Good afternoon. Thank you for joining Alibaba Group’s fourth and full fiscal year two thousand twenty-six quarter call. Over the past quarter, Alibaba’s high-intensity investment in strategic priorities of AI plus cloud and consumption is rapidly translating into tangible business results. With group revenue growing 11% year over year, this quarter, cloud intelligence groups’ external revenue growth accelerated to 40%, and AI-related product revenue achieved triple-digit growth for the eleventh consecutive quarter. Chinese e-commerce CRM groups’ 8% year-over-year on a like-for-like basis and the commerce market achieved significant unit economics improvement while maintaining market share. We are at a pivotal inflection point in evolution from conversational chatbots to autonomous agents, which is directly driving explosive growth across our across three core growth categories: training, inference, and agent orchestration. Together, Alibaba’s AI has moved beyond the initial investment phase and progressed commercially at scale. Our next milestone is four areas in AI commercialization, cloud infrastructure, the AI application ecosystems, and consumption business. First, the AI and cloud commercialization inflection point has arrived. This quarter, cloud intelligence groups’ annualized AI-related product revenue has surpassed thirty-five point eight billion RMB, continuing to maintain triple-digit growth. AI-related product revenue now accounts for 30% of cloud intelligence groups’ external revenue. We expect the next one year, AI-related product revenue will cross the 50% threshold, becoming the primary and driving the commerce’s revenue growth. As a result, cloud intelligence groups’ external revenue growth is expected to continue accelerating beyond the current 40% rate over the coming quarters. Given the certainty of long-term AI demand and our full-stack technology advantages, we expect the trajectory to stay strong for the medium to long term. This reflects AI’s role in driving comprehensive upgrade of Alibaba Cloud’s entire business as it grows from purely based on traditional compute storage to model compute and agent services. We’re also seeing exponential growth in AI model and application services revenue, new revenue driven primarily by foundation model services and AI-native software. Over the past months, token consumption volumes on model services platforms increased substantially quarter over quarter as enterprise customers accelerated shifts from simple tasks to production scale and complex workloads, driving continued growth in demand for model and application services on model-to-app platforms. We expect model and application services annualized recurring revenue ARR inclusive of the model-to-app platform to surpass 10 billion RMB in the two quarters and 30 billion RMB by year end. The margin profile of this revenue stream is becoming increasingly paramount, making the source of high-quality growth. Second, our AI infrastructure and full-stack technology stack constitutes a durable moat. It has created chief usage, chief scale, mass production with over 60% of compute capacity already serving external customers across inference services and autonomous driving vehicles. As the only AI cloud provider in China capable of delivering self-developed AI chips at scale, we secure the primary over-accumulate chain while providing customers with highly competitive AI inference training services in environments conducive to the structural advantages favorable to revenue growth and gross margin improvement. At the same time, our cloud products accelerated their AI-oriented upgrade. The surge in agent workloads has significantly elevated demand for the cloud products built on CPU storage containers and upgrading these into infrastructure solutions optimized for agent. Third, in the application layer, we built a completely spanning AI-native software to full agent ecosystems. Alibaba’s token-heavy AI continues to launch new products, connecting consumer and enterprise markets with breakthrough progress in AI-native software and coding agents. The AI model continues to iterate across reasoning, coding, and agent capabilities. On the enterprise side, we launched a range of products spanning intelligent workplace tools, AI coding, and business operations management. Our enterprises are creating productivity on the consumer side. The AI fully integrated cloud and team all commerce service capabilities on May the seventh, with the cloud is deeply embedded across the ecosystem, spanning Alibaba’s AI marketplace, making China’s first all-in-one personalized, two seamlessly integrated AI product development. Fourth, across consumption business and the group-level priority on long-term value, the AI or consumption strategy continues to progress steadily with CMR growth rebounding significantly. This quarter’s CMR grew 8% year over year on a like-for-like basis and we continue to improve user experience and merchant operating efficiency. The commerce business achieved significant unit economics improvement while maintaining stable market share and market scale. In summary, the return on investment in AI plus cloud and consumption are increasing year. AI plus cloud revenue growth is accelerating with improved margins, model, application services ARR continues to grow at pace and operating efficiency across consumption business continues to improve. Recent historical cooperation, the representation of Alibaba’s pivotal long-term technology investments being deployed commercially, maintaining two-year-old leverage of full-stack AI capabilities to support long-term growth. Thank you to our strategic priorities in laser focus on AI plus cloud and consumption businesses. Multiple growth catalysts, including technological advancement and business innovation, are laying to strong tailwind on AI plus cloud. Our full-stack ability spans models, platforms, and applications with establishment in every layer. The strong growth of our AI plus cloud businesses and clear path to monetization of our most powerful confidence to make significant investments to extend our leadership. On that front, we achieved strong CMR growth on a like-for-like basis during the quarter. Our commerce business continued to improve year-over-year core order. Our last quarter financial results for the quarter are consolidated basis. Total revenue was RMB two hundred forty-three point four billion, excluding revenue from China and in time revenue on like-for-like basis will have grown by 11%. Total adjusted EBITA decreased 8% primarily due to our strategic investments in technology, business, commerce, and user experience. All of them by the improvement results, supported by continued growth in consumer management services and cloud business and in hand operations is prosperous business. Our gap in income was RMB twenty-three point five billion and increase of 9.6% primarily attributable to year-over-year increase in gain from market changes of our equity investment and the total losses of China and in time investing profit. Our EBITA by the decrease in adjusted EBITA of credit cash flow was inflow of RMB nine point four billion. Credit cash flow was outflow of RMB seventeen point three billion. We are investing our operating cash flow to enhance our competitive advantage in AI. As of March thirty-first, twenty-six, we held approximately US dollars thirty-eight billion in cash, excluding debt with maturity beyond five years. Our net cash position then at approximately US dollars fifteen billion. This balance is used to confidence in that growth. Our last quarter consu
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