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spk_0: ladies and gentlemen thank you for standing by and welcome to pdt holdings inc fourth quarter of fiscal year twenty twenty two earning conference call at this time or to or analyst and only mode they'll be a presentation followed by a question and answer session at which time if you wish to ask the question you will need to press star one on your telephone i must advised that today conference is being recorded i would now like pen the conference over to your house today mr chen paying the please go ahead
spk_1: that the operator hello erawan as entry for drawn out today my name is true and i will help host earnings call pd holdings earnings release with distribute it earlier and is available on our side at invesco dog ptp holding dot com as route through globe news well services before we begin a like to refer you tell it safe harbors their lives in early press release which applies to this call everyone makes total they'll follow looking statements i felt this caught include discussion of filter longer financial measures please refer to our earnings release which contains a reconciliation of the long gap measures to get pleasure don't out today on a call out so late hour chairman and chief executive officer and military i will bp upon it they will make some general bought our performance for the past quarter and our strategic focus dream when the out a well done to cut through are financially south for the fourth quarter and fiscal year ended december thirty first twenty twenty two during that you're a session laid well as the question's in chinese and i will help translate please a note that or translations provided of a reference or only in case of the any discrepancy between the or it's regional remarks and the translated version three men in the original language should prevail now it is my pleasure to introduce or chairman and chief executive officer like les cayes go ahead
spk_2: hello everyone
spk_3: didn't we don't you guys are an equal the fourth quarter of fiscal year or two thousand and twenty two and any be getting summer i'd be smokey small and of new here lot and twenty two of revenue for reporting i'd be getting that a bit it is a forty six percent increase compared with previous ah total revenue for the past year was and be adventurous thirty point six billion it took over there the globe was posted the tonight you're only looking at the i presumed guilty into not and twenty two people carry guns in our capabilities we converted over i'd be tempted in a research and be bad the last year would you to the higher the mods seems are establishment i'll go further into our had not code know how and bring the bandit benefit of petrified lesion to our users and ecosystem had a nurse we continue to be that the i'd be a lot of time commitment to better suit or users a fire the as a whole
spk_4: the past year
spk_3: yeah
spk_5: many of our young politics take all male his wife advantages as getting two beagles
spk_3: if john added yeah passion a great does demonstrated the ability to take a new challengers exploitive wouldn't advocate and key arbitrary with peyton and determination will continue to provide more personally but opportunities real future leaders other than company still being a invented the stage the we've men aged now and energetic as we move forward and we are committed to adapt the to trends in consumer preferences my and i eat like kicks boy and identifying the glock opportunity oh by the what opportunities that and asked you to be a led led led me to create value for consumers and the society in queue for the oh be healed replacing sentiment about are you he support consumption recovery
spk_6: the actually elaborate result is that people will travel
spk_3: hudler promote you feel it is that are often bad to worse you could consume engagement and butte they attract for example in a bubble eleven pm real not quarter we provided at all but could pause and this cause in a simple a people with way making shopping easier and more enjoyable for our consumers
spk_7: we're also looking hard to be largely diversity or playback
spk_3: of our battle a drive our consumers diversity which offers of passed off as well as merger
spk_8: he's not be the performance across various categories female
spk_3: promoting peace for example category but was mobile phone and cosmetics shopping cart and goes a my users is different demographic
spk_4: the other volume of manning feeding the agricultural products more than doubled had to boost consumer alleges of various local agricultural productivity
spk_3: i've been trying new year happened earlier least year he launched a trying to use a promotion in late december to me to consume money we work closely with is all about a word would cure rate more products to elections for consumers and we are happy to see that our efforts have paid off with many imported produce but you had carried on tv and film them for now he's feeling very positive feedbacks we have to add to contribute to in supporting consumer confidence oh look consumption continue to be covered and consumer sentiment continues each week everyone can see the potential the opportunity in that much after the industry log you know pete a number of resembles a op here leave the house the competition is beneficial for making this industry but sometimes when competition impacted by
spk_9: and company may take it action
spk_3: well ours who will always the here too often for beauty as of the company poker is all to think about be bad in brief competition even when sometimes he won't on sustainable practices trump yes we always think about how to better our consumers the also fully aware that we still have a long way to go before we can only mean consumers lobby we are committed to deepen the are bad a proposition of mostly be more fuck in addition to the continue a bad thing supply chain you poor apply to efficiently and satisfy consumers increasing be a quality product in manufacturing sector for example kinda little can quickly get the consumer dude bar to help manufacturers make more informed decisions a project design and production
spk_4: this is able to the creation of products that adnan matched money and thought it on the savings to consumers
spk_3: in the past year he wrote out multiple initiatives to have manufacturers directly engaged with end consumer take a manufacturer in a prisoner key factor as an example he used up inside identify opportunities will put allies quality products among the younger generation i believe that the manufacturer be bad personal care products with present be treasured be back which would receive actually a must be back it also shower manufacturers to gradually establish it's the brain oh well a of a year would have a how incubated fountain of manufacturers brackets in this way as bright and inside and technology he held manufacturers better position of their lives that he that popular products in a rapid change matches and reduced uncertainty in production we have dedicated to build a law that is a festival to all merchant to bribe be godly of time in agricultural sector we continue to utilize our thought the it's and technology to promote digital inclusion and generate a positive effect with devote ourselves to facilitating be the other option of average tax dollars it these two thousand and twenty people had hosted a flagship mark agriculture competition for three consecutive years opening the thirty four young agriculture researchers and goers to explore practical technology solutions taking poor yale shot and production cycle and promote sustainable it we also have kids so pravykh competitions to commercialize the technical solutions or large scale by vote average cat adoption hope to push forward agricultural modify the another key driver law is a trainee of new partners yeah new bombers have returned to the on top of your urine enlarged that it they are tech savvy abolish lake is tools address live streaming the a pool of energy and drive with the help of inside of our platinum it could be that good understanding of consumer need and play an important role to play local community
spk_10: on average one such new bombers can glean five to ten other young people cling to ecommerce great you are one fifty local job opportunities directly or indirectly
spk_3: in addition or upward big supply chain have generated a meaningful positive impact on society for example last quarter bellwether in winter yeah cause a sprite and disruption which prompt us to quickly assemble a bank a team at lunch and nationwide can pin with people do to our siobhan ababa channel on pluto trackball he provided a dedicated traffic support to have a fatty bombers to sell the unsold be la petite i reaching more own consumers in a short period of time our total brought my teams across the country offer help she prayed as important role as is being visited a barrier agricultural production regions in their hobbies source also produced direct people bombers and quickly matched it with local consumer demands to spell it with our teens got apple we were able to spill nearly fifteen thousand ton of agricultural produce nationwide during his campaign and we are encouraged to see that hours the price of capabilities a great tangible battle will affect you in a fire we are proud to be seen at a o two thousand and twenty two innovation award for that united nations food and agriculture organization which recognize innovation that creates an impact in agriculture is brighter this award is a vote of confidence in a holistic and were active approach to agriculture and he motivates us to keep sport is a hat so that more and more people can enjoy the benefits of digital inclusion and technology adoption in agriculture gear i was also like to provide an update on chemo a new global only mcrae that we large you september two thousand and twenty two chemo and global law sister company under a parent company the holdings would have been less forty logistics and fulfillment capabilities the back to support this virus businesses we try to create our own unique bad a with so we always stop the fundamental can see when he takes all how we can live with them well he more will stick to love values of the comment diversity and inclusion in cavity as well as social responsibility as we entered a new year when you make committed to creating valuable but off the holders can therefore will be of men patient and you that for long to i'll go to further improve authorities the provide to couldn't do much and debris morbid disease into a digital called me to increase opportunities for local community as more people is it
spk_11: thank you for your continued support now let me take over the gym to up the you have our financial problems
spk_12: think you're right
spk_11: hello everyone now army will keep through our financial performance and fourth quarter and are you ended december thirty first time to twenty two and terms of income and our total revenues and to forty six percent them over yeah john be thirty nine point eight billion in the fourth quarter and thirty nine percent year over year term be one hundred and thirty point six erin with full year of twenty twenty two that's was manning driven fine an increase revenues from all i'm marketing services and products and services revenues from all i'm asking services and arguers lambeth to one billion the hotel up thirty eight percent compelled to defend piranha twenty twenty one that's what i'm primarily due to an increase in latin activities as a result of improvement in consumer sentiment arson section services revenue fiscal to land a point eight billion up eighty six of them doesn't care about that twenty twenty one when we also called a slow expensive a little the cost of revenues increased thirty seven percent from and a six point five billion into for twenty twenty one two aren't the a point neither and a quarter but forget our total the cost of revenues the crave to one person to arm be thirty one point five billion total operating expenses said quarter land twenty one point eight billion on a got better
spk_13: bertha zombie thirteen point eight billion in a second quarter of twenty twenty one
spk_11: i don't know that basis i were to operate in the as in craved to armed nineteen point three billion a quarter come ambika point three billion in cure for twenty twenty one one cup quarter were devote more resources to bad drought with a nice encouraged fat consumption confidence as well as that and batsman in i'm a long term focus areas such as on the and agriculture
spk_14: oh that our total know gap operating expenses at the percentage of a total revenue having craze from forty five percent in queue for twenty twenty one two four to a person in the scooter
spk_11: yeah of twenty twenty two
spk_13: total gap of rating center who aren't a fifty eight point seven billion
spk_11: up from rb fifty five point three billion last year look into specifics that i can oh no doubt cells in the mechanics sunset strip quarter winded seventeen points a villain
spk_13: to not have some versus different code have twenty twenty one
spk_11: we're all that various forms of promotion and subsidies
spk_13: adding afraid that we're currently spending and cure for to support consumption recovery
spk_11: unknown got basis ourselves in a maximum expenses as a percentage of other revenue stream quarter with forty three percent
spk_13: compared with forty percent but film quarter a twenty twenty one
spk_11: what full yeah no doubt cells and a maximum expenses and craved from rb forty three point shooter and a twenty twenty one twenty six to two point two billion in twenty twenty two er no gap general and administrative expenses while be three hundred and sixty point eight million in queue for that's his arm be one hundred and not a five point eight mean and and and quarter twenty twenty one our and your no doubt general and administrative expenses one be one that and in twenty twenty two it's a zombie somehow can afford to a point four million last year are known get research and development expenses of the one point seven billion in fourth quarter
spk_13: an increase of thirty four percent from on be one point three billion in the same quarter of twenty twenty one
spk_11: the increase was primary to churning tracy outcome and a recruitment of moisture and armed personnel and of a post the technology driven company devalue way create cannot be achieved without oh at barnes assets when interest though the grill on to come ability to all of them they're constantly will be consumer demands and drive innovation to satisfy their needs more effectively he addition would continue to leverage over technology room to improve digital technology adoption success rogers agriculture and manufacturing
spk_13: also it is worth noting that will figure out and your gap or and expenses to call to arms ten billion for that time
spk_11: we aim to continue to step up involvement in the area to for not solely from vacation other lonesome development operating profit for the quarter of was armed ignored point one thing and on a got basis and rb eleven point six boy and unknown get basis nothing come a true the verge ordinary shareholders which arm be i point five billion for dakota and army thirty one point one five million without the yeah in a book called her faith and and for a the will earn be some way for to to and to dilute the a news for eight years was on the six point that to sue to space earnings for eighty hours of army fly point twenty say and diluted and it's for a the as self arm four point six six safe thing the same quarter of twenty twenty one
spk_13: non gas not income the trooper go to ordinary shareholders with and be cool point one billion with a quota and a fourth quarter know get diluted any idea was on the a point thirty four the his arm before it and eighty a innocent quarter of twenty twenty one
spk_11: that compares to income statement now let me move on to cash flow on net cash flow generated from operating activities was only twenty six point six billion for que four and army for to a point five billion for full year of twenty twenty two compiled with aren't be sixteen point four billion in of them quarter of twenty twenty one and aren't be torn to a point eight billion in twenty twenty one primary duty would increase in that income and a change of and working capital as of december thirty first twenty twenty two
spk_1: the company had aren't a one hundred and forty nine point four billion in cash cash equivalent i'm short on the batsman thank you this concludes my prepared remarks thank you jane charged with a move on to that you a session put the dead q and a person day as a question for ballot on the line are we to take a maximum of two questions ballot
spk_15: and lay well as questions and chinese and i will help translate into a mock for easy easier reference
spk_0: operator women also crusher online ladies and gentlemen who now begin the question and answer session
spk_15: if you wished off the question please post our one on the telephone and wait for your name to be known
spk_0: if you wish to cancel your request please press start to participants are requested to restrict two questions at each time
spk_16: your first question comes from to exchange with bank of america please ask your question thanks management for taking my questions are i have two questions on the first one is on has now been go towards that lot into an ecommerce conglomerates with notable whole business initiative globally on how could manage man actually prioritize different business life and can match you may hear more about oh latest strategy going forward on have you shift your strategy after you have expanded your business like of the bully and how do you position yourself in the global market arm and in my second question is actually related to the our revenues on your online marketing service revenue growth thirty eight present oh the year last quarter ahead of the industry growth and peers are bad a thing times we have been desolate band to a deceleration front of the quarter how shall we understand of growth and how shall we actually expand the moment and going forward ah when i say he southee the when he and out what the eagle one usual within that handled out what or to the financial you go off while order to heal him that he hung on me know when a malfunction on coma think i'll go through ten thousand in the pageant and it arms are was young coach i hope woman a attack dog yeah your milk that yeah our minutes the
spk_3: the ugly flash in the our local the summit being waived auto attack what you should sound of age ah would that be are given you should know why you have that the kids into the showed up on a handout a good seafood essential your social you can be so don't look at and just as far as on the how year hopefully it goes to and i have now yet
spk_1: dark as a whole new japan that he cited without beaten so yeah yo you get means yes or no one knows one he can go months without any help to him and chat while he sat on sunday a woman shape hi shows or her yellow the fog as to to hook home via the tendency here
spk_3: i join your heart murmur was your way i had with rj gives you cancer in the that can be which
spk_17: oh hello joyce and or thank you for shows and i can take your kaushal strategy first
spk_3: the muscles you know what you though looking she know eventually be in the that some yeah i knew that he would teach the much as knew how to happy to see headphones on the i had sounded like it
spk_1: the know we're gonna hide it which i do too mcginty the you can be a methodological were you involved could use at home or trying to the jobs
spk_3: first oh boy are we are to do our development stage of instead of but have stabilized face and always do have a long way to go or in terms of are serving consumers well and to a better serve our consumers we well as firmly speak to other of strategy or which is to create a long term value of through are the and technology oh no i'm not need one or two guys usually with was lifted shit in the head without limitation and she's what the book list publishing the days he isn't you sufficient and then they can wait shot which of egypt from a jacket he negotiated gdp it hasn't been issued the hot
spk_1: placing the good as it was you know you the couch from that a yes vote to changing that we need attention he did you just do your family we are our technology are driven company and are more than half of our employees are engineers are also are many of our of court or management team members also from a chatroom called background so i'll from the perspective of fall creating more our value of for users are many areas such as our understanding
spk_3: luckily changing a user preferences and are continuously a to aging all authority all these areas are are inseparable age or later see other i'm be i'll give abilities an alley with firmly believe that the key to our serving our our users well i are in the future is to further strengthen our rd a capabilities and if you support issue now the be a huge issue there can be an issue i just shooting a year or two josh not a nuclear bomb you know it he not he was looking for beach the mceachern good maybe it's hardly a be a good at each year how did he told me they couldn't do it and and happy touch
spk_18: attention now shark week the widow them feel if you are young sheep and then could do that
spk_3: political equality dresses i'm good for you to you know and you still on the think would get home
spk_1: to go to the lebanese gg says yeah to the it's too much use of ammunition i'm at the same time or we are will continue to focus on are supporting or the agriculture and their manufacturing industries through technology for agriculture are we well i'll continue to invest in the barrel length along or the other cultural value chain with our our technical expertise or sell dutch are we can facilitate the a fish and a distribution of fireworks culture the produce and yeah we will also or loudly each other resources out there are kinda your platform or to bring more agri tax illusion to the market faster
spk_3: as for out the manufacturing sector or we will argue both are more resources and our help
spk_19: many more are manufacturers as last our factories or to go through digital transformation and or improve as the or efficiency
spk_3: i'm a judge how could you normally he's a new year with did not yet we shown as a when the injuries dodge nama said to the point on top
spk_20: totally do next episode
spk_1: glad she does like your usual wouldn't be easier you don't wanna when we got know should be a little and our we have our very clear a long time our strategy
spk_3: to strengthen other id capabilities and to i improve the efficiency of our culture and our manufacturing a supply chain
spk_21: other strategic direction as liar or the national level or will not be affected by a short term or external are trans or are fluctuations and we well i'll continue to make a long term and patient the last month
spk_3: the my you can yeah yeah yeah issue of the duck
spk_17: a cool city could you do with
spk_22: when the candle shop he says creation of we be doing some shopping on the street
spk_3: so much easier they're both was also on yahoo will be couldn't do other side of he packed with your the my lai shall be good to what i'm hoping to the fantasia to
spk_1: the we're kind of had the topic i can look up the toilet goldfish and as for our your second question regarding of our revenue growth our wealth throughout the past quarter we saw a strong resilience and are also be that in their consumption market and we are coffee dent or toward a prospect of did sell market of during our events such as he a w that the and a chinese new year promotion we collaborated with more images and also brand and provided a consumers without borders
spk_3: election of for high quality products and many consumers showed a good shopping demand at the same time mama hmm guidance each other but at the shop when a get out the and the go how they're not too shabby that as usual and the recipe to the feudal aguila to death new whom each when she saw a guy chris knocking i done know somebody this onto the shower is i would do that
spk_1: the only one as you decided to a p e the what data sheet with elite and yeah nothing i buy food and essential key on the chair and mean that leaner look how bout of the to let hadn't done and are under the bad job of power consumption recovery we have are also devote more resources or to lot better or for few a consumer demand or a the fourth quarter or deputy do our platform leveraged it's focus on having the fundamental needs of users and ourselves lalu
spk_3: ah ah ah daily is things your products on the platform or showed static growth furthermore as our consumer demand or toward high quality merchandise is our growing categories and including of mobile phones our duty cosmetics and the maternal and baby care products or had that these growth and he uses commission they have you come down for she the here the to change in keeping her juliet we shall be them you're with nipping in the gold the she received predictions the map will be peace in height was shocked he said the people and you smell that i'm do it if one of the get a whole new much she that that isn't using it
spk_1: you're just gonna change healthy that he didn't it bush you quit owners should get the woods cheesy at the same time or we are are fully aware that char the competition a the market eyes size and pants and consumers have are many different are you congress platforms and our shopping for format or to choose from
spk_0: we asked you have a lot to offer improve job or as a result our team must continue to work hard and we plan to step up or investment and abra core competencies and continue to provide
spk_23: like consumers always more savings camera club shopping there a thank you i'll trade or are we can take as caution alive thank you your next question come from kenneth phone with credit suisse please ask your question hey i think you management or taking my question i have to question first is a good management comment on the latest competitive landscape ah specifically we saw a number of your ps rest importing of low price do you have any plane or program in was point on how to position to so self to achieve quality grove in such an environment
spk_24: and my second question is about a marketing wish ice we saw a a celebration is else a marketing expenses for our fifty six percent year over year to around eighteen billion in the fourth quarter so what investment opportunities did you see on as consumer sentiment improved are you becoming more aggressive
spk_23: a victim of investment or the he's just a with neck a temporary seasonal hike it says he went to this awaits us boy did if i you shall go down the when t v ghost recon utility to the wind see him and cuddle limiting to eat out app which hear ya a utility don't like them to do this it has a woman who to me breathe a sigh diverting to the findings you sound woman terminal so
spk_3: easy way to go down that i'm done now the other when she's the want you to this is how he took heightened up woman of day decency do a good dose of marketing dumb down obama did we see sealed died are you up ah she would eat or was to retire due to sit out when he don't condone happy to how the utility wait high doses his eyes he died sophie to this easy money we flew seahawks we like to get you do these he'll kids to so the subway tissue t soon as i said this is due to see good ttc million a woman breen guy type watch you can to tissue
spk_19: i can easily hop i was here we'd actually buy a dude in the woods
spk_17: muddled one get with us on sega daughter becomes your body this city
spk_3: i'm a huge she's an issue this your back at and you to paper on cannons mosquito nets issue that action to not only you must i i got his dog handler when the hyatt on the spot you when
spk_1: i'm a huge ah well the conducted that is actually are jennifer on conduct yeah i did the teton a do i don't know if you to see issues
spk_3: on a hike hanisch so are our first i shall my views ah your question on competition the ecommerce market in china is dark huge and got it is for of energy are also our ways are the or optimization in a damage control measures a car or continues to show a strong resilient and our i believe it is easy for everybody or to see be opportunities imf market therefore i think it is not natural and also a logical for our ecommerce or cheese or choose to our race landing which makes our competition more are in cash as a result know what we have one two dollar teach teach you to not merely not make a wish you had you don't really like sitting to become attached not and walk on had died lot of scout
spk_1: know what was your singer the admitting that you don't do job a good idea each of the free idea does your leader additional your the shahada she did to the juliana which was yep would watch a movie a woman just don't watch the that been a juicer lead which is in the father malone gotten and i mean they gonna do it seems that most useful to you
spk_3: on are also a we have notice or the recent moves a name is she an hour we saw that are different companies may form a different strategies are in phase out the competition and as i have mentioned are in my are much as will believe that tell healthy competition or a are beneficial out you are consumers and the entire industry but when petition has a five are sometimes appear three action could die going a joke that different direction and we are we always i keep our our duty mind that our focus our all healthy or development and dark and great a industry competition or even when sometimes it's in laws on sustainable of activists are from from ps i'm looking or much is a nice wanna and besides you will have healthy kids front of hunky jobs at the contest no i'm away issue that gym we shall always that he goes to show what idolatry the boats yeah
spk_25: i mean are in the time doing a a less confusing that the way to bar
spk_3: it has to our hobbies hobbies that i couldn't do the jobs
spk_1: oh i'm young yeah you shouldn't to me and thought a bombshell both on that you beauty shop he goes seen the should show up your heart matthews from the gold year
spk_26: was in charge shall we did the year
spk_3: all of them for forty five are we believe that are serving customers better or if the key to creating a long term that it and we will continue to provide our consumers with a lot very small far or shopping spirits are therefore we start from our all a unique value propositions and our team and i are are exploring how to help for like more value or to consumers and out for this end or we welcome to new shoe a focus out on the dow dow fell we can better understand the needs and preferences of consumers are improve their shopping experience and up in this way we can increase cancer my satisfaction a coma will me as wouldn't use about that and i really look at what she had he said that the deeper
spk_27: emma he's not be able to come out
spk_28: i'm a huge she's back know me a hood diet
spk_29: mental book you something you they showed some
spk_3: the much well when i shall be easier time talking to the jobs keep your you
spk_1: wash away hundred shouldn't i mean you saw what do it
spk_13: even a cop and we all blind to the utopian treating july we die she's it
spk_11: but at the at the same time as we are fully aware that are always do has a large out to improve our so as a result of and well further a that pop or investments a specially are a are the areas are for agriculture and ah manufacturing chapters are as well as our ah improve our supply chain efficiency as so that we can create a more balanced out for consumers and that the pan out there are more our savings more fall opposition are so this is my view our industry competition or at for your our question our sales and marketing expenses are valid into the game to as your question i thank you
spk_13: hi kenneth starr the country
spk_11: atlantic had because and out cells mom can make center
spk_13: well our purim that quite quarter out with saw consumption the current trends continue and i couldn't that backgrounds worry okay to very tight said promotion
spk_11: and that's a good to support consumption as i just mention that remark and this affairs are reflected in the and as a number and you can see that our panelists in the marketing expenses in for gags me to foreign trade and on actually
spk_1: the all is a catholic violating our eye for an area that man's or are all of our project
spk_30: we hope to allocate resources to places that on can generate long term
spk_0: high quality development
spk_31: twisted good opportunities that carrying create value we invest our currently thank you ah operator our can go to that advantage on the line thank you
spk_32: your next question come from l a gang with macquarie please ask a question
spk_3: i think announcement for taking my questions are to regarding our overseas product kimmel ah we thought that you're not introducing chemo to canada and australia are awfully we saw a commercial been put out on the put all i can master share with us some latest development and operational updates ah how would he more differentiate of from the more well established players in the in the current market or the second question is on their and impact on the fourth quarter financial how did our team will jump in new been book or any operating metrics that mountain could share regarding be as many last level order or sized i want you to climax at we have any and beyond close target for people going both thinking a highly your child you ah the wash up with i try to shoot one teacher or you die
spk_25: jesus family mean i don't like him on the with spots
spk_3: mama but he would have was owner wants a are to go find out them for the jobs
spk_1: the money little people jack only into a july twentieth year i'm always shall be good people are jobless simply that teacher told me
spk_3: nothing to who what on a good that you know it's you search of a difficult year hi alli are so allele i'll take your question ah well global business so our for our this initiative we are aspire or to create our own are unique value for example are you again as where supply chain know how dodge we have that accumulated over the years or we can offer or consumers are curated selection of far quality good at pass out shut the prices and also or through are evolving our time
spk_7: like features are you have to improve our con consumers are shocking scared
spk_3: no one knows she you to reapply tweet fujimoto oh because you're gonna would you don't use of your mahmud sheer numbers are you trying to talk to the you the machine job she wants to which he did do so that she should the movie can gather to sit at just
spk_1: the father of the i'm up we can't order to ensure that will be for the sins so that it shouldn't attempt to a woman know your hundred years you're dealing with one hundred shots on the shock good no one book about ninety he does it he got these are not we not from to the just
spk_3: on and down our things we are launched our this our platform in september of last year it has only been about a half a year and instead of are focusing too much on our competitors are i know oh wait actually a pay more attention to hour on a development and el pollo a duration up a we see that are different markets in different regions are they have a different get many differences and we you have a lot to learn and a lot or shula improve so are we will remain a patient it's rates are constantly and del i strive to create our long term a value
spk_33: and look at the leader with guns year that as you that out you get want to shins and on the shelf later you'll miss sonia
spk_1: not hum the does not a woman to a holiday show you were to be becoming a year will look into it and it's you some ah food repeating keep on a on door jobs that he are you working we would move on the of the kids
spk_13: eighty judaism oh and out a addition our we ourselves are appreciate that the support coming from our consumers and that much as or who have that are chosen are performed at a shop or early stage alpha have a valid are there to what motivates us or to do that is that well and they have also are given as many are valuable advice is to improve our services or as for the second part of the question on our the financial booking a revenue okay and financial impact of our our legal business or will handed over to jail or to the first with cut okay am i alone a draftee action reading he as have to while a global business where are you know and or is just started out roughly hopping i go and given an edge early stage nature and defendant our financial impact for a from that has nothing to for everything is route before
spk_12: and hm revenue the thing
spk_13: isn't record as a treaty modo
spk_11: oh we're entering new market so we need you understand consumer demand better an actor man how to meet their demands actively and we're not driven by and as much as he sat down and of the essential thing files right now is to our future our own unique value of the long battle
spk_1: on the panel financial that checks are are just a reflection of devalue value we can generate
spk_0: and an internship future in boston and energy impact
spk_33: as always and will continue to carefully by are different opportunities
spk_34: picture our investment is a plane and on people police are high our eyes than that thank you
spk_25: oh okay hi operator or i think we you have time to take out to crashers one or the why my alley
spk_34: thank you your next question come from gang guy with a p i c c please ask your questions hi thank you for taking my coaching third of my third question or a management to share come some updates his arm your total go to a pin and the we understand that are my grocery business each blowing done and are you still expanding that be learning how to we'll focus more on recently and know cause the controlled i know until my third and patching is about to the puppet village it would we noted that to your probability margin decreed that time the last the to concerts a given to oh boy you're late as john carter our internal be perfect
spk_35: the doesn't mean that killed are you have shifted vocals are more to goes on to what opportunities are you
spk_3: bending at threw up will and thirteen not will get your when he fell into our to my title impact the movie to to the agree that our community also feel to combat the alanine as a leap year we line and i'll put on have either to the sheep are you an issue that could have come a time before i leave your high school play i'll come to the
spk_22: we got some of them sounded on become the juggling commercial your can you a new on a journey to eat out with you to not onto those are the under each other ten am lucky to an hour to them eating is alpha or get paid off of you don't think she's nice shirt or go down the the one picks the look at issue though you either globe the lieutenant
spk_3: ah john glen people to the attention that up to the pumped up until nutritionally finale here are some younger people have told people he said ah they aren't you no social actually supplement not you so on people want to know each other
spk_1: the minority and i saw that haven't you done it mateen what he didn't match or these are you you choose to at the same time to get to shout the mccall showed the pay been eager to needs a she's you mcdougall my trainer elements off the new assume it was fucked up to two jobs to be good wasn't on softly good to have to you
spk_36: i'm a high by out us all i let me take your question on our our to the grocery business
spk_37: top or penal door started by of chalet agricultural products and agriculture allies one of our i keep a long term strategies
spk_3: the rule over to the grocery business leverage a technology or to improve agriculture distribution frequency and er match a local supply and demand effectively or this business plays out there a critical role of fall averaging over a unique position a a agriculture and upgrading our own unique about it the my back little matter to you
spk_1: the candles and the plane was nearly as the my bible thumping to yeah i should i be on my you wish you the that i be done the jobs
spk_3: emotional one that little matter real winner gets want us to blitzer so we got i'll end up being up there are two the growth rate business or we have a shame or the valley that way can generate a by improving supply chain efficiency a areas such as are offering are more our choices for local produce are increasing our fulfillment efficiency and are improving a user experience at the same time the to the grocery business also or creates a positive of social values not that it you to keep the matter what you that and to don't i wait to the allow finishing book
spk_1: thank it on you eat very southern no time limit village of it but she says little mermaid side of glisten should do it and i'm a single doll
spk_38: these are kids the whole childhood
spk_3: oh shut the young but didn't have enough ppk bunch of it our our let me give you our our recent example here are that are the our fourth quarter or we launched our dedicated our can pay to help ourselves through a seasonal are also sell our culture our products as you are consumers are directly and are at the local teams of our to the grocery aisle went up stream or into the agricultural production region
spk_39: to solve our agricultural produce are directly and and matched to the south part i personally waste our local demand
spk_3: the much further we hold off
spk_1: will begin i've taught you the good luck mechanical bull clean you think what used to at using a asia on my timer more chances of me cheese i'll be home to watch police chief we will of people abuse enough were no quick
spk_13: thomas you could
spk_11: the my she fonda can do that or with a judge is are we are to in the early stage opting out there are agriculture are you at lunch
spk_13: and we see a lot of the areas that can be a further i improved jewish or technology or so far for the logo three oh yes you are far away from the best level of our services and their ask you a lot to improve or at the read
spk_11: yeah we well we lay down to earth and our continue to make a long term investment
spk_1: in order to offer their grades our values for our consumers thank you
spk_0: this is jay outlandish pitcher catcher
spk_40: the trip ability and at well as we are in our development stage and way to do too many areas to improve any pray and more valid for users we continue nothing that's the key areas to during the now aren't ability to poor agriculture and manufacturing technology and improve our service all for you to you that and trip ability is not our current priority
spk_0: if that that on were always correctly it's financial prudence for every investment we carefully about to ri an hour after without see where it can trade long term high quality bowman for as we speak up a good opportunities always we've evolved to firmly you oh okay oh thank your body would join us on a conference call today or that concludes the call and have a great day ladies and gentlemen that does conclude our conference the today thank you for participating he may now disconnect since
spk_1: it's this since source this ladies and gentlemen thank you for standing by and welcome to pdt holdings inc fourth quarter of fiscal year twenty twenty two earnings conference call at this time or to sprint journalist and only mode they'll 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 i must advised that today conference is being recorded i would now like ten the conference over to your house today mr chen paying the please go ahead that the operator hello erawan as entry for drawn out today
spk_2: my name is true and i will help host earnings call
spk_3: pd holdings earnings release with distribute it earlier and is available on our side at invesco dog ptp holdings dot com as route through global news well services before it began a like to refer you tell it safe harbors damon's in early press release which applies to this call everyone makes so they'll follow looking statements felt this caught include discussion of soda longer financial measures please refer to our earnings release which contains a reconciliation of the long gap measures together measured don't out the on a call out so late hour chairman and chief executive officer and military or will bp of it they will make some general bought our performance for the past quarter and our strategic focus dream when the out a well done to cut through are financial results for the fourth quarter and fiscal year ended december thirty first twenty twenty two
spk_28: during that you're a session laid well as the questions in chinese and i will help translate please a note that or translations provided of a reference purposes only
spk_3: in case of the any discrepancy between the or it's regional remarks and the translated version three month in the original language should prevail now it is my pleasure to introduce or chairman and chief executive officer lay lay please go ahead hello everyone indiana jones has already goal in the fourth quarter of a fiscal year or two thousand and twenty two any be gained by summer id always always loki small and of the here lot and twenty two
spk_4: i'll take a rap quarter i'd be getting that with a bit
spk_3: it is that forty six percent increase compared with previous
spk_5: a total revenue for the past year was and be adventurous thirty point six billion
spk_41: it should have a dead the globe was the tonight you're only looking at the gym the with
spk_3: in two thousand and twenty two people carry guns in our credibility we converted over i'd be tempted in a research and be bad the last year would you to the it might seems our establishment i'll go further into our have not code know how and bringing the bandit benefit of petrified lesion to our users and ecosystem had a nurse will continue to be that the i'd be as a lot of time commitment to better suit or users as a fire the as a whole the past year yeah the many of our young politics take a male his wife advantages as get into beagles if you don't talent passion a great committee have demonstrated the ability to take of you trolling just explore different possibility and key issues with peyton and determination will continue to provide more personally bath opportunities for them you know at a future leaders a present company speaking a investment stage the men been now and energetic as we move forward and we are committed to adapt the to trends in consumer preferences my and i eat like kicks boy and identifying the black opportunity well we by the glut opportunity to that and asked you to be a lead led led me to great value for consumers and the society in queue for the oh be healed replacing sentiment about are you he supported consumption recovery
spk_4: the actually elaborate result is that people don't travel
spk_3: you look a lot you feel it is that are out that batman to further to cool consume engagement and butte they attract for example in a double eleven pm are not quarter we provide a little bad could pause and this cause in a simple a people with way making shopping easier and more enjoyable for our consumers we're also looking hard to be largely diversity a product of our battle address our consumers diversity which as a popped up off as well as merger we saw the the performance across various categories the were promoting peace for example category fatwas mobile phone and cosmetics saw cause he goes on my users is different demographic the other volume of manning feet and agricultural products more than doubled how to boost consumer oled his of various local agricultural production egypt other chinese new year happened earlier this year
spk_9: he launched a trying to use a promotion in late december to me to consume money
spk_3: we work closely with merger is all about a word or curator more products lecture for consumers and we are happy to be that our edwards have paid off with many important produce that try read or gb had the sell button for now he's feeling very positive feedbacks we have to add to contribute to in supporting consumer confidence oh look consumption continue to be covered and consumer sentiment and continues to improve everyone can see the potential to opportunity in that much
spk_10: other the industry while he noted a number of resembles a up here
spk_3: i'd be healthy competition is beneficial for india's industry but sometimes when competition impacted by phone company may take a different actions well ours we're always have the here too often beauty as a of the company
spk_4: oh is ought to think about be bad
spk_3: in brief competition email when sometimes he was unsustainable parties trump yes we always think about how to better our consumers the also fully aware that we still have a long way to go before we can only mean consumers lobby we are committed to deepen the are valid proposition of mostly been more fuck off in addition you continue a bad thing supply chain import a private efficiently and satisfy consumers increasing increasingly a quality product in manufacturing sector for example kinda little can quickly gather consumer didn't bother to help manufacturers make more informed decisions a project design and production this is able to the creation of products that apple maps to money and thought his own savings to consumers in the past year he wrote out multiple initiatives to how manufacturers directly engaged with end consumer take a manufacturer a prisoner key factor as an example it used out inside identify opportunities will put quality products among the younger generation the me that the manufacturer the web personal care products with to be trusted be back what should we feel actually might be back it also shower manufacturers to gradually establish it's of bread oh well a part of a year would have a how incubated thousand or manufacturers brackets in this way asked bright and inside and technology he held manufacturers better position of their lives that he that popular products in a rapid change matches a reduce our certainty in production we have dedicated to build a law that is a festival to all and to bribe the goblet of fire in agricultural sector we continue to utilize our rethought the it's and technology to promote digital inclusion and generate a positive effect
spk_10: with the vote us out to facilitating be the other option of average tax dollars it
spk_3: these two thousand and twenty people that had hosted a fletcher mark agriculture competition for three consecutive years opening the thirty four yup agriculture researchers and goers to explore practical technology solutions the improve you shot and production cycle and promote sustainable it we also have kids so for a big competitions to commercialize the technical solutions are large scale by promoting every cat adoption we hope to push forward agriculture mode the another key drawing floor is a trainee up new pockets yup new bob as have returned to the on top of your urine enlarged that it the are tech savvy abolish lake is tool federal live streaming really up for of energy and drive with the help of inside from our platinum it could be that good understanding of can consumer need and play an important role to play a local community on average one such new bombers can really five to ten other young people into ecommerce great you are one fifty local job opportunities directly or indirectly in addition or average iq supply chain have generated a meaningful positive impact on society for example last quarter bellwether in winkler cause a sprite and disruption which prompt us to quickly assemble a decade team at lunch and nationwide can pin with people the who our siobhan ababa channel on pluto black he provided a dedicated traffic support to have affected bombers to sell the unsold be the la petite by reaching more own consumers in a short period of time our daughter broadway teams across the country offer help she prayed as important as if being visited a barrier counterproductive production regions in their hobbies source also produce direct bombers and quickly unmatched it with local consumer demands to spell it with our teens got with we were able to scale nearly fifteen thousand come up agricultural produce nationwide during the campaign and we are encouraged to see that hours the price and capabilities a create tangible battle will affect factor in a society we are proud to be seen at a o two thousand twenty two innovation award for lead united nations food and agriculture organization which recognize innovation that creates an impact in edward how to supply brighter did a war is a vote of confidence in a holistic and were active approach to agriculture
spk_11: and a monkey basis to keep is a hat so that more and more people can enjoy the benefits of digital inclusion and technology adoption in agriculture
spk_12: gear i was also like to provide an update on chemo a new global only mcrae the we large in september two thousand and twenty two
spk_11: people and people to at sister company under a parent company pvt holdings which had beautiful a salty logistics and fulfillment capabilities the that to support is valid businesses we try to create our own unique bad a week so we always talk on the fundamental see would be eggs or how we can serve them well people will stick to love values of a comment diversity and inclusion in cavity as well as social responsibility as we entered a new year when you make committed to creating bad for all stakeholders and therefore he will be men patient and that for long to the goal is to further improve authorities a provide to consumers and debris more businesses into a digital to call me to increase opportunities for local community as morbid music thank you for your continued support and now let me take over the gym to up the you are our financial performance think you're right hello everyone now army will keep through our financial performance and fourth quarter and fit for the ended december thirty first time to twenty two and terms of income thurmond i'm a total revenue and crave to forty six of them out yeah john be thirty nine point eight billion in the fourth quarter and thirty nine percent year okay yeah charm be one hundred and thirty point six billion with a full year of twenty twenty two
spk_13: this was manager been fine and and crazy revenues from all i'm acting curators and transaction services
spk_11: revenues from all marketing services and others lambeth or to one billion dakota up thirty eight percent compared to defend out of twenty twenty one which was primarily due to an increase in march and activities after results have been cooked month in consumer sentiment
spk_13: some fucking services revenue for each call can land a point eight billion
spk_11: up eighty six found that as assistant curator of twenty twenty one
spk_13: when we are the coolest an expensive
spk_11: our total cost of revenue to three thirty seven percent from and a six point five billion in queue for twenty twenty one to arm the a point nine billion third quarter but to get our total cost of revenues degrade to one them to arm be thirty one point i go in total operating expenses they've called her one be twenty one point eight billion on a gap basis bertha zombie thirteen point eight billion in a from quarter of twenty twenty one
spk_13: on another get basis of a total operating expenses in increase to army nineteen point three billion that water
spk_11: come on be point three billion thank you for twenty twenty one don't fuck outta were devote more resources to batter droughts with a nice encouraged beer consumption confidence as well as step up and and in a long term focus areas such as on d and agriculture
spk_42: oh such our total non gap operating expenses as a percentage of total revenue have increased from forty five percent in queue for twenty twenty one to forty a person the scooter
spk_11: yeah of twenty twenty two total gap operating expenses were armed a sixty eight point seven billion up from rb fifty five point three bill and mcteer look into specific expensive item oh known gap cells in the market expenses strip quarter windy seventeen point three billion to not percent versus different hotel up twenty twenty one we're all but various forms of promotion and subsidies and afraid of park spending in cure for to thwart consumption of recovery
spk_13: uh no doubt basis
spk_11: ourselves in a maximum expenses as a percentage of other revenue stream quota was forty three percent compared with forty percent would fill quarter quarter a twenty twenty one what full yeah no gap sales and a maximum expenses and engraved to from aren't be forty three point shooter and in twenty twenty one two the fifty two point two billion in twenty twenty two are no gap general and only trade a big finances while be three hundred and fifty point eight million into for there just aren't be one hundred not a five point eight mean and income quarter twenty twenty one
spk_13: our and your no doubt general and administrative expenses warm be one bit and in twenty twenty two
spk_11: his arm be seven hundred and forty eight point four million last year or no get research and development expenses while the one point seven billion in couple of quarter an increase of thirty four percent from on be one point three billion in the same quarter twenty twenty one the increase was tremor to return a tracy from and a recruit months of moisture and are depressed know and of a post as a technology driven company devalue way create cannot be achieved without i'll at aren't assets when interest or the grill on to come ability to understand they're constantly moving consumer demands and drive innovation to satisfy their needs more effectively he addition will continue to leverage over technology bathroom to improve digital technology adoption factors patterson agriculture and manufacturing also it is no noting that will figure out and your gap or and expenses the path to armed ten billion for that time
spk_13: we aim to continue to step up involvement in that area to form that's only foundation for the long term development
spk_11: operating profit for the quarter of was armed ignored point one billion on a gap basis an arm the eleven point six billion on no doubt basis nothing come at your the verge ordinary shareholders with arm be nine point five billion for the quarter and army thirty one point one five million without the yeah in a book called her face and and for a the ads will earn be some way for to to and dilute the a news for a ds with on the six point that to to
spk_13: despite the earnings for eight and so on the fly point twenty said
spk_11: and the lieutenant's the radio so arm before point six safe thing to different quarter of twenty twenty one non gas not income a trooper go to ordinary shareholders was an be top point one billion with a quota
spk_1: and a fourth quarter know get diluted any for a d s was on the a point thirty four the answers aren't before it and eighty a innocent quarter of twenty twenty one that compares to income statement now let me move on to cash flow our net cash flow generated from operating activities with only twenty six point six billion for que for an army forty eight point five billion for full year of twenty twenty two
spk_15: compiled with aren't be sixteen point four billion in the been quarter of twenty twenty one
spk_0: and arm be twenty eight point eight billion in twenty twenty one primary duty would increase in that income and a change of and working capital
spk_15: as of december thirty first twenty twenty two
spk_0: the company had rd one hundred and forty nine point four billion in cash cash equivalent i'm short on the batsman
spk_16: thank you that concludes mantra cow luck thank you jane connect with a move on to the you a session put the dead q and a same day as well it's a question of ballot on the line i'll be to take a maximum of two questions ballast and well as the russians and chinese and i will help translate his remarks but easier reference operator women also crusher a lot
spk_43: ladies and gentlemen moon now begin the question and answer session
spk_3: if you stop the question please press our one on the telephone and wait for your name to be announced
spk_1: if you wish to cancel your request please press start to participants are requested to restrict two questions at each time
spk_3: your first question comes from choice do with bank of america
spk_17: please ask your question
spk_3: thanks management for taking my questions or i have two questions on the first one is i'm as now can go towards didn't look into an ecommerce conglomerates with notable business initiatives globally on how could manage man actually prioritize different business life and commands you may hear more about you oh latest strategy going forward on have you shift your strategy after you have expanded your business life of bully and how do you position yourself in the global market arm and in my second question is actually related to the or revenues on your online marketing service revenue growth thirty eight present oh the year last quarter ahead of the industry growth and appears are bad thing times we have been desolate down to a deceleration front of the quarter how shall we understand of grows and how shall we actually expand the moment and going forward
spk_1: when i say he's out with either when he had out what the go once you sure with them that hand out what or true the financial you go wow order to the joachim that the hunger know when a malfunction on coma think out his elbows with him sizes in the project and it on failure was young quadrangle whole the vagina told yeah your milk i get our minutes the will clash in the our local with them being waived auto attack what you should have shown of aged out that the are given you should know why you have woman the kids into the showed up on a handout drake good seafood essentially a social know compete so don't look at and research back i found the whole year hopefully it is also in the now yeah
spk_3: there's a whole madrid ten that he cited without beaten so yeah yo you get means yes or no one knows you plan on gomez they sell it or yeah yeah how bout german chat while he sat are sandia woman a partial or her yoda fag as to to hook via yet because as here i join you yeah man for sure why i had with jack if you exit the insisted that can be which oh hello joyce and thirty four crashers and i can take your car shells strategy the muscles you know what you're looking she'll eventually reaches in the us and yeah
spk_1: i knew that i do you teach much as knew how trying to the heavens i agree i had sounded like it the next we're gonna hide it which i do too in the issue at the time be a defender that people yeah that could use a tangle trying to the jobs
spk_3: first oh boy are we are do our development days of is that out that have stabilized fake and always do have a long way to go or in terms of are serving customers well and to better serve our consumers we well as family stick to other of strategy or which is to create a long term value of through or the and technology oh no i'm not he one as we usually pushing associate and they have one thousand used in addition to issue what the book was pushing the days isn't you sufficient
spk_18: and then it can wait shot which offers from a jacket
spk_3: nicole show the gdp it hasn't been on jury duty hot
spk_38: tyson the good as it was you know don't catch lot of fun
spk_3: to gazing that we need help with plenty of to dc judge whole family we are our technology are driven company and are more than half of our employees are engineers are also are many of our our court or management team members are also from a technical background
spk_1: so i'll from the perspective of far creating more our value or for users are many areas such as our understanding rapelay changing a user preferences and continuously a raging all authorities are all these areas are are inseparable age are linked to see our de our capabilities and alley with firmly believe that the key to our serving our our users well i are in the future is to further strengthen our rd and capabilities and if you suppose issue now the be a huge issue they're going to adam should i just shooting a year or two josh
spk_3: not a nuclear bomb you know it you should that he was admitted for beach the my teacher cool maybe it's hot yeah we adore each year he told me title couldn't do it and i'm happy touch
spk_44: attention now shark week to adopt them feel if you are yoshi and then could do with that we you do his homework inquiry crashes
spk_20: democrats are you doing now
spk_1: what is due on the think wouldn't get home duncan couldn't do that nothing gg says yet to the acids so much use of ammunition
spk_3: on at the same time or we are will continue to focus on are supporting or the agriculture and manufacturing industries a through technology
spk_18: for agriculture are we well i'll continue to invest in the very length along or the our culture our value chain our with our our technical expertise or sell ducks are we can facilitate the a fish and a distribution of iraq
spk_3: culture the produce and we well also or loudly each other our resources out there are killed your platform or to bring more agri tax solution to the market that factor of as for out the manufacturing chapter out we well argue do both are more our resources and our help are many more are manufacturers as as our factories or to go through a digital transformation and or improve their efficiency
spk_17: i'm a judge how could not believe he's a new year with did not yet we're job as it would mean treated dungeon
spk_22: the much said to the point on the of totally do next episode that like she does like your usual wouldn't be easier
spk_3: we don't wanna look google now should leave little and our we have our very clear a long time now strategy to strengthen another id capabilities and to improve the efficiency of our culture and our manufacturing supply chain
spk_1: other strategic direction as where or the national level or will not be affected by a short term or external are trans or our fluctuations and we well i'll continue to make our lungs him and patient investment the my you can yeah yeah yeah issue of the duck no should city could you do is now
spk_3: when the candle shop he says he could be a would do it had done showcases on the street
spk_39: how much easier
spk_3: they're both were fancy you would you will be because to other side of he packed with your milan a sharpie deborah good to what i'm hoping to the fantasia to the we're kind of had the topic
spk_1: i didn't work out which one a goldfish and as for our your second question regarding of our revenue growth our wealth throughout the past quarter we saw a strong reveal years and there are also be that in their consumption market and we are coffee dent or toward a prospect of did sell market of during our events such as he er w that the and the chinese new year promotion we collaborated with more church and also brand and provided a consumers without borders election of for high quality products
spk_17: and many consumers showed a good shopping demand at the same time
spk_3: mama that guides and each other but that each other when we're together the go how the not too shabby that as usual and the recipe to the here futile aguila to death new get from she saw a guy could nothing has hijacked somebody this onto the shower is i would do it under family one as we decided that a p e the what data sheet with a little yeah
spk_1: nothing i buy food essential g public yeah and mean actually lena in the books symbolic of the to let and and are under the backdrop of power consumption the cover we have are also divulges more our resources or to lot better or for few a consumer demand a the fourth quarter or that people do our platform leveraged a focus on serving the fundamental needs of users and ourself lalu ah far a daily is danger products on the platform or showed static growth of furthermore as our consumer demand or toward high quality merchandise is growing categories including of mobile phones our duty cosmetics
spk_0: and the maternal and baby care products or had that these same growth
spk_23: and he uses commissioner the love your for she the high energy than typical juliet shopping you're putting lipstick the called the she misses vacations map or mixes and i'll have to walk shocked he said the people
spk_24: i'm a huge now that i'm do it with gotten a week
spk_23: get at home new know much issue by that is an uplifting me the against that change lp that he can there is a bushel quit gonna shoot down at the woods
spk_3: cheesy i'm at the same time or we are are fully aware that char the competition a the market a size and pants and consumers have are many different cameras performed and our shopping format or to choose from we asked you have a lot to offer to improve job or as a result our team must continue to work hard and we plan to ask that pop or investment of transcend abra core competencies and come to me to uphold like consumers always more savings camera club shopping there's a thank you
spk_19: operator are we can take as crush on a line
spk_17: thank you your next question come from kenneth song with credit suisse please ask your question
spk_3: hey i think you management or to get my question i have to question first is a good management comment on the latest competitive landscape ah specifically we saw a number of your ps rest importing of low price do you have a the plane or program in respond on how to position do so well to achieve quality grove in such an environment and my second question is about as a marketing wish ice we saw a a celebration is so a marketing expenses fall fall fifty six percent year over year to around eighty billion in the fourth quarter so what investment opportunities did you see as consumers sentiment improve are you becoming more aggressive into of investment or that he's just a reflect a temporary seasonal hike
spk_1: it says it he's a decent way you us more to defy you shall go down the when t d ghost recon utilities to the pointy woman's canal woman into you i put you guys are you do it he got light into a diverse it has a woman way to me so a say that into the findings show woman terminal so he sue way to go to janet i'm done now the other when she's sick when you took us italians help heightened up or mckenna day decency do with a garage sales and marketing dumb down above did it was sealed died out you are partially the you eat or whatever to a to ship zip up when he don't condone happy to have the utility wait high doses his eyes he die self to this easy money life was a hoax we like to the t do these he'll try to sue the subway tissue t summer i said this is you do to see good teachers in a in woman between guide type watch you can have to shit
spk_3: i can easily l a little he'll lead i buy a in the woods muddled when i get with yes i see the da because your body to city now my oh she says she doesn't back at and you to add on china a message on it's issue that action to not only
spk_45: you mustn't i got to stop handler
spk_3: motion hired on strike the only i mean
spk_46: ah one the conducted at the assumption
spk_3: chances that jennifer own kind of yeah actually the teton a do i don't know if you to that issues
spk_1: on a hike hanisch out so our our first i shall my views ah your question on competition the ecommerce market in china is dark huge and got it is full of energy hour or so our ways are the or optimization a damage control measures a car or continues to show a strong resilient and our i believe it is easy for everybody actually see the opportunities i'm market therefore i think it is natural and also a logical for our ecommerce ps or cheese or choose to our raced landing which makes our competition any more i can't as a result i want me of when two dollar to see the it'll
spk_3: not merely now make up a was you catching generally like studying to become attached not and on had died lot of know what was your machine the admitting that you didn't do job a idea each of the free idea does your peter additional your the shahada she that you to the juliana
spk_1: which was yep with watch movie a woman just about the that been the juicer lead which is in the other than the younger than me and they gonna to the sense that makes use of the you ah also a we have notice or the recent moves a ministry and hour we saw that are different companies may form different strategies
spk_3: in phased out the competition and after i have mentioned in my are knocked out and believe that tell healthy competition or a are beneficial at you are consumers and yeah entire industry that's when to shame cassie five sometimes appears reaction could die going a joke that different direction we are we're always i keep our our duty mind our focus our all healthy development and dark and great or industry competition or even when i sometimes it's in laws on sustainable of activists are drawn from ps i'm what are your much as a nice one and besides you will healthy shifts toronto county jobs wanty his that
spk_27: no i'm liquid issue that gym ship ah we shall be that he goes to show what idolatry the boats yeah
spk_28: i mean
spk_3: in the time doing a it as from his in that the way to it has to do hobbies hobbies that i couldn't do the jobs
spk_1: oh the young yeah you shouldn't to me and got a function in both beauchamp that you'd eat you shall be dodging the should show up your the much users from the goes year was in shock shouted at the scene of them for forty five are we believe that are serving customers better or if the key to creating a long term that it and we will continue to provide
spk_13: consumers with a lot very small farm or shopping death or therefore out
spk_11: we start from our all a unique value propositions and our team and i i i explore a child's you up for like more value or to consumers and or toward this end or we welcome to new shoe a focus on our de da da sele weekend a better understand the need and our preferences of consumers improve their shopping experience and up in this way we can increase consumer satisfaction a coma with me as wouldn't use about that
spk_13: i look at what she had he said that the deeper
spk_11: emma he's an athlete he was a cat i'm a huge she's back know me a good diet mental block he sent engineer showed some the much well when i shall be easier time talking to the jobs
spk_1: keep your body wash away
spk_30: hundred shouldn't
spk_0: i mean he's also a doing it in a cop
spk_31: and we all blind to the utopian preaching julep we die she's it but at the at the same time as we are fully aware that are we still has a large out to improve our so as a result of and well further as that pop or investments are a specially are a are the areas are for agriculture and done that a factions chapters or as well as our ah improve our supply chain efficiency as so that we can create a more balanced out for consumers and that the pan out there are more our savings more fall our politicians are so this
spk_32: my view our industry competition or ask for your our question out ourselves and marketing expenses of our lives you got game to as your question i thank you
spk_47: hi kenneth our the country
spk_3: atlantic had because cotton out sales and marketing expenses during the course quarter out with saw consumption be carried trends continue and a given that backgrounds lead author to i barely types of promotion and subsidies to support consumption as i just mentioned the that remarks and this of those are reflected in the financial number and you can see that our village in a marketing and enter into for gags me to for craved and on actually we always a catholic a t our i for airing document or are all of our project
spk_25: we hope to allocate resources to places that on current gen launcher
spk_3: high quality development a good opportunities that carrying create value reading best are currently thank you
spk_1: ah brother ali can go to not valleys on the line thank you your next question comes from l a gang with mcclory please ask your question
spk_3: i think announcement for taking my questions are out to regarding our overseas product kimmel ah we thought that you're not introducing chemo to canada and australia of those polished a commercial being put out on the superbowl i commercial share with us from latest developments and occasional updates ah how would he
spk_25: more differentiate of from the more well established players in the in the current market or the second question is all their relatives impact on the fourth quarter financial how did our team of revenue been look or any operating metrics that mountain could share regarding be as minute last level order
spk_48: or sized i won't get economics at we have any gmb your clothes target for people going to thinking
spk_3: a highly unusual and ah know what you're good idea how to shoot one teacher are you trying to see this baby formula or the other from twenty with money but she would you also know what was the sure go on out
spk_1: them for the jobs the my little dudley the calculator or july wouldn't year the we shall be good people are job you're simply that teacher told me what things you know who they didn't get that you know i'd see search of softly good old yeah
spk_3: oh hi alli out so allele i'll take your question ah well global business so our for our this initiative we are aspire or to create our own are unique value of for example well you again arbor supply chain know how dutch we have that accumulated over the years or we can offer or consumers are curated selection of far quality goods at pass out shut the prices and also or through are evolving our products teachers are you have to improve our our consumers are shocking scared
spk_17: no one knows she knew to reapply tweet fujimoto would your does your gonna would you buy new york
spk_1: mahmud sheer numbers are you to the it the machine john she wants to which he didn't do so that she should can gather to sit in the father of the
spk_49: i might be calm down to ensure that which would be fetuses so that issued a potential
spk_50: a woman know your hundred years yagi let them my the chart done the shock good
spk_13: not one what about ninety he does it he got these are no we're not trying to the guts on and down are things we are launched our digital platform in september of last year
spk_51: has only been about a half a year
spk_13: and instead of are focusing too much on our competitors are i know oh wait actually a pay more attention to other on a development and el pollo a duration have a we see that are different market during different wages are they have different give many differences and with you have a lot to learn and a lot of sheila improve so are we will remain our patient or it's rates are constantly and del rey age a strive to craig's our long term are valid i'm a little you know i will gain it that you they thought you did one patients and on the south asia you missed some job
spk_12: not hum the does not feel woman to a hard to show you were to be becoming a you will look into don't excuse them
spk_13: movie keyboard on two jobs with you
spk_11: are you working with kids treaty judaism
spk_13: oh and or a edition or we also are appreciate that the support coming from our consumers and merchants are who have that are chosen are performed at a shop or early stage alpha of a valid
spk_11: what are the odds of what motivates us or to do this is as well and they have also are given as many are valuable advice is to improve our services or as for the second part of the question on our the financial booking around
spk_1: in your book and financial impact of our our business ago handed over to jail or two of us with cut
spk_0: okay on
spk_34: it along a draftee catch
spk_25: having the t and internet impact of global business where are you know and is just started out roughly hopping i go and given ledge early stage nature and different as financial impact for a from that both nothing to for everything is route before
spk_34: and hm revenue the thing
spk_25: business record yeah
spk_20: really modo
spk_34: oh we're entering new market so we meet you on the and customer demand better an actor man how to meet their demands actively and we're not driven by punishment fact is that down and of the essential thing flies right now
spk_3: a to our future our own unique value of the long battle
spk_22: on the panel financial that tracks are are just a reflection of the value we can generate
spk_3: and on a chance at future in boston and energy impact as always and will continue to carefully by are different opportunities picture our investment is a plane and and keep up with our high our eyes than that thank you oh okay hi operator all i think we do have time to take out to crashers one or the a why my alley
spk_1: thank you your next question come from gang guy with a p i c c please ask your questions hi thank you for taking my coaching heard of my third question or a management to share with on some updates is on your total go to a bit made the we understand that are my grocery business explosion down and are you still expanding that be learning how to oh focus more on faith and know cause the controlled i know until my second patching is about to the puppet village it would we noted that the your probability margin decreed that found the last the to concerts given cooper read the you're late as john carter our internal be perfect
spk_36: that doesn't mean that are you have shifted vocals are more to go on to what opportunities are you spending at threw up will and thirteen not will get your when he always count on settlement my titan impact the movie
spk_3: into the agreed up our community also feel to combat the alanine as a leap year we lied about the don't have either to the she or he an issue that could have come a time before i leave your house you play on come to do to commit themselves without become the go into my your you a new on a journey to it out you do not onto those are the monday july ten am lucky to an hour to the eating is alpha or get paid off of you don't think she's nice shirt in gonna donegal one picks the look at issue though you either globe fellow traveler ah john glen couple to the attention that a thumbs up to the pumped up until now finale here are some younger become told people he said
spk_46: ah by aren't you know social actually supplements
spk_1: not you on people wanna to know each other the mana we're now saw that haven't you done it matter what the they might try these are you he you used to like you say i'm trying to get little shouting
spk_3: the mccall showed that you'd pay up and eager to it's a sheet you my total my the elements often we're closer unless want up to two dogs are that a book and good wasn't on fuck we leader to a little you i'm a high by out are so i let me take your passion on our our to the grocery business top or penal door started by a chalet or agricultural products and our agriculture allies one of our i keep a long term strategies or through algo to the grocery business he lavage a technology or to improve agriculture distribution regency and er macht a local supply and demand effectively or this business place are very critical role of fall averaging over a unique position a are a agriculture and upgrading our own unique how valid
spk_1: the my back little my to deny you the candle in the plane was nearly as yeah the my guide them time yeah i shouldn't ambition my you could hear the i'm in tibet i be done the jobs
spk_3: oceana one that little met a real winner gets want off blue so we got
spk_39: i'll end up being up there are to the grocery business or we have a shame
spk_3: the ballet that way cannot generate our by are improving supply chain efficiency
spk_1: a areas such as are offering are more our choices for local produce are increasing our fulfillment efficiency and are improving our user experience at the same time the to the grocery business or also or create a positive a social values not that if you believe the look at what you did you do now and i can't wait to the not finishing book
spk_11: onto to the don't you eat berries other no time limit village of it but she says little mermaid tied of glisten should do it
spk_13: and i'm a single dot
spk_12: don't actually kids indeed hold you tight wouldn't hundred
spk_13: oh the young and didn't have enough ppk been fees of it our our let me give you our our recent example here are that are even the or fourth quarter or we launched our dedicated our can pay out to i'll help ourselves through a seasonal are also our culture our products as you are cause
spk_1: humorous are directly and are at the local teams of our to the grocery i went up or into the agricultural production region
spk_0: to solve our culture parties are directly and and matched these are part of i personally read our local demand
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