Financial Data and Key Metrics Changes - In Q4 2024, total revenues increased by 24% year-on-year to RMB 110.6 billion, while full-year revenue reached RMB 393.8 billion, growing 59% year-on-year, indicating a moderation in revenue growth [10][33] - Total cost of revenues rose by 36% in Q4 2024 to RMB 47.8 billion, and for the full year, it increased by 68% to RMB 153.9 billion, primarily due to higher fulfillment and payment processing fees [34] - Non-GAAP operating profit for Q4 was RMB 28 billion, compared to RMB 24.6 billion in the same quarter of 2023, with a non-GAAP operating profit margin of 24% [39][41] Business Line Data and Key Metrics Changes - Revenue from online marketing services in Q4 was RMB 57 billion, up 17% year-on-year, while transaction services revenue was RMB 53.6 billion, up 33% year-on-year [33] - The quality merchant support program expanded its reach across agricultural and industrial sectors, providing comprehensive support and driving new consumption trends [21][56] Market Data and Key Metrics Changes - Logistics support measures for remote regions drove double-digit order growth, extending free shipping to nearly 100 million consumers [12][20] - The platform's ecosystem investments have enriched consumer choices, with a broader range of high-quality products available across various categories [25][26] Company Strategy and Development Direction - The company is focused on high-quality development, emphasizing ecosystem upgrades and supply chain transformation to foster a mutually beneficial environment for consumers and merchants [18][20] - A 10 billion fee reduction program and logistics support measures are part of the strategy to enhance operational efficiency for merchants and improve service quality [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that external uncertainties and intense competition have impacted short-term revenue growth, but they remain committed to long-term investments in the platform ecosystem [81] - The company plans to continue prioritizing investments in supply chain improvements and service quality to ensure sustainable growth [70][72] Other Important Information - The establishment of the Merchant Rights Protection Committee aims to enhance communication with merchants and optimize their experiences [27][29] - The company is committed to corporate social responsibility, seeking to create greater value for the communities it serves [74][75] Q&A Session Summary Question: Long-term goals for platform ecosystem development - Management highlighted that initiatives like the RMB 10 billion fee reduction program are aimed at lowering operational costs for merchants and driving meaningful supply chain upgrades [49][50] Question: Recent consumer-side initiatives - The company upgraded its super level savings initiative during the fourth quarter, providing substantial savings to consumers and enhancing brand growth [54][56] Question: Insights into the competitive landscape - Management noted that competition drives continuous advancement in the e-commerce industry, and they are refining strategies to meet shifting consumer preferences [64][66] Question: Changes in global business due to macro conditions - The company will comply with laws and regulations while refining services and compliance standards in response to external changes impacting global operations [69][71] Question: Revenue and profit trends - Management expects fluctuations in revenue growth and profits due to increased investments in merchant support and platform ecosystem development [81][82] Question: Balancing platform responsibility with shareholder duties - The company aims to build an inclusive ecosystem that creates value for all participants, aligning long-term accountability to shareholders with social responsibility [86][88]