半年一季度，但是我们会看到这样得治理工作，也让微博在更多的去规范我们的整个生态，对整体的生态是好的。
整体来看，我们觉得饭圈的治理其实是我们整个娱乐行业规范化措施的一部分。作为运营超过十年的互联网社交媒体平台，微博也见证了娱乐行业的起起伏伏，也见证了我们整个监管逐渐完善的过程。我们在过去的十年里一直是与政府保持了有效的沟通，根据要求和跟踪一些大的趋势，不断主动调整我们的产品运营。我们也相信这些治理不但对于微博是进一步的规范，同时对于行业也是进一步的规范，那对于互联网整个平台的持久发展也是有利的。
12、爱奇艺
问题一：
谢谢回答我的问题。我的第一个问题是，管理层可以详细说明最新的监管环境，尤其是有关内容的总体方向吗？谢谢。
回答：
龚宇，CEO：
关于监管，对于爱奇艺来讲是两个方面：
一个方面是常规业务，主要是内容方面的监管，监管的原则有一段时间没有什么大变化了。但是在二季度末相对严格一些，现在又进入了常态的监管的环境。
第二个监管的问题是最近几个月面对整个互联网的监管：第一是反垄断，那么爱奇艺所处的行业是一个充分竞争的行业，所以反垄断的监管对于爱奇艺来讲，甚至包括爱奇艺的同业来讲，没有大的影响，或者说是变化；第二个监管关于数据安全方面的监管，爱奇艺长期以来一直非常尊重和严格遵守国家相关的法律和相关规定，那最近一段时间，政府相关部门对这方面的监管加强了管理，我们在这种管理的要求下，会进一步在技术方面、在管理方面，保障安全性；第三个在教育方面的监管，教育不是爱奇艺的主要的业务，但是我们也意识到因为课外教育，无论线上线下，对教育的约束会让学生群体腾出更多时间去做其他方面的事情，其中也包括线上娱乐。
以上，谢谢。
问题二：
我稍微跟进一下问题。还是想了解一下在内容方面，无论是剧，还是综艺，因为现在也看到在监管上有一些——可能不是我们行业，是短视频行业——要求更加积极的内容，那不知道对我们的长视频行业有一个大的方向上的改变？
回答：
龚宇，CEO：
影视内容是非常大的内容，无论是小朋友，还是老年人，大家都可以看得懂，大家都在看，其中也包括各级政府领导，以及内容相关的各个部门的领导，所以长期以来影视内容一直是被最严格关注的，或者叫做一直在比较严格的审查制度之内，所以相对于短视频的那一些变化，对于长视频来讲不是一个突发性的，或者说是一个有明显变化的，（长视频）是一直处于常态被监管之中。
王晓东，CFO：
我想可能，你提到最近发布的关于加强对短视频的审查的规定，我想龚博士刚刚说，对于长视频，它们（监管）对我们来说一直很重要。
所以如果我们有任何间接或直接影响，对我们的业务应该是积极的，因为那些短视频以前没有经历过所有这种过程。现在我认为我们现在在同一条轨道上，我们在如何处理这个问题上有更多的经验，或者说是（处理）他们在过去十年中经历的所有这些事情。
13、欢聚
问题一：
管理层早上好，谢谢接受我的提问，我有两个小问题。第一个是想请教一下海外的整体监管大环境的变化，因为国内现在是属于监管的变化比较多，所以不知道海外有没有什么可以给我们分享的？
回答：
李学凌，董事长、董事、CEO：
那个我大概回答一下第一个（问题）。如果不算YY Live的话，我们绝大部分现在现有的业务都是在海外市场了，所以中国主要是研发团队。在海外市场方面，我们可以看到自去年以来，在欧洲、东太平洋、中东，还有新兴国家等多个市场全面开花。我们的营收在各个区域都是非常均衡的，在单一区域的风险大大降低了。
我觉得另外一个是自公司设立以来，我们觉得不管在哪一个市场运营，我们都要想办法遵循当地的法律法规，遵循各个国家政府的政策和监管要求。我们会根据形势灵活发展、调整用户运营策略，将在这个国家的地缘政治风险降到最低。
14、虎牙
问题一：
晚上好，谢谢管理层接受我的提问，我有两个问题。第一个，想先问一下我们的内容战略，在下半年，可以跟大家分享一下我们大概会投入的费用是多少？
回答：
董荣杰，CEO：
我来回答第一个问题，接下来的内容战略。这个其实是这样的，我们管理层今年其实做了两个版本的规划，如果合并通过和不通过。所以整体上来说，我认为虎牙目前一直按照之前这个计划往前在推动，所以我认为起码在今年我们的整个战略，包括内容战略和海外战略等，我们应该不会有太大的调整。这是第一个。第二个的话，当然我也理解，因为合并案已经被取消了，所以我们整体认为相比之前，我们可能下半年的内容投入会适度增加，但整体上我们认为应该还是跟之前的预期区别不是特别大。
问题二：
谢谢管理层接受我的提问，我有两个问题……第二个问题想问一下监管方面。最近看到行业的监管力度在加强，请问管理层可以分享你们对直播还有游戏行业的监管，还有网络安全和数据隐私的监管，对我们平台的影响，例如在财务方面会有什么特别的影响吗？我们会加大投入去满足这些加强的监管吗？
回答：
刘晓钲，CFO：
好的，对于你提到的关于最近监管变化的第二个问题，我们确实相信最近的监管变化从长远来看会对行业有所帮助。作为一家公司，我们肯定会遵守所有监管或指导意见。目前为止，我认为我们已经收到（总体内容），并期待着指导意见的细节的推出。因此，如果我们看到一些潜在监管指导的详细内容，我们将与投资者进行更新。我希望这能回答你的问题。
15、斗鱼
问题一：
晚上好，谢谢管理层接受我的提问，我有两个问题。第一个是针对我们最近与虎牙的M&A因为反垄断停止了，想问一下未来对我们的运营会有什么影响？我们之后作为一个独立的平台，可以分享一下我们的战略吗？第二个问题就是看到现在的竞争格局，如果现在M&A取消了，是否会看到未来的竞争格局越来越激烈？
回答：
苏明明，首席策略官：
刚才提到的两个问题，第一个问题提到了关于反垄断的监管结果。在过去几年里，国内互联网一直处于高速发展的过程，相关的政策和法规也在逐渐完善的过程中。针对反垄断监管，我们认为这是国家希望推动整个互联网行业朝着更加健康的方向发展，各个互联网平台可以更加公平和良性竞争，所以（我们）充分尊重这次监管的决定，积极配合监管，要求依法合规地进行运营。并且作为独立经营、独立决策、独立发展的公司，短期的决定不会对我们目前的运营状况和财务状况造成更大的不利影响。
另外作为一家独立运营的和管理的公司，管理层将继续保持稳定，一如既往地拓展游戏产业的上游产业层面的影响力，持续深耕直播，还有视频和图文等内容的社区生态。除了在传统优势的电竞领域继续保持领先外，在非电竞游戏也将加强运营，并逐渐扩大增长，建立以游戏为核心的内容生态平衡。
第二个问题是竞争格局。二季度以来，我们看到游戏直播领域整体竞争格局并没有发生明显的变化，整个行业没有恶性发展，游戏直播一直保持良性竞争。并且我们基于完善的客户和终端维护体系，从直播内容和优质的资源，这两方面都建建立了较高的壁垒，所以我们一直保持着行业的领先位置。
作为平台也悉数围绕着游戏进行更加全面的内容扩展和社区建设，发展新用户。一方面，斗鱼除了继续积极地与传统优势的电竞游戏厂商合作之外，也在全力加强与其他游戏厂商的合作，在非电竞游戏不仅努力做到全覆盖，而且针对游戏更加适合图文视频观看的特点，鼓励直播视频和社区功能的联动。加强游戏从测试到成熟期的全周期的运营，加强用户和平台内容创造之间的互动性，逐渐打造独立的优质内容，继续保持国内领先的以游戏为核心的综合社区的位置。
附注（英文原版）
1、腾讯
问题一：
Great. Thank you for your time today, management. The first question really goes to kind of -- there's been a lot of regulatory developments in the market. Are there any in particular that you want to call out as things that might have been different from the way that you were envisioning in a few months or a few quarters ago, and how that might impact our strategic initiatives or priorities and so forth? So if you can just kind of call out one or two of them, that would be great.
And that dovetails into my second question, which is around perpetual tax that I think the industry has been benefiting from over the years. And I think some of your peers in the market have indicated that perhaps some of those perpetual treatment might be slowing to ebb away. So I just wanted to get some impression from how your conversations with the regulators have been about the idea that you redeploy your capital into investing for the benefit of society, and whether you think that's still valid and that the perpetual tax treatment should remain for us on an ongoing basis. Thank you.
回答：
刘炽平，执行董事：
I think if you want to identify a regulatory action, it's probably sort of around the after-school tuition frame, which is actually impacting a pretty big advertiser group on our advertising and across the industry. And we're seeing part of the impact this quarter and we're going to be seeing the entire impact of -- full-quarter impact next quarter. And that essentially take away a big buyer of advertising today on our platforms and the inventories that's due there. So over time, we'll be able to fill up the inventory with other advertisers.
But there will be an impact initially. So I think that's the most direct impact. But I think there's going to be a lot of questions with respect to regulations, so I might as well just sort of answer the more systemic view, right? I think that the point we want to make is that number one, we felt that regulation on Internet is a global trend, and it's not just limited to China. It's actually happening in the U.S., in Europe.
But China, it's a bit ahead in terms of the execution of a more structural regulation framework. And I think this should be expected because the regulation has been actually quite loose over an industry like the Internet, considering its size and the importance. Now secondly, I would like to say in terms of the regulators, the regulators are very focused on identifying and rectifying industry misbehaviors and also establishing regulations, they emphasize compliance, social responsibility as well as fair and proper behavior. And we should expect in the future, in the near future, more regulations should be coming.
Thirdly, what I would go -- to go from -- our understanding is that the government actually wants to foster a long-term sustainable development of the Internet industry. The government does recognize the importance on the economic side and social side of the Internet industry and also the contribution of the industry to global competitiveness. So that's why it does want to foster a long-term healthy environment. Fourthly, I would say our attitude during this wave of regulation is that we want to embrace this new environment fully, and we want to establish ourselves as fully compliant.
And we felt that this is actually going to be good for us and for the entire industry over the long run. And on a relative basis, we felt we are also quite well positioned to embrace the regulatory environment because we have been fully compliant with all regulations. This has always been our operating philosophy. And our strategy has always been trying to create value for users.
And we have always been quite self-restrained in terms of monetization. We have run our platforms so that we establish open platforms to support individual enterprises and entities. And we have also, all along the way, quite emphasized social responsibility and emphasized we want to use our tech for good. So given all these factors, right, I would say there will be short-term uncertainties and there are a lot of new regulations that will be coming, but we are pretty confident that we can be compliant.
And over the long run, it would actually position the industry for healthy growth, and we'll be a beneficiary of that. John?
John Lo，CFO：
In relation to tax, I think the tax rebate has been reducing generally over time by implementing more detailed categorization of key software enterprise. Beforehand, the group has about four to five companies, which were qualified for key software enterprise. Well, for last year, we still had but the number reduced by quite a lot. We only accrued tax at preferential rate of 10% when we are sure that we can get it normally, in the subsequent year.
We also accrued withholding tax when we generated profits as opposed to some of our peers, which accrued when they need to remit money. As you can see, the effective tax rate for 2020 was about 11% and the first half of 2021 was about 11% as well. We expect that the effective tax rate for the entire year will be at similar level. On the face of it, the tax seemingly is very low, taking into account of a lot of non-IFRS adjustments such as nontaxable book profits on deemed disposal, disposal or other value valuation gains on investment.
If we take out all this -- all the non-IFRS adjustment that is what are the noises and withholding tax as well, the effective tax rate would have been approximately low teens for 2020 and mid-teens for 2021. All in all, the total tax rate differential would be around 3%.
问题二：
I thank you for the opportunity to ask question. I have one follow-up on regulation. I appreciate the fact that management has been proactive in kind of talking to the regulator and self-regulate some of the practices in the market. Based on our conversation with the regulator, do we see the risk of more kind of drastic measures that the regulator may impose on the gaming industry? So for example, we try to limit restriction on time for minors or below 12.
Is there any discussion on teenagers, about 18 years old in terms of time spent on games? So that's my question on regulation.
回答：
刘炽平，执行董事：
On games, I think that the key issue at this point in time is still the amount of time and the amount of money that the minors spend on games. And this is an area that we are very focused on. And as a result, as you can see in our latest pronouncements, we have put in a number of different measures that James had already talked about. But there is one issue, which I think we proactively think up to the regulators, which is about the total amount of time and money that minors spend on games.
Because right now, I think a lot of the regulations is actually around each game. But if you look at across the industry, and most of the people are, when they have concerns, they're concerned over minors spending too much time on games as a category. So if we can actually find a way to regulate the total amount of time that's spent across different games, that would address the problem. And it actually requires -- it's a complicated issue requiring consensus of the regulator as well as the industry, if it requires a regulation.
It also requires a system to police it. But from the practicality perspective, it's actually doable. So this is one thing that we felt we would want to take up to the industry and the regulator to discuss. And if that can be achieved, and I think most of the criticism on the gaming industry, it will be resolved.
问题三：
Good evening. Thank you both for taking my question. I have a question on your online games and then another follow-up on the regulation. So on online games, I think you guys mentioned earlier that China market was about 8%. I understand last year was also a pretty high base. But as we go into the second half this year with the more tighter regulatory environment targeting the minors, how should we think about the gaming growth, particularly for the domestic market? I do understand that we do have a few games in the pipeline, but it seems like the pipeline could be a bit more softer depending on the delays.
And a quick follow-up on the regulatory front. I think, Martin, you mentioned that while you guys are compliant more with the regulations, would this have somewhat impact on how we execute our business, meaning that should we be seeing more of a slower business growth opportunity within your different businesses as you guys try to comply to the new regulatory standards? Thank you.
回答：
James Mitchell，首席策略管：
John, so on your first question around our game business outlook then. We did quantify the impact of not generating revenue from users aged 12-years old and under, which is 0.3% of our China again, revenue and therefore, a smaller percentage of aggregate game revenue. And then, on the positive side, I think you made some comments about a soft game pipeline, which is not our perception. We're actually quite positively excited about our game pipeline within China.
And then without China, outside China, we have what we think is also a fairly healthy robust game pipeline. And we've seen some success recently, really for the first time in Japan and Korea with our tactical RPG. We're seeing good traction, again, arguably for the first time with a console-first game in the form of Pokémon Unite. So I think it's an uncertain environment.
There's lots of moving pieces. But overall, we believe we have a very high-quality game pipeline, both inside China and internationally.
刘炽平，执行董事：
In terms of regulations, I would say there will definitely be short-term adjustments that are needed for the different businesses. But on the other hand, the long-term strategy, I think, for us, is actually very intact. We have always executed our strategy around creating services that has user value, that help businesses and industries, and then also create social value. And in that process, we invest in these services, we monetize in a very self-restrained way.
And I think that strategy will continue.
问题四：
Thank you, management, for taking the question. First question is on long-term financial impact from increasing the more social response initiative to take social responsibilities. In this quarter, you guys announced two more initiatives to social responsibility. Number one is the suspension of minor monetization for people under 12 years old. And then number two is the -- you will charge very low to zero payment take rate for some cases. As you take on more and more of those social responsibilities, how should we think about impact on your long-term margin structure?
And then secondly, I have a follow-up on Martin's comments around more regulation coming to the market. Can you share with us your thoughts on the directions and the areas of future regulatory direction, or the areas that you expect to see more regulatory managers? Thank you.
回答：
刘炽平，总裁：
Well, on the last question, we have already provided the framework. I think it will be coming from all different regulator entities as well as on different segments of the industries. And we think there will be quite a few coming out. So we can't provide a clinical analysis of that until they come out.
Now in terms of the impact on our business. If you look at the under 12-year old, it's only 0.3% of our total revenues. So it's actually sort of very little. In terms of our SME benefits, by and large, it would slow down the growth of revenue, but I think it will be well within that scope.
In terms of longer term impact, I would say our margin profile has always driven by our overall strategy of a combination of different components. One is monetization of profitable businesses, which usually the monetization from our side is actually a restraint. And then, we'll have free services, which could be monetized over time. And then we also have loss-making businesses, which by now are actually quite significant, but they would actually over time hopefully, narrow losses and over time, be able to generate some profit.
This overall strategic mix has been actually been quite consistent over the past many years, and we intend to keep this strategy stable, which means that our earnings profile, I would say, over time would continue to be relatively stable, although there will be some short-term fluctuations. Now in terms of the SSB investment, right, of RMB 50 billion, it will be -- again, I want to emphasize that, funded from a non-IFRS profit in which we actually sort of have a pretty big pool. IFRS profit pool, yes, so it will not impact our non-IFRS profit.
问题五：
Good evening. Thank you for taking my questions. The first question is a follow-up question on advertising and regulation. We have a ramp of various -- from various media data there could be tightening in data connections and data privacy policy. So just wondering what the potential impact on the different marketing solutions under your platform could be. Should we expect certain marketing solutions to have less an impact than others?
回答：
James Mitchell，首席策略管：
Yes. Thank you. So on your first question about data collection and using data to target advertising, I think we've always been well known in the industry for being very thoughtful and judicious about the extent to which we use consumer data for our targeting purposes. And I won't go into all of the details here.
But I think at a high level, our assumption is that there could be fairly substantial changes in terms of the regulations around the use of data for advertising targeting purposes before those would have any meaningful negative impact on us simply because we have not been in nearly as aggressive as our Western peers or some of our local peers in terms of the granularity and the specificity of the ad targeting that we employ relative to the user data that we would potentially have access to. So that's on the first question.
2、阿里巴巴
问题一：
Thank you very much for management. Good evening and thank you for taking my question…Secondly, I'd like to ask about the recent media reports that we've all been reading about, increased connectivity that is expected to be realized in the Internet industry. I'm wondering how management views these reports, these ideas of opening up more connectivity and cooperation across different platform companies in terms of traffic, in terms of collaboration with the other portals.
张勇，董事长、CEO：
Second, let me address the question about connectivity. We're aware that there have been media reports in this connection, and this will be a question of interest, I'm sure, to many investors.
Our view on connectivity has been consistent and extremely clear. We believe that connectivity is a core value of the Internet, and we also believe that openness is a fundamental and should be a fundamental characteristic of the digital economy. When you can achieve circulation of users of information, of data not only within but across and among different platforms, that certainly will be conducive to realizing greater social value to a greater extent than the smaller circulation that can only be achieved within the same platform. So we do see cross-platform openness and connectivity as a positive trend that could unlock greater dividends in the Internet era.
We note that this issue of connectivity and openness is also a concern to our merchants and consumers. For merchants and in particular for SMEs, it would certainly reduce their traffic acquisition costs and help improve their operating efficiency and make it more convenient for them to do business at lower cost. Similarly for consumers, it would enable a better user experience across platforms for shopping, for payment, for accessing different services and bring a greater level of convenience to them as well. So for all of the key stakeholders on Internet platforms, we see this as a positive.
We also take note of the launch by MIIT of a regulatory review and rectification project on Internet companies with a particular focus on practices like the discriminatory blocking of links to other platforms or blocking of services offered by other companies. We will attach great importance to this review and rectification project and, of course, ensure our compliance with all regulatory requirements. And to borrow a popular thing lately, we will work to find a common ground and move forward together.
问题二：
Good evening guys. Thank you for taking my question. Just two quick questions about regulation. The first one is we have seen some regulatory focus on data in general. So how might that affect our compliance and IT infrastructure costs? And then secondly, in the past few months, we have also seen media reporting regulators seems to be looking at the use of heavy subsidies in the industry, including some vertical pieces. So how might that affect our investment strategy and user acquisition tactics in some of these new initiatives? Thank you.
张勇，董事长、CEO：
OK. Let me answer these two questions. First, about data. Well, I think actually, in recent months, the Chinese regulators issued the data -- or I think in June, they issued the Data Security Law.
And in recent months, they also have issued a guidance and also to -- waiting for comments about the data security review. We believe this is very, very important. And we believe these laws and legislations will safeguard the long-term development of digital economy, because as digitalization is an inevitable trend and data is becoming -- is a case of -- it's a common understanding that data is a core asset for a company, for people and even for a country. So to -- adopting these legislations relating to data security is very important.
And China is not the only country doing this. Actually, when you look at what happened in U.S. and Europe, regulation on critical information infrastructure, personal data protection, so on and so forth, has been already being implemented. So for Alibaba, digitization is our -- is core to our business.
Data security is always the core tenet of our business. And we -- as always, we pay highest attention to this topic. And right now, we are carrying out a self-compliance checks on the latest regulatory requirement. And we strongly believe that to further strengthen the data protection will enhance the long-term health, development of the digital economy.
Now for the second question, about the subsidies and the way of acquisition of new customers, I think -- generally speaking, I think we are very happy to see the recent, I mean, actions and guidance from the regulators for an orderly market. We -- as always, we believe that subsidies cannot create the long-term value of the business, cannot create the long-term value of the customers. So if you look at the Alibaba history, actually we never grow our business on subsidy -- based on subsidies. We strongly believe that the key thing is still the value creation for the long term.
And so that's why we -- in this year, when we plan our incremental investment, we always believe -- focus on the value creation. And we strongly -- we think that for other companies who continue as loss making but still try to, I mean, enlarge their scale by subsidies, I think at the end of the day, they have to let the market see the real results of how to make profit.
问题三：
And then my second question, by way of follow-up on the earlier question about data, I'm wondering how these new regulatory requirements and developments will perhaps affect Alibaba's ability going forward to make use of data, to collect data, process data, utilize data, especially for monetized services like advertising. If you could speak about that in a bit more detail.
张勇，董事长、CEO：
Thank you. This is Daniel. To answer the second question regarding data, Alibaba has always held itself to the highest standards and the strictest of requirements when it comes to collecting data and utilizing data. We've always done that consistently, and we'll continue to do that as new legislation and new policy requirements are developed.
We will ensure strict and full compliance with the requirements of the law as well as with the implementation guidance that is further developed. It is our commitment to deliver robustly on our commitment to data security and data protection. Your question also touched on the potential impact of new laws and policy requirements around data collection and utilization in terms of revenue growth, business growth. I would simply underscore that Alibaba has never looked at data utilization or algorithm utilization as a single stand-alone KPI or a single factor that we rely on in growing the business.
And to give a specific example to illustrate what I mean by that, in our consumer advertising business, we have never sought to leverage data or algorithms to achieve the maximization of monetization in the consumer advertising space. We think it's much less important to maximize click-through rates compared to the paramount importance of providing a top-quality user experience, a high level of user satisfaction. So we've always approached the utilization of data with the intention of growing value for the community, for the users and society. Therefore, we see the enactment of data security legislation and efforts to ensure data protection and the stricter use of data as positive in terms of being able to foster value for society in the long term and to allow good companies like Alibaba to grow and create more value for their customers and themselves.
3、腾讯音乐
问题一：
Hi, good morning, management. Thanks for taking my questions. I wonder to follow-up on management remarks regarding the potential business operation impact that you are expecting posts the regulatory sign. Would that be more on the subscription trend that you’re expecting or is it more on the difficulty to convert more future paying user? And what kind of offsetting measured in your mind that you plan or have done to minimize the impact? Would it be possible to push more on the premium model with higher online ad revenues potential? Thank you.
回答：
Tony Yip，首席策略管：
Thank you for your question. I’ll take the first part of the answer and then perhaps others for management can add. I think as you know to at the end of July, there was a penalty position by the regulatory authorities, pursuant to which among other things, we have to implement an rectification plan to terminate exclusive music copyright licensing arrangements within 30 days from the date of that decision.
We’ve recent – earlier accept that decision and are committed to complying with all the requirements fully in a timely manner, while the decision will have an impact on our music business it is worth noting that all the music that has been available on the platform will continue to be available on the platform to our users. And we’ll focus on strengthening our operations in accordance with the regulatory requirements, we’ll also focus on better serving users through product innovation, which Ross and Cussion has elaborated on. And we’ll also focus on fostering the healthy development of musicians and the music industry as a whole. Let me pause there and see if others in management has others things to add.
Ross Liang，CEO：
Yes. I just would like to add is that, thank you for the questions. And I think that one of the key competitive edge of TME is we implied the dual flywheels strategies, which means that we agreed not just have the music platform, but again, as you mentioned it, we also is committed to – continue to develop our content ecosystem, which will make us to be in a more long-term healthy development and create values while users. As you mentioned that frankly speaking, we definitely, we will follow the position by the regulators and we will complied on it in a timely manner.
And also we are seeing that it to have some impact on our operation – our day-to-day operations, but I don’t think that is going to be have too much impact on our, for example, driving our online subscriptions. As you see, I think we are still in a really good momentum, because the users has been educated and they really see the value of music and they are willing to pay for music as long as we are providing high quality content with them.
So we still have the content in that, our online music services, you will be driving in a healthy manner. And also, as I mentioned, we continue to expand our footprint and working together with different industry partners, especially on the content creation side not just upstream for the content production, but we are also doing the downstream, which are organizing more and more like the online and offline music concerts. And this is not just regular concerts, but we also have some creativities and new videos for the online interaction with the users. So I think that obviously dual flywheels strategy will help us to continue to create valuable user in a long-term.
Cussion Pan，副总裁：
我另外补充一点，我们现在也在和腾讯视频的包月（会员服务）合作，除了我们自身的内容平台以外，我们也可以与腾讯的最大的会员服务做联动。目前已经取得了比较好的结果，可能会在下个季度与大家分享，这也会对我们未来的包月服务有一个比较积极的影响。
问题二：
Hi, good morning. Thanks management for picking my questions. My question is about our long-term business trend, given that we are seeing softness in the second half, do we still expect to our long-term subscribers target? And then my second question is about the – do you expect taxation impacts coming from the preferential tax rates that we need to bring about in terms of the net margin side? And on that point I mentioned we’ll also comment about any data protection and privacy issues that we need to think about in our music apps as well as on our advertising business? Thank you.
Ross Liang，CEO：
I’ll address most of that question and then Shirley can talk a little bit about tax. Well, first of all, in terms of data protection we, we are committed to complying with the relevant regulatory requirements in the areas of data privacy, and data protection. So, I think that’s an important priority within the company and we continue to improve our operations to being compliant. And then in terms of long-term growth trend we’re confident that despite the short-term weakness in some of the business specifically relating to live streaming, we confident about the long-term trend of the business. And as I mentioned the subscript – the net ads for our subscription of between RMB4 million to RMB5 million per quarter continues, we expect that to continue and I think it’s worthwhile also coming back to our long-term strategy, which is the dual flywheels of content and platform, because that’s the plan that we continue to execute on.
With respect to content our goal was to build the most comprehensive content ecosystem, covering a broad spectrum of music and audio offering. And so on the one hand, we’ll continue to enhance and broaden our corporation with label partners to expand our content library. And while on the other hand, we’ll also partner with upstream content partners, we’ll partner with artists and indie musicians to co-produce differentiated content or even self produced differentiated content.
And then thirdly we’ll continue to foster the development of indie musicians. I won't elaborate there, as Cussion has talked a lot about. And fourthly, we’ll deepen our cooperation with Tencent Group in the area of content production with businesses like Tencent video, Tencent pictures, Tencent games, China literature to co-produce music content together to better capture the full value of their existing IPs.
In fact, we've already co-produced two dozens of chart-topping songs relating to games, movies, literature, comic, IPs, incorporation with prominent artists such as [indiscernible]. And as we mentioned in the prepared remarks, a theme song of the popular movie [indiscernible] is also a production from TME. So I think that's a comprehensive content ecosystem strategy that we would pursue. And then within a platform we aim to strengthen our core competence around music, audio, and social use experience, specifically, as Ross mentioned there are four main areas, number one in the form of visualization continue to enhance the video features across all of our platforms. And as an example, we launched the video feed within QQ music, an immersive full screen video feed.
And as a second example, we'll continue to deepen the cooperation with Weixin Video Accounts. And then secondly, we'll continue to emphasize on social and community building. And as an example of that QQ music launched the Putong planet, a social feature that connects users with common music taste. And we also launched new features that allow users to update their Weixin status using songs they're listening to. So that's – there's also an opportunity for us to deepen our cooperation in Weixin in the area of social community.
And thirdly, long audio is a highly complementary content and service to our music users. And as we have seen in the past from the actual results, providing audio content to music users actually help increase the stickiness of the platform and increase the overall time spend and more attractive – and provide a more attractive content across both music and audio, which is differentiated compared to other competitors in the industry.
And then I think finally, we continue to operate a multi brand and multi product strategy, each product within the portfolio have its unique positioning that covers a unique user segment that has a very – has this very strong leadership in and we will continue to sharpen the operational synergies that we'll extract across the platforms and R&D efficiencies that were extract across the platform through a middleware architecture building. So I think that's the overall strategy that we intend to pursue and we're committed to executing on that.
胡敏，CFO：
About the tax rate, we think and we believe that our ETR will be stable in next quarters, because we do not take into consideration of the professional tax rate case the companies are entitled to when calculating our effective tax rates and until the application is approved, so that will be no impact on our net margin. Yes.
问题三：
Good morning. And thank you management for taking my question. Just a couple of a quick follow-up on the previous questions. Number one, regarding the usage weakness on the social entertainment sites, are we losing the WeSing users or these users are still on Kugou, Kuwo? We are losing their usage and times spend on the live streaming activities on the platform. And number two I think Tony, you mentioned the revenue outlook for the social entertainment for the full year is a flat which implies the second half revenue will decline on year-over-year basis. Can you guys help us understand the monetization weakness into second half because on one hand you guys mentioned the increasing monetization efforts, such as a core server PK [ph] initiative across the key live streaming platforms, but on the other hand, if I'm not mistaken Shirley mentioned, you guys are moderate – doing different strategies and moderating the monetization on these platforms. Any color on the revenue weakness into second half for social entertainment will be helpful. Thank you.
Tony Yip，首席策略管：
Sure. From our social MAU perspective the year-over-year decline is across both the WeSing as well as live streaming and the key reason for that is competition coming from other plan, pan entertainment platforms, such as a short video. And, we we've talked about the action plans and the product revamp and the areas that we'll be doing to retain to better retain users and acquire – we acquire the traffic. In terms of revenue weakness in the second half of social entertainment. The weakness as I mentioned, is primarily relates to macro – relates to live streaming revenue weakness in the second half. That's a result of a threefold first, the macroeconomic impact, on a paying user spending behavior and on secondly continued competition specifically from, in particular from short video platforms for users and also competition for performance.
And then thirdly, we also making conservative adjustments to the live streaming operations in order to comply with the stricter regulatory directions that we are facing as an industry overall. So I think the impact of these items obviously, have a bigger impact and, we're mitigating these impacts through a number of measures that we talked about, such as the cross-platform competitions, such as the new features that a new product revamp that we're doing within social entertainment, but that would take time to fully compensate.
4、百度
问题一：
Hi, thank you. Good evening, Robin, Herman and Juan. Thanks for taking my questions. Congratulation Herman for your new role as the CSO. To follow up your question -- your kind of like brief remarks about the regulation. I actually have questions on this data security. What could be the impact on Baidu? Anything that we need to do or changes that we need to do to ensure in compliance by September 1 for this data security law? And then very quickly, as we just finished the Summer Olympics and with the Winter Olympics coming up, can you provide some update in terms of the latest robotaxi or even the robobus commercialization service? Any expectations on these ride hailing demand in this upcoming winter game? Do you think Baidu's driverless car service could leverage this big event to draw more commercial usage and hence the branding? Thank you.
回答：
李彦宏，董事长、CEO：
Hi, Alicia. Data security is very important to us and we have consistently improved the management of our internal data security system over the past few years. We have a data privacy committee among our management team that oversees that practices of the whole company. We are also active in assisting, let's say, setting up industry standard and we share our grievances and dialogs with others to ensure that we are on top of industry best practices. If you look at the high, Baidu's rating on data privacy and data protection is among the highest compared to our peers. So I'm quite confident we'll be able to cope with the new regulatory environment well in terms of data security and the user privacy.
On Olympics side, yes, we do plan to do something with our robotaxi during the Winter Olympics. But what's important is that we just launched this fourth city of robotaxi operation, which is Guangzhou. I think we will continue to roll out our robotaxi services in many different cities, different regions and the number of rides that we are providing have been growing very quickly as I mentioned during the prepared remark where we delivered 47,000 rides for our customers. That's 20% growth over the first quarter of this year. So we believe that the scale will grow very quickly and we will be able to learn all kinds of corner cases and and quickly improve our technology. I'm quite optimistic that robotaxi will be commercially available in more than 30 cities in two to three years.
余正钧，CFO、CSO：
Yeah. And I just wanted to add a point, something with what Robin just said. You asked specifically about Winter Olympics. If you look at today in Shougang Park in Beijing, we believe we're the only second autonomous driving car company in the world where you actually have a car driving without someone at the driver seat. So I think that shows the number of years of experience that we've been doing in autonomous driving and also shows the fact that we've been doing operations for autonomous driving for a while. That's why we can get the permit and actually start testing that. So it's open to the public. You guys are free to come and look at how autonomous driving is being done without someone at the driver seat.
问题二：
Hi. Thank you, management, for the opportunity to ask question. I actually have two questions, both of which are follow-up of the previous questions. First is on regulation. I appreciate the management comments about data privacy. How about on data security issue? Have we heard anything from kind of regulator on government level where the officials are comfortable for a private company -- tech company like us to have kind of full control of these sensitive road data traffic on our system or if there is any discussion on your potential formation of state-owned joint venture company having full access of these data? Is that fully on the hands of private company? So that's on first question related to data security.
My second question is also related to robotaxi. So we talk about the cost opportunity. How the revenue -- after 2025 or even longer term, how should we project in terms of penetration -- mobility penetration or sheer mobility penetration that we think will be kind of certified driverless cars? The reason I'm asking this question is, since like currently driverless cars are limited to certain usage scenario with specific locations, so how should we look at kind of penetration going forward? Thank you.
李彦宏，董事长、CEO：
Yeah, on the regulation with the data security, we maintain constant dialog with the regulator and as I mentioned, sometimes we participate in the setting of industry standard. So I would say that we have a very high standard and we haven't heard anything that's very abrupt or adverse that's going to have adverse impact on our business operation yet.
On the penetration of robotaxi, right, like I mentioned, we are taking a gradual approach. There are certain roads that is suitable for robotaxi, there are certain roads that's not suitable to robotaxi. We are carefully selecting what road to operate on. But if you look at the overall market, I think you ride hailing has like probably 50 million orders per day. As for the cost, it can become, let's say, [Indecipherable] cost, I think that the number of orders could easily double. So it's a huge market. It just to depend on how fast we can improve our technology and scale up of our services.
问题三：
Hi, thanks for taking my question. Yeah, maybe let me ask a question on the advertising business. Mainly, if I look at the third quarter guidance, we've been talking about some of the COVID-19 resurgence potential impact. So I just want to ask, first of all, is this something we're already seeing or is it more pre-empted? And then secondarily, we're also seeing some potential COVID or regulatory impact across different sectors in the whole industry. So wanted to get a sense on the strengths and weaknesses of the different verticals at the moment. Are we seeing further impact, for example, online education, e-commerce or other verticals? Thank you.
李彦宏，董事长、CEO：
Okay, thanks for the question, Jerry. You're right. We already see the impacts of COVID-19 for the Q3, especially for travel. We saw very good -- those trend in the early few weeks for Q3. But certainly the COVID-19 did disrupt that trend. Actually it dropped pretty quickly. On the other hand, we did pretty good progress on the media, excellent vocational education and those verticals. So talking about the regulation and so far we see pretty conditions or on the K12 education and some other verticals. The first and foremost is that the K12 education itself is pretty big vertical for us. The K12 has more partition in our guidance. And also for the K12 innovation we -- we're pretty optimistic about it because we can see two potential good things. Number one is that we are expecting more such colleagues along the K12 because [Technical Issues] success. The second one, as far as I know, that some of the resources for moving to a vocational education, which is a very good vertical, we are pretty strong, I think.
5、京东
问题一：
Good evening. I have a question on the gross margin for the second quarter. We understand that there must be different factors at work because I think Sandy also mentioned that you've got JD logistics, you've got revenue mix shift, we have some of the new business such as Jingxi Pinpin growing. So could you talk a little bit more about the different factors behind the trend of gross margin in the second quarter and perhaps in the upcoming couple of quarters? So that's my first question.
And then just a follow-up question on the accounting side. Sandy, should we expect any change in the forward tax rate given some of the other Internet companies mentioned a potential change in policy of the -- some of the preferential tax policy?
回答：
许冉，CFO：
Thanks, Eddie, for your question. For gross margin, I guess let me walk you through segment by segment. I mentioned in my opening remarks that for JD retail, if you look at the fulfilled gross margin, it actually went up by 30 basis points this quarter compared to same quarter last year. So it's a positive, improving trend.
And this was driven by our technology-driven scale economy and fulfillment efficiency. Because of the category mix shift, internally we don't manage and we don't look at the gross margin movement. plus, on one side, it is the category mix shift that will affect the overall gross margin trend. And secondly, as we are adopting our omnichannel strategy, because we are leveraging warehouse and inventory resources of off-line business partners, in this case sometimes we would share some of the gross profit with them.
But at the same time, it helps us save the fulfillment cost. So the fulfilled gross margin improves while we -- while you may see a decline in gross margin under the omnichannel strategy. So gross margin is no longer very meaningful for retail business. So -- and going forward, I would also encourage the investors and analysts to look at the fulfilled gross margin for retail business.
And then secondly, on logistics, I talked about their operating margin a little bit. It's mainly due to the social security refunds that we received last year. So on the consolidated financial statements, this refund is going to -- actually affected two financial statement line items. One is our cost of sales for logistics business and second is the fulfillment cost for retail business.
So this -- and for the margin of logistics, it is also affected by the pace of investments in capacity because in the first half year last year, we didn't make investments in capacity to support their future growth as normal. So really, the -- then we'll make some forward investments in the second half of the year which will be gradually absorbed as we grow in scale. And then third, on the new business, at this stage, it is operating under a relatively lower gross margin compared to our core retail business as we are still in the process of building our supply chain capabilities. So these investments are for future growth potential, as I mentioned.
And so that's why on the consolidated level, you'll see our gross margin may affected a little bit. And on your second question regarding the effective tax rate, I would say -- so first of all, JD has been generating very thin profit margin compared to some other technology companies. We had significant accumulated losses at a consolidated level until the end of 2019. And you can see from our disclosure in the annual report as of December 31, 2020, some of our subsidiaries still had pretty significant net operating loss carryforward, which can be used in the future for tax deduction.
And then second, most of our subsidiaries in China are subject to an income tax rate of 25%, where certain subsidiaries benefit from the preferential tax treatment under the relevant tax law and regulations including the high new technology enterprises, software enterprises and encouraged industries in the Western region. Certain R&D expenses of our subsidiaries are also qualified for software deduction of 175%. These are -- were all disclosed in our annual report. As of today, we have not received any notice that the existing tax preferential treatments we applied have been being rejected and we have not received any notice.
So the recent news regarding tax rebates from other companies you have heard is focused on the key software enterprises. So none of JD's subsidiaries have ever applied for the key software enterprise in our history. So we believe going forward, JD is a new type of real economy-based enterprise with revenue mainly coming from retail and logistics business as well as supply chain-related service fees. Therefore, our tax treatment won't be affected by the change of the policy of the key software enterprises.
6、美团
问题一：
Thank you. Thank you, Xing, Shaohui, Scarlett and team. I would like to ask on regulations that how do management think of the current business dynamics in this regulatory environment. Are there any adjustments to your current business operations or even profit outlook for each of the segments in food delivery, in-store, community e-commerce? And how will you strike the balance between social responsibility and business efficiency? Thank you.
回答：
王兴，董事长、CEO：
Okay. Thank you, Ronald. So, I would like to share some macro thinking, because recently, there has been a lot of changes and so people are concerned, but everything happens for a reason. So, I would like to say, all for comment prosperity.
Even I would like to say, common prosperity is built in the gene of Meituan. Actually, it’s even in the name of Meituan, because the name Meituan came from two Chinese characters. When I need to explain the name Meituan to people who don’t speak Mandarin, as I say, Mei, that was the character means good or better and the second character tuan means together. So Meituan means better together. So, the common prosperity has always been built into our gene.
With that, let’s turn to our businesses. So recently, we have seen regulators do a series of regulations on the Internet, focusing on matters ranging from antitrust data security, community e-commerce and so on. And the government supervision and the public concern and the voices of our partners, including merchants and delivery riders, are both warning and motivating for us as they present higher expectations for us from the directions.
We believe that these regulatory change are good for the sustainable development and orderly growth of the Internet platform economy. It promotes a fair competition, as well as the industry development. This is not just in China and we see similar regulation change globally as well.
We will continue to actively implement compliance requirements that improve internal control mechanism across all our businesses, conduct in-depth review and actively rectify any issues to ensure food business compliance and to avert risk. We have always maintained strict standards for data security and privacy protection. We will continue to strictly protect the user data in future.
In terms of our delivery services, we have prohibited any use of inclusive partnership and we will be firmly against it. We will fully respect the merchants’ choices and closed to attend to the worker situation welfare of delivery riders.
For the retail business, we have actively adjusted our pricing strategy and we will grow our business with the long-term development. Although, fine-tuning our business will inevitably bring some sequential subsequent impacts in the short-term, we believe that these adjustment are best options and will benefit us in the longer run.
Meituan is never meant to be a traditional Internet company. We are a platform that emopowers offline services potentially. Compared to some peers, we are not a company that focuses on margins. The fulfillment cost and expenses to support our delivery network retail services are actually quite substantial and we have made a considerable investment in the ecosystem.
Actually, short-term profits have never been Meituan philosophy. We focus more on generating long-term value, creating social output and striving to always fulfill mission to help the people eat better, live better.
Therefore, comprised social responsibility and fitness development are all better [Technical Difficulty] And our goal to run our business with a currently long-term development remains unchanged. Although, we had some imperfections during our [Technical Difficulty] growth, we will work hard to rectify any issues we may have, always strive to improve ourselves.
Our purpose remained unchanged and we are confident that we can create a greater social value, while achieving greater business. Through technology innovation, we will continue to generate adequate and quality employment opportunities and bring convenience to consumers’ life.
We will help accelerate the industry disposition and help small or medium size merchants operate more efficiently and relatively create a more active, open and diversified market, while also continue to bring more efficient logistic network, which will supply to rural areas, helping farmers to increase their income and contribution to rural revitalization.
Furthermore, we will continue to put carbon neutrality through bike and moped sharing businesses to the future sustainable development. We will leverage our advantages and current capacity and help people grow all works of life, enjoy the benefit of digital economy, yeah, as the mission -- our mission remained unchanged to help people eat better, live better. Thank you.
问题二：
Okay. Thank you. Thank you, management. My question is also about the regulations and how do you view the recent regulatory guidelines on protecting workers on the new forms of employment as a “关于维护新就业形态劳动者劳动保障权益的指导意见” and as well as guidelines on protecting delivery riders taking shifts for delivery companies. In Chinese also “关于落实网络餐饮平台责任切实维护外卖送餐员权益的指导意见” and how will you adjust the delivery rider amendment and welfare? Thank you.
回答：
王兴，董事长、CEO：
Thank you, Jiang. While the product guidelines were published, our management team conducted an in-depth study of the documents. We believe that the guidelines have taken into consideration, holistically, new of labor relations such as delivery riders. It clarifies the rise of application of all parties, introduced this a series of practical and new measures. So these are important to promoting a sustainable and healthy development of the on-demand delivery industry.
We have such a special working group to go through the guidelines, self-examining and self-improve based on our current practice. At present we have resolved some of the problems and improved some of our practices. The others are also in work and well, working progress. We will strictly follow the guidelines on the other case and actively fulfill our responsibilities and make a greater effort to protect the lives of delivery riders from labor relations.
At present, we have taken the lead in responding to the government’s call to prevent and solve occupational derisk. Adjust riders worries by actively participating in the pilot program for implementing delivery riders occupational injury insurance. Going forward, we will operate with the authorities to provide a more comprehensive welfare scheme to the delivery rider group and promote at a high quality and help the industry development.
In terms of improving delivery multi-experiences, we will continue to upgrade our intelligent of present system with authority guidelines. We will improve the flexibility of delivery time by adopting different operational strategies and take into consideration of an unfavorable or uncontrollable factors to provide the riders reasonable rest during long working hours will adjust our ordering system introduce compulsory breaks for delivery riders. We will continue to provide better equipment and services such as a smart helmet and battery change services to delivery riders’ personal safety and improve their work convenience.
We are paying very close attentions to delivery riders’ feedbacks and continue to improve delivery riders working environments. We will also continue to broaden the channel for their feedback by holding more panel sessions of our product experience workshop and field research and more.
And in order to help delivery riders with their long-term career development, we initiated Delivery Station Manager that’s [Foreign Language] in Chinese. By opening up promotional channel for high potential deliveries, this program equips them to be a special managers, all delivery product managers and so on.
Meanwhile, we cooperate with the vocational and national open institutions and to help delivery riders upgrade their occupational skills and academic degrees, improve their careers with switch mechanisms and achieve for more diversified career development goals.
The product based guidelines issued by authorities this time have provided Meituan with a more specific direction on career policy part, which is a complement and also motivation for distance delivery industry, a new form of improvement.
We will definitely work hard to improve ourselves certain example in the on-demand delivery industry with our own actions and promoted a healthy and sustainable development the company, the on-demand delivery industry and the food delivery industry? Thank you.
问题三：
Good evening. About regulation just wondering if you could share some color with us on the long-term unit economics of the food delivery business, different various recollection changes? And then separately, I think, Xing you mentioned about technology early on to improve the efficiency. So, could you give us some color on the progress and any potential benefits that we can see in the coming years? And perhaps, just final, any color on the potential impact from data related regulation on our marketing solution and marketing revenue? Thank you.
回答：
王兴，董事长、CEO：
Thank you, Eddie. Yeah. I will take the first question on the UE packet and technology progress. Despite the increase up right across in future with the better welfare for delivery riders we believe that improved the welfare will help us improve delivery rider retention rate on our platform and not for more the healthy development of the industry in the long run.
Therefore, we remain confident on the UE packet of the delivery and we believe we are further into our delivery efficiency across the different ways. For example, we were more widely adopted new deliver model such as the intelligent lockers, which proved to have short-term deliver time in the operating area as a well ensuring the good experience of both the delivery riders and consumers.
In the meanwhile autonomous delivery has been our key R&D focus to improve delivery efficiency. We have actively invented and designed of autonomous delivery vehicles and delivery drones over the past few years, as we believe that once widely applied, it could make significant positive impact on our businesses.
We aim to construct a comprehensive on-demand delivery network with autonomous delivery by countrymen while our delivery riders and expect to improve our efficiency in future. As of now, our autonomous delivery has been deployed in Beijing for over a year, accumulating nearly 50,000 delivery orders to-date. In April this year, we launched the latest addition of our sales developed autonomous delivery vehicle is respect to deploy more widely over the next few years.
In July, we efficiently launched autonomous delivery droned we have tested and developed our drone services for over three years now and have hire drones for actual orders end of this year. As a result, we had accumulated over 2,500 delivery orders and 220,000 test flights using drones.
During the period of pandemic recurrence in Guangzhou, we used zone to establish an air channel for transporting urban materials in Shenzhen’s Nanshan district delivering mostly important with its suppliers to residents in this area.
We also used our autonomous delivery vehicles to deliver essential supplies to Hantang [ph] Depot during the COVID recurrence in [inaudible]. We have also make investment to support the drone delivery staff and we actively contribute to the development of the field through in-house RMB and of our investment.
Overall, we believe that we have master approach to further improve delivery efficiency by increased order density of future and we are confident that we can undertake more social responsibility by achieving our long-term profit -- target profit driven business.
陈少晖，CFO：
Yeah. Sure. Yeah. I think, first, we have carefully monitored the new policy related to that. We think this in line with the company’s philosophy and policy, but we should always implemention and protect our users privacy and order data accumulate to our platform. So I think we are -- we completely understand their the rationale behind their new policy and we are strictly follow what the -- which is later is required.
Overall, we think this is the right move for the overall industry and potentially we are -- we will have positive impact on the industry in the long-term. It’s also I think better for fair competition in the industry from hard competition. We will continue to access the impacts on us and that we are follow what the regulators required. Thank you.
问题四：
Thank you management for taking my question and congratulations on strong quarter. I have a couple of questions ride sharing or share mobility business. We noticed that Meituan has recently increased its investment in self-operated ride sharing business. How do you see the opportunities in this industry going forward? Is there any business strategy updates you can share with us and how much should we expect you to further invest into this business in the near future? On the longer term view, what is your expectation on profitability for the ride sharing business? And lastly, any comment on recent regulator supply demand on commission rate cap? Thank you very much.
回答：
王兴，董事长、CEO：
Okay. Thank you, Alex. So, ride sharing is, as we know high potency and mass market category. And it has been one of our dangerous experiments in ride sharing categories. We believe it has the potential. We started our ride sharing business, well, four years -- more than four years ago through the self-operating model.
And then we further extended our geographic coverage through aggregate payment model, because aggregating model is an item. And our aggregated model significantly expanded rider supply during the positive quarters. While self-operated models brings better user experience by providing stable and better control to rider supply especially during the peak hours.
Last year we only run self-operated model in two cities that is Shanghai and Beijing [ph]. And however, we now believe that both our capability and market environment and have reached the point that we can expand our curated model in some more cities where we already have operations to aggregate the model. And so since July we further developed our self-operated model in more than 30 cities.
On the operational side, we assume those cities that are strategically important to run self-operated model. While we continue to incur drivers to cooperate with us to expand our capacity and it has right quality. We will also design our marketing operations to boost our business growth.
In the short-term, marketing expenses were increased our expense a bit scale. We will maintain financial discipline to achieve a sustainable growth. And the Ministry of Transportation recently commented that ride sharing companies need to restrict their commission rate owned drivers. Once there is a further timeline on that we adhere strictly. Currently our commission rate complies with industry standard and vary from region to region and time to time and we are still at a market state for ride sharing business and we will show our cost to returnable levels. We do not expect to have a significant impact to our operation.
After analyzing other ride sharing business both in China and also in other countries, we still believe that our ride sharing business has potential to scale up and have original long-term in the prospect to the continues improvement of its operating efficiency.
We collaborate our user base to develop our ride sharing business and can also cross-sell other data services to our ride sharing users. And also we believe that in long run like by nation of ride sharing and autonomous driving can create a more social economic value for society and we are not focused on short-term performance rather than the long-term value that the ride sharing create for the broader community. That’s all. Thank you.
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