Good evening, ladies and gentlemen. Welcome to Weimob Inc. 2019 Annual Results Conference Call. A copy of the interim results announcement can be found and downloaded from the company investor relations website at http://group.weimob.com/en/page/relation.
At this time, all lines have been placed on listen-only mode, and the floor will be open for questions following today's presentation. Now I'm handing the conference over to your host today, Mr. Cao Haidong, Weimob investor relations director. Haidong, please go ahead.
Thank you, Oren. Ladies and gentlemen, welcome to our 2019 Annual Results Conference Call. Joining us today on the call are Mr. Sun Taoyong, Chairman of the Board and CEO, and Ms. Cao Yi, CFO and Joint Company Secretary. The call will be conducted in Chinese and English. Before we begin, I would like also to remind you that the management comments during the call will include forward-looking statements that are based on our current expectations.
All statements other than statements of historical fact during the conference call are forward-looking statements, which are subject to a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions are coming from a variety of sources outside of the company.
The presentation also contains some non-audited non-GAAP financial measures that should be considered in addition to, but not as a substitute for, measures of the company's financial performance prepared according with GAAP. Please do take a minute to read the risk factors and non-GAAP measures discussed in Weimob's 2019 annual results earnings release. Now I'll turn the call over to Mr. Sun. Sun Taoyong.
各位投资人朋友们，大家晚上好。我是微盟创始人兼CEO孙涛勇。今天我将会用中文来做整体的讲解。我的翻译金女士会帮我来做翻译。
Yes. Distinguished investors and friends, I'm Sun Taoyong, CEO and Chairman of Weimob, and today I would use Chinese to deliver my speech, and I am the interpreter for Mr. Sun.
首先非常欢迎大家参加微盟的业绩会。为了照顾一些新的投资人朋友，可能我先花一些时间对公司的业务做一个简单的介绍。
Right. Welcome. Warmly welcome to our financial results conference call. Since we have several new friends here, I'd like to have some minutes to introduce our company first.
微盟是一家智慧商业服务提供商，我们主要是帮助商户和用户建立连接，然后提供一套完整的数字商业和精准营销的解决方案。
Weimob is a solution provider of the smart retailing and smart commerce, and we have set up the bridge connecting the merchants and the users, and to have the targeted marketing and a comprehensive solution.
目前我们主要提供SaaS，如商业云、营销云和销售云三朵云。同时我们也构建了我们的PaaS平台，微盟云。
Right now we have set up these three clouds: the Commerce Cloud, Marketing Cloud, Sales Cloud, and also we have our Weimob Cloud platform.
在我们的解决方案，我们会借助于像腾讯以及一些其他的互联网平台来建立商户和消费者的连接。然后商户我们目前主要用的载体是小程序以及公众号。
Our solutions is mainly helped with the Tencent, and we set up this bridge connecting the merchants and the users. About this commerce, we would use the mini program and the public account.
我们的使命是赋能中小企业进行数字化转型，通过技术驱动商业革新，让商业变得更智慧。
Our mission is to help with our solutions to help our merchants, our customers to have their digital transformation and use technology to have their commercial upgrading and the smart retailing.
接下来具体来看一下微盟的业务和产品。目前我们主要分两大块，一块是SaaS，一块是精准营销。SaaS目前我们主要是三朵云：商业云、营销云和销售云。同时我们有一个PaaS平台，微盟云。
Specifically for our products, we have mainly two core businesses. One is the targeted marketing, and the other one is the SaaS. In the SaaS, we have Commerce Cloud, Marketing Cloud, and Sales Cloud, and also we have the Platform Cloud.
目前在整个SaaS里面，我们最重要的一朵云是商业云，主要是面向于像社交电商、智慧零售、智慧餐饮、本地生活、智慧酒店等行业提供一套完整的解决方案。
The core business in the cloud is the Commerce Cloud, and mainly it is faced to the e-commerce retailing, the restaurants, and takeaway, and localized, and the hotel.
我们的营销云主要是为一些企业提供一些营销展示的创意生成工具，以及一些基于用户的数据，为客户建立一个CDP，就是客户数据平台的一个营销工具。我们的营销云主要是为企业提供一套完整的智能销售的解决方案。
The Sales Cloud is to provide a comprehensive sales solution for our customers.
我们的精准营销又主要是借助于移动互联网广告流量平台，类似于腾讯的微信，包括抖音、快手等等，来帮助企业做精准营销。
The targeted marketing is to use the mobile and the Internet advertisement platform such as Tencent, Kuaishou, and TikTok to provide the solution for customers to have a targeted marketing.
接下来我们简单看一下我们2019年的业绩的一些亮点。
Now we come down to the highlights of our 2019 financial year.
首先我们在去年整体收入实现了66.1%的增长，整个收入规模达到14.4亿。我们经调整的EBITDA在1.7个亿，同比增长131.1%。
Our total revenue for the year ended at December 30th, 2019, reached more than CNY 1.4 billion and up by 66%. Our EBITDA has reached CNY 170 million.
非常值得一提的是，今年我们的SaaS收入增长了46.1%，达到了近5.1亿。这个增速相比去年是有一个大幅的提升。
Worth noting is that our SaaS increased by 46.1%, reached CNY 510 million.
在整个2019年宏观环境比较严峻的情况下，我们的精准营销的毛收入依然实现了超过100%的增长，最终我们精准营销的毛收入达到了52.8亿。
Under this not so good background in the 2019, our gross profit of the targeted marketing still has realized the 100% of increase, reached to RMB 5,280 million.
我们SaaS的增长主要得益于两方面，一个是我们的SaaS部和商户的增长，第二是我们SaaS的ARPU值也在有一个大的提升。同时在整个SaaS里面，我们有两个比较大的亮点，我们的智慧零售今年整体进展非常不错，整体商户数达到了1,100名，其中我们的签约的品牌商户超过了200多家。品牌商户的ARPU值相对于原来的中小的ARPU值有明显的提升，达到了125,000，而且我们认为未来的提升还有非常大的空间。
There were remarkable increase of SaaS due to the increase of our merchants and also their ARPU, especially in the smart retailing. Our brand users have reached more than 200, and also we have an increase, I think it is more than 125,000.
今年我们的智慧餐饮的商户在2019年也达到了4,600多名。整个智慧餐饮的商户的ARPU值相比电商会略高一些。今年我们在年初也收购了会员服务提供商雅座。接下来我们在智慧餐饮这块也会有个比较大的投入。
Our smart restaurant and smart F&B also have reached more than 4,600, and it is much more than the e-commerce department. Also in the beginning of this year, we have acquired the Yazuo CRM, I think that there will be a large market potential in the smart F&B.
关于公司资本市场以及战略合作，我们的公告对外都有，我今天就不详细地介绍。接下来我们具体看一下我们的业务回顾。
I think we have specifically noted about the market and also the strategic cooperation, so I will not go down in detail this time. Now let's get to the specific business.
在回顾我们的业务的同时，我们首先还是跟大家来分享一下我们的整体的解决方案，它相比传统的中心化平台有什么区别。
First of all, we'd like to introduce the one stop comprehensive solution and what is different from the others.
我们知道今年其实有一个关键词非常火，叫私域流量。左边我们看到的中心化的电商平台，我们把它叫公域流量。右边去中心化的一些社交平台，我们把它叫私域流量。在左边我们会发现，其实传统的商家在传统的中心化平台做生意的时候，它会有很多的痛点，比如说流量是非常单一，而且流量与数据之间缺乏掌控权，商家不掌握数据，都是在平台上，而且商家无法触达自己的用户，以及平台的高抽佣，包括获客成本不断增加，都给这个商家带来了很大的痛点，尤其是在这次疫情期间，我们会发现很多商家对于平台的高抽佣是非常不满意的。
We know that there's a keyword this year is about this private domain traffic. We can see that on the left is the centralized public domain traffic, and on the right is the private one. We can see on the left, there are many pain points in this system of the centralized style.
For example, there's not diversified traffic source, and also the merchants cannot control the data of their users, and they cannot reach their users very efficiently. Also, there remains a very high CAC and high commission by the platform, so that it increased the acquisition cost. Especially during the coronavirus period of time, this high commission is really very painful for the merchants.
我们的解决方案最大的优势是在借助于去中心化的社交平台，建立起商家跟客户的连接之后，商家其实相当于是说可以跟客户直接连接和触达，拥有了自己的私域流量。后面每一次的交易，我们只会收取一些技术服务费，而商家不会一直被抽佣。所以对于商家来说，他对流量是进行了一个全面的掌控，而且整个数据也是归商家所有。所以对于商家来说，他对这套解决方案是越来越喜欢。
From our side, we are decentralized style, so that we can connect the merchants and the users. Also, the merchants can have the data of their users. Also in the later stage, we will only charge the technical support fees so that the cost is very low. Also they can control the data of their users. Our merchants become more and more satisfied with our solution.
如果我们看美国的话，发现其实Shopify已经成为美国消费者购物的第二大的主流的购物载体。我们相信在这次疫情之后，中国越来越多的企业或者品牌会越来越重视它的私域流量，所以未来会把更多的一些客户流量以及数据会沉淀在以私域为载体的类似于小程序上。所以我们认为未来这一块的机会是非常的巨大。
We can see that it has already become a mainstream carrier and also the style in the U.S. and in China. Especially after this virus broke out, we can see that there will be more and more importance attached to the private domain traffic. Also the data has become way more important, and this will all transfer to the decentralized private domain, such as the mini program. I think that there will be a huge market there.
接下来我们来具体看一下我们的两个业务的分布。首先来看一下SaaS。SaaS目前我们主要是分电商、零售、餐饮、酒店、本地生活以及偏营销方面的解决方案。目前来说，电商目前还是我们最主要的部分，我们把它内部叫微商城，拿这个产品来做承接。智慧零售相对于电商来说，它更多面向的是连锁型的品牌商户，它基本上每个解决方案都有线下门店的概念，所以在收费模式上也有一些不一样。我们的智慧零售除了有基础的软件费，还有门店费，所以我们整个智慧零售的客单价要远高于我们的微商城。
Specifically about our SaaS products, we mainly include those e-commerce and retailing, restaurant takeaway, localized and the marketing. Our core focus is on the e-commerce. About the retail is more about this chain stores. Since that they exist as the form of the store, so our charging model is divided by the stores and also the technical software. This ARPU is higher than the e-commerce.
我们的SaaS的付费商户数也取得了一个非常不错的增长。同时我们也看到我们的每个用户的ARPU值每年都在逐年提升，在2019年其实提升得也非常明显。同时我们用户的流失率也在不断地降低。
We can see the merchants number is increasing very remarkably, as well as the ARPU in 2019. Also our churn rate is very low.
接下来看一下我们的精准营销业务。我们主要也有几个大的行业，电商、餐饮、教育、婚纱、金融、家装等这些行业。我们精准营销的业务分布相对比较均匀，基本上每个行业的占比都不会特别高，比较均匀。
About our targeted marketing, we mainly in the decorating, furnishing and also the fabric, and also the wedding. We can see that the business is quite even among all those segments.
我们精准营销的广告主数量逐年也在增长，其中我们每名广告主的开支每年都是在呈一个非常高的增长。这得益于我们原来的一些老的广告主的预算在不断地增加，同时我们整个广告主的复投率也在不断地增加。
We can see the expenditures of our advertisers are increasing very notably. It means that their budget is increasing and also purchasing is increasing.
我们的业务增长当然跟腾讯的合作是分不开的。我们目前在小程序、微信支付、腾讯广告、腾讯智慧零售以及整个腾讯云都有着非常紧密的合作。
Our remarkable results cannot do without the help of Tencent. For example, their help in the mini program, WeChat Pay, smart retailing, and also Tencent Cloud.
接下来我们直接看一下关于接下来的业务的策略和展望。首先第一，我们接下来整个公司还是以企业数字化转型为战略核心，然后我们以SaaS作为公司的一个核心战略来拓展更多的云服务品类。除了现有的商业云、营销云，接下来我们可能要重点拓展销售云以及服务云。
About the outlook in the future, we still focus on the core of our digital transformation and take this as our core strategy to provide the cloud service, especially to increase the portion of our Sales Cloud and the Service Cloud.
接下来的商业云方面，智慧零售是我们的战略核心。目前我们的智慧零售产品，无论是在现有的标杆客户，还是我们在产品上都有着非常领先的优势。我们预计未来整个智慧零售在我们的SaaS的收入占比也会越来越高。我们接下来还会和更多的智慧零售上下游的伙伴达成合作。然后我们认为整个未来智慧零售是我们商业云里面一个非常重要的组成部分。
In the Commerce Cloud, we will still focus on the e-commerce. We think that we have very notable advantages in the numbers of our merchants. Also, we think that the proportion of the smart retailing would become much higher in the e-commerce and this Commerce Cloud. Therefore, we would carry out the strong cooperation with our enterprises in the up and the downstream for this chain. We think that the e-commerce and the retailing will be a much great feature.
除了智慧零售，接下来智慧餐饮也是我们的一个重要战略方向。从今年年初，我们收购雅座，以及我们投资了商有，是基于外卖的整体解决方案服务提供商。未来我们在智慧餐饮将会打造集会员点餐、外卖、收银等一体的解决方案。我们类似于中心化平台，主要是我们的核心的差异化，是通过去中心化的方式来建立起企业的私域流量。
About the restaurant takeaway, we will remain this as strategic position. Since, as I have said that in the beginning of this year, we have acquired Yazuo CRM, and also we have invested in Shangyou, this comprehensive solution providers to include all the service links, such as the ordering, and the delivery, and also the menu. I think that our main differentiation is the decentralization, so that we could have a more private domain data and traffic and to improve our services for the customers.
接下来我们会继续加强我们现有客户的变现能力。我们可以看到，无论是SaaS还是我们的精准营销业务，我们的单个客户的ARPU值都有明显的提升。那接下来我们会加强更多客户之间的交叉销售，以及对现有的客户的整体的变现能力进行进一步的提升。
In the future, we think that we would improve our liquidity capabilities of our customers. You can see that in our SaaS and also the targeted marketing business, we have already improved their ARPU, and we think that in the future, the strategic focus will be increase their liquidity capabilities.
接下来我们也会加强与更多的一些去中心化平台合作。那无疑，腾讯是我们合作最紧密的一家去中心化平台，未来我们认为类似于像快手、抖音、百度等等这些也是我们未来合作的一个方向。
In the future, we would have more cooperation with those decentralized platforms. Tencent will remain our main partner, we will reach out to Kuaishou, Baidu and TikTok and other platforms.
接下来我们会更加加强我们微盟云平台的合作，我们会吸引更多的第三方开发者入驻到我们的云平台，与商家一起来合作。然后今年我们通过我们的PaaS平台已经交付了几个超大型的客户，我们认为未来我们的云平台会有更多的合作伙伴入驻。
Also we would improve the cooperation on our cloud platform and to attract more third-party developers to cooperate with our merchants. Recently we have serviced many large customers, and we think that in the future we could have more space for that. From the end of last year and to the beginning of this year, we have many movements in the investments and the acquisition. That in the future, we would have more strategic outlay for the industrial acquisition and investment. Now we will put forward to our CFO, Cao.
Okay. Thank you. This is Cao Yi, CFO of the company. Next part is financial highlights. The past 2019 has seen an increase in headwind in the macro economy. Nevertheless, we delivered a strong performance. Total revenue was RMB 1.4 billion, 66% year-over-year growth. Revenue from both segments increased significantly and contributed to the total revenue growth.
In terms of revenue dollar amounts, SaaS represents 35% and target marketing represents 65% in 2019. In terms of number of paying merchants, our core business, SaaS represents 70% and target marketing represents 30%. The trend of improving operating efficiency continues in 2019. As a percentage of operating expenses as of revenue further decreased to 59%. In 2019, we booked a profit of CNY 311 million, excluding one-off items like fair value change of preferred shares before the IPO listing, share-based compensations and listing expenses.
The adjusted net profit is CNY 77 million, representing a 52% year-over-year growth rate. In addition to the strong financial performance, the financial position of the group is solid. By the end of 2019, total assets is CNY 3.3 billion, net assets is CNY 2 billion, and total cash and cash equivalent plus term deposit amounts to CNY 1.3 billion. Next is a detailed revenue page.
As we can see, total revenue grew from CNY 865 million to CNY 1.4 billion in 2019, with a year-over-year growth rate of 66%. Revenue grew at both segments. SaaS revenue grew 46% from CNY 347 million in 2018 to CNY 507 million in 2019. Target marketing revenue grew 80% from CNY 518 million to CNY 930 million.
Although revenue mix slightly changed year-over-year in favor of target marketing, in terms of paying merchants mix, SaaS remain relatively stable around 70%. One of the highlights in 2019 is surging SaaS revenue growth.
After launching various products in 2018 targeting at offline markets, we have seen strong growth in new segments, which bring more momentum in revenue growth. The year-over-year growth rate of SaaS revenue has been accelerated to 46% in 2019. Among them, Commerce Cloud represent 80% of SaaS revenue, with a year-over-year growth rate over 50%. Number of paying merchants grew by 23%, from 64,695 to 79,546 in 2019.
ARPU increased by 19% from RMB 5,365 to RMB 6,373 in 2019. The momentum we've seen in the first half in the ARPU growth rate has continued and accelerated, indicating the achievement we have been made in exploring offline markets, with more medium to large size merchants with a scalable pricing policy. 2019 was not a good year for the advertising industry.
Despite all the headwind, we have doubled the size of our target marketing gross billing to CNY 5.3 billion, achieved a revenue growth of 80% to CNY 930 million in 2019. The strong growth in gross billing were mainly driven by both the increase in the number of advertisers and the average spend per advertisers. Number of advertisers increased 19% from 28,000 to 34,000.
Average spend increased 77% from 87,000 to CNY 155,000. Our target marketing revenue consists of gross billing recognized using both net and gross method. Among the total 5.3 billion gross billing, 673 million gross billing were booked revenue by gross method. The revenue so booked is CNY 571 million. The remaining gross billing of 4.6 billion is booked revenue using net method. The revenue so booked is CNY 358 million.
The proportion of revenue under gross method increased slightly to 62% in 2019. Next page. The overall gross margin decreased from 60% in 2018 to 56% in 2019, mainly as a result of increased proportion of revenue from target marketing. SaaS gross margin decreased from 85% to 81%, as we invested heavily in R&D efforts and launched a number of Commerce Cloud products in offline verticals in the past two years, enhanced cost of the increase in the amortization of capitalized R&D expenditure in the cost of revenue in the current year.
We will continue to invest in R&D to strengthen our product leadership, which will impact our gross margin in the short run, but we expect the growing revenue will gradually absorb the costs and rebalance the gross margin around 80% in the long run. Target marketing gross margin went down slightly from 43% to 42%, mainly due to the increased proportion of revenue under gross method. We continue to see the trend of improving operating efficiency.
Operating expenses as a percentage of revenue further decreased from 63% to 56% in 2019, after excluding the one-off listing and other expenses. The sales and distribution expenses increased from CNY 450 million to CNY 695 million in 2019, mainly due to increased sales and marketing staff costs by CNY 157 million, contract acquisition costs by CNY 47 million, and rental and property expenses by CNY 26 million, all in line with our business expansion. The general and administrative expenses increased from CNY 94 million to CNY 105 million in 2019, mainly attributable to increased R&D efforts.
With a strong growth in top line and improving operating efficiency, we were able to continue to make profit in 2019. The total net profit for 2019 is CNY 311 million. Excluding the fair value change of preferred shares of CNY 298 million, one-time listing and related expenses CNY 41 million and other non-GAAP items, the adjusted net profit is CNY 77 million, over 50% increase year-over-year. With that concludes the financial highlight part.
Next part, we will move into Q&A.
Thank you management. We now begin our question and answer section. If you have a question for today's speaker, please press 01 on your telephone keypad and you enter a queue. After you are unanswered, please ask your question. If you find that your question has been answered before it's your turn to speak, please press 02 to cancel the question. Our first question is Benny from Fidelity. Please go ahead.
Hello, Mr. Cao. Hello, Mr. Sun. I have two questions. The first one is, just now you mentioned that the smart retail has a very large TAM. May I know how large the TAM is, and how does it compare to current penetration? If that succeeds, how high the expected growth can be achieved in the coming three to five years? This is my first question.
OK，那个 Miss Jin 稍微帮我再翻译一下吧，我听得不是很完整。
不好意思，我直接用中文讲吧。我的问题就是，之前孙总提到了，我们智慧零售这一块的市场空间很大，想请问一下这个市场空间到底有多大，以及我们现在做到的这个收入跟这个市场空间相比的渗透率大概现在有多少呢？就是您预计接下来如果这个智慧零售持续推进的话，我们未来例如三到五年的增速大概能达到多少呢？
智慧零售首先第一，我们目前的目标客户市场是中国大概有5000多个零售品牌，这个都是偏品牌的。当然长尾的我觉得可能会更多了，可能至少可能有上十万级的。那在智慧零售品牌，我们认为未来对于这个企业数字化转型的一个需求，我们认为客户的整体的对这块的投入预算可能会在20万到100万不等。那我们大概可能认为每一个客户在这里面可能所花费的估计会有30万左右平均值。那我们认为的话，对于微盟来说，我们接下来两到三年，我们单客的ARPU值应该能做到20万到30万之间。那如果说中国这大概5000个品牌，如果说乘以30万的话，这是关于品牌这一块的整体的一个预算。另外，我觉得中小市场应该也不低于刚才我们所说的品牌这块的市场。而这些仅仅只是我们的服务的订阅费用。那其实当我们触达了这些品牌商户之后，我们会发现它跟我们的粘性是非常强的，而且它的churn rate几乎是非常低，甚至是个位数。我觉得未来它的金额复购率肯定是超过100%的。我们现在很多零售客户都会有增购门店的这种需求，所以它未来的整个这种金额续费率会非常高。同时它还有很多的一些交叉销售，比如说我们现在很多零售客户，他要来做一些广告的投放，其实这一块也是我们的一块新的创收。同时我们会发现，其实当我们跟这些客户建立紧密联系的时候，我们还有很多的一些新的营销的玩法，包括我们最近在推的微盟的直播购物台。那未来通过微盟的直播的话，我们也可以向商家去收取可能部分的佣金。所以我认为刚才我所说的市场大概可能就15亿，加上中小可能30亿的一个市场，仅仅只是一个软性的订阅费。那它延伸的我认为像广告费，可能未来如果说我有一些通过流量给它带来的一些交易，我会有相应的抽成，所以我认为这个市场是非常大的。那目前微盟整个智慧零售，我们今年的收入不算非常高，在4400万左右，但是这个仅仅用了一年的时间。我们认为未来三到五年，几乎我们每年这块的增长，前提是非常高的，应该会超过100%。所以我认为目前对于整个市场的渗透率来说还不算很高。那其实整个零售的数字化转型也是从去年，我觉得应该是才刚刚开始吧，而且特别是在这次疫情之后，我们会发现大量的零售企业都有这样的需求。然后我们认为可能这一次整体的疫情会加速企业对数字化转型的需求的，推速它整体的一个进程。所以我们认为未来如果说微盟在整个智慧零售能拿到30%~40%左右的份额，我认为是我们非常满意的。
谢谢孙总。
All right. My answer is that in the first place, in the Chinese market, we probably would have more than 5,000 brand partners, and that is for brand. For those long tail customers, maybe will probably more than 100,000. All those have the demand for digital transformation.
They have their budgets about CNY 200,000 to CNY 1 million. We think that the per customer budget would be at around averagely CNY 300,000. We have the per app is about CNY 200,000 to CNY 300,000. Therefore, we can multiply it by the 5,000 brands, and you can figure out. Also I think that for those small and medium markets, it will be more. Also all of this we would charge for their subscription.
We think that after we reach these customers, they would have more demand for us, our relationship or our tie would become closer. Right now we have realized 100% of the purchase rate, we think that they have the need to purchase more store and there will be more potential market for them. Also maybe we can have more opportunities in the cross sell, for example, the advertisement launch, advertisement reach to our customers, it could increase our charge.
When our tie become closer, maybe we can have the opportunities in the live streaming on our platform, so that we can have much more commission. All in all, in our transcription, it's about maybe 1.5 billion-3 billion of users. After the transcription, we can have advertisements and also the traffic transaction, it could become more opportunity for our business, it will have a larger market.
For this smart retailing, we think that we have more than 44 million of sales volume, which is reached within only one year, because we only started from last year. We think that in the next 3-5 years, the growth rate would have double that. Right now, the penetration rate is not so high, but we started only last year, right now the coronavirus breaks out, we think that it probably is also a blessing in disguise, because it could accelerate the transformation of digitalization. We think that in the future we could have 30%-40% of market share.
孙总，不好意思，再追加一个小问题，想请问一下我们现在在网络安全和信息安全，现在的投入主要是有哪些领域？然后就是今年二月底出了删库的事之后，这个有什么变化？然后想请教一下咱们的投入的方向以及预算这方面的计划。
OK，谢谢。首先关于我们223的这一次事故，其实我认为它并不是说通过像类似于黑客或者网络渗透等等这种方式，所以其实可能更大的一些问题还是在可能内部的一些权限管理可能出现了一些疏忽。所以我们在整个数据安全保障计划里面，可能最重要的还是加强整个内部控制的管理，对于整个内部不同的技术角色的权限进行一个更加细颗粒度的划分。这样的话，其实可能会最大程度地避免上次的这种事件。第二的话，我们已经在核心的底层数据库已经全面上云了。微盟之前采用的是混合云的这种架构方式，大概一些像Web服务器我们是放在云上，但是一些核心的数据库服务器我们是放在腾讯的黑石机房，是用我们自己的服务器。那现在我们这个底层数据库已经逐步在迁移，目前大概已经迁移了30%左右，我们预计可能在一个月内会把所有的我们的底层的数据库都迁移到云上。那腾讯云这边，因为它在这块会更加的专业，包括它的运维人员、安全机制，所以我们未来可能会把这个底层的数据库服务通过腾讯云来保障它的整个安全机制。同时，我们在整个腾讯云上还做了多地的异地的备份，我们大概现在在北京、南京、杭州，大概有四个城市做了异地的备份。同时，我们除了在腾讯云，我们现在还采用了多云互备，我们还找了一个第三方的云，来做一个多云的冷备。我可以毫不谦虚地说，未来在整个数据安全这一块，在中国SaaS没有谁可以像微盟这样做得这么细，或者这么大的投入。当然，其实从成本上来说，我们认为可能并不会增加很大的成本，可能整体我认为大概增加个原来在整个混合云上，可能会增加个10%的成本。但整体来说，我觉得对于整个安全的保障是得到了一个极大的提升。
谢谢孙总。
Right. About the incident in the end of February, this is mainly probably about the access management is not so well developed, and for the hackers and also the network penetration. That we have to improve the internal control and management, also to have a specific and more clear division of the technical access, so that in order to avoid the incident happen again.
Also the second reason is that right now we are moving all those core data and the disaster onto our cloud, because previously we have the mixed cloud. Our external servers are on our cloud, while the core servers are in Tencent. Right now we want to integrate them together. Right now we have moved the 30% onto the integrated cloud. Within one month, we would transfer all the data onto the integrated cloud.
That with the help of the Tencent, they can guarantee the data security. Also we have the several backups in the four cities like Beijing, Nanjing and Hangzhou. Also we have the multiple cloud backups. We have also have the third party cloud to make sure that the data is very secure. In this way, I think I can guarantee you that in the digital and the data security, no partners or no platform has the investment as big as Weimob and also as specific as ours. We think that the investment into this data security would increase by 10%, but it is a must to invest and it can guarantee our data security.
好，谢谢孙总，就这些问题。
好，谢谢。
Next question is Li Donghai, [Non-English content ]. Please go ahead.
孙总好，曹总好，中金公司李东海。也恭喜我们，今天我们业绩还是非常好的，也是超出我们之前的预期。那我这边第一个问题，其实看到昨天咱们跟立邦也签了一个新的大品牌客户。在这次事件之后，我们其实最关心的就是我们在大客户这边的获单情况有没有受到很明显的影响，会不会影响我们后面的持续获单能力，希望管理层在这方面能给我们介绍一下。
在整个大客户这一块，我们首先对我们现有的客户基本上没有太大的影响。就我们之前的一些核心的重要客户，基本上都没有受到这种影响，基本上都在，而且他们的整个生意其实恢复得也都不错。那在我们整个疫情加事故之后，其实我们一开始也会对大客这一块是不是对整个微盟的品牌的信用会有一些质疑。但是事后我们发现，其实我们在这个阶段有大量的KA客户已经签约的或者待签约的，我们整个今年应该3月份还没有结束，整个大客的签约数量相比去年同期增长了五六倍。当然因为去年同期的基数是比较低，但是我们比去年至少12月份的最高峰还是要高很多。所以我认为其实我们的大客签约没有受影响，而且我们现在手上还有很多这种SKA级的这种大客，可能都是待签约。当然其实我们甚至现在已经有点瓶颈，就是说很多客户，因为大客户他还是需要有一些能力的支持，可能我们短期如果说有一些对于他稍微有一些个性化的这种需求不能满足的话，可能还不能完全去满足他。所以对我们来说，目前大客户的这个需求非常的紧绷。
好的，非常棒。请go ahead。
About the influence of the incidents on the ordering and acquisition of our key KA. Right now we think that there's almost no influence or bad impact on the current core customers, and they also have recovered their business more or less. We think that after the coronavirus and the incidents, probably there will be some suspicion of our credits and of our reputation.
We know that the KA, those who have signed the contract and who are pending the signage, it increased 5x - 6x , and it is much higher than the peak in December. Right now we have many larger KA level, that's the SKA level. They are pending signing the contract with us. Right now, probably because those large customers, they probably need to have more capability to support them. Also we probably cannot meet their customized demands right now.
We think that we are improving, and we think the incident has no impact on our KA.
好的，谢谢。那我这边第二个问题是关于中小客户这一边，也是在这次事件之后，市场上竞争也是比较激烈，想知道我们这边有没有一个简单的统计，我们中小客户这边现在流失的情况如何？
首先第一，中小客户因为他没有到最终的续签，我们是不太知道他的这种流失情况的。但从我们目前的反馈的情况上来，从我们的销售，我们的售后来说，基本上客户整体上还是比较满意，包括对我们的赔付方案。所以我们目前没有看到明显的这种流失的情况。那从整个中小客户的新增情况来说，虽然今年1月份、2月份会有一些影响，但是我们现在发现3月份势头非常的猛，也有点这种报复式反弹的这个效果。所以整体我们3月份其实面向无论是中小还是KA这块，增长得也非常的快。
About our medium and small customers, the competition is very fierce. The question is whether there is the statistics about the attrition rate. Our answer is that because we cannot know the attrition rate without the data of the renewing of the contract. Based on the feedback and also the after-sale information, our medium and the small customers are quite satisfied with us, including those damage claim.
In the January and February, probably we don't have much latest or new medium and small customers. We think that in March we have seen the breakout, and it's kinds of the revenge breakout. We think that we are quite confident in the future.
谢谢孙总。我第三个问题是关于广告。广告这边可能受到咱们这个影响不大，而且又有这次疫情之下有一些行业的投放比较多，想问问咱们现在的流水水平怎么样，对全年的展望有没有一些上调？
我们广告今年1月份、2月份几乎是比去年12月份的高峰还要高。因为整个全年业绩它是有一个上升的梯度的，所以同比我们大概可能有100%～200%的增长。环比的话，基本上就是跟去年12月份比，高峰值还要高。然后日均消耗在大概2,500左右。
About the advertisement.
林侃，你要翻译吗？
估计掉线了吧，要不就不翻译了。
好，我们下一个。最后一个小问题，就是咱们那个PaaS平台现在有没有开始进行变现？如果有的话，那将来可能是以一个什么样的形式进行变现？谢谢。
目前来说我们几乎是没有收佣金的，然后很多开发者上架到我们平台之后，他是可以向客户来收取一定的收入，但是我们是采取不抽佣的这种方式。然后同时当然我们PaaS也会去做一些偏大客户的业务。有一些大客户因为他的业务比较灵活，所以我们会用我们的PaaS平台与第三方一起来服务这个大客户。在整体上来说，目前我们短期内不太会抽佣。我觉得未来的话，随着整个微盟的云越来越多，我们也可以做类似于Salesforce的服务市场。那当我们的服务市场，未来它的云的服务品类越来越多的时候，我觉得那个时候可以向客户去收取相应的一些费用。我认为现在还不是一个很好的时机。我觉得未来如果说微盟的付费商户数能达到一个近30到50万量级，我觉得可以考虑做一些变现，但目前来说我觉得可能还早了一点。
Right now I don't think that it is the right time. Maybe later we could have more business like the Salesforce in Chinese market. As there are more types of the cloud
We kind of put out into the market. Maybe we will have this business model. Right now I don't think it is the right time. Maybe after we have more than 300,000 - 500,000 of the paid merchants, then we can have this model.
OK, that's all my question. Thank you, 孙总.
谢谢。
谢谢。
Next question Cici Tang, CITIC Securities. Please go ahead.
孙总你好，我是中信建投的，我有两个问题。第一个问题是，今年其实因为整个疫情，整体的经济环境应该还是承压的，所以我想问一下，就是微盟在2020年整个SaaS产品上线和推广的节奏会不会发生一些变化，包括像KA用户的一个拓展，以及产品定价的规划有没有一些变化？这是我的第一个问题。
你是问完还是我先回答？
你先回答吧，然后我再问第二个问题。
OK。首先，其实微盟的整个SaaS，包括我们的云的架构基本上已经是比较齐全了，从商业云、营销云和服务云。在SaaS这块，我觉得商业云我们现在有的产品体系其实都已经非常成熟，接下来更多的是一些迭代。但是我们重要的方向可能是围绕着智慧零售和智慧餐饮，当然以及现在可能我们现有的微商城，它跟智慧零售其实是完全是相通的，比如是一公共的营销功能，包括像最近的直播等等这些，所以它本身其实两个迭代是完全一样的。所以在接下来重要的产品方向，可能一个是零售和餐饮。零售这块可能我们更重要的还是要去获取我们的这种大客户，就是我们现在越来越大的客户我们都可以接得住，所以基本上类似于中国这种顶级的一些甚至世界500强的企业，我们都可以去接，当然是偏偏零售相关的。然后餐饮这块，我们整合了雅座之后，可能未来像KA这块也会是进一步去拓展。雅座这边现有的中国餐饮百强里面，大概有40多家都是它的客户，所以接下来微盟跟雅座的整合会提供更加完整的异地化解决方案。以前微盟更多只做会员，接下来我们像收银、点餐、外卖等等这些会提供一套完整的解决方案。现在商家其实它最大的痛点就是服务商众多，各个服务商数据系统不打通，以及也不想被平台绑架，所以特别需要一套完整的解决方案。所以我们未来餐饮也会切中腰部及以上的客群。所以这是我们在商业云里面。当然商业云也不排除我们在酒店。我们在酒店目前来说，之前主要是做中高端市场，通过收购虾米鸟，我们去年在这个中小市场也做了一些布局，目前效果还非常不错。但是由于年后疫情这一块，现在可能整体业务就稍微比较停滞，但是在疫情之后，我们酒店这块可能会更加加快步伐。然后另外可能像美业，我们可能也会做一些拓展，所以这个是在商业云这一块。今年可能我们还有一朵云是我们应该重中之重，因为我们的产品还没有对外完全正式发布，但是我们大概也是打磨了近大半年的一块产品，它主要是销售云。我们销售云之前主要是Sales Pusher，它只是一款偏名片的销售管理工具。我们现在对于整个Sales Pusher进行了一个大规模的升级，就把从前端的名片营销到后端的CRM管理，到呼叫中心，到整个的营销获客等等，我们提供了一套完整的CRM解决方案。我们认为这套产品出来之后，对于整个中国CRM市场应该还是非常有竞争力的。所以这一块产品，未来我们等产品正式推出之后，大家可以一起来关注一下。因为其实微盟的服务商其实很多都在使用CRM解决方案，我们现在其实很多的客户已经在开始内测了，这款产品我们还是非常有信心。所以这是关于SaaS产品这块的一个大概的更新。
We think that we have the structure of the SaaS and cloud, and we think that our Commerce Cloud is our core and is quite mature.
Later we will do this integration. The major direction is about the e-commerce and retailing, and also the restaurant takeaways. It probably have some overlapping with our Weimall, because we all have this public management and also live streaming. We think that we have the retailing, we have the KA of the key accounts more than 7,500. Also in the digital and the e-restaurant, we also want to improve our KAs.
Since that we have acquired Yazuo, and they have more than 40 customers, and we think that we can improve our reach to the not only of the membership, but also we can increase the business in the cashier and the ordering and the takeaway deliveries, so that we can have a very comprehensive service for our customers.
Their pain point, they think that they have many service providers, but they are not connected together. We could resolve this pain point for them. We can connect those services for them to have a one shop, one stop.
shop for them. We can have more opportunities in the hotels, since we have collaborated with, the main focus is the middle and higher end market. We have already have the arrangement for the lower end market. Since the coronavirus, we don't have a very good start this year, we think that things will become better later. We can improve the beauty industry later.
This year, [Non-English content ] we can focus more on the Sales Cloud. Previously we only have the Sales Pusher like the business card to have this kind of management tool. Right now we can improve this and also enlarge the service. We can include the business card management tool, and we can have the calling center, we can have the acquisition of the customers for them. This has a comprehensive CRM management tool for our customers, it is very competitive. Right now, some of our customers have already began to have the internal beta test of the CRM system.
孙总，我的第二个问题是，财报也显示，去年整体从广告主的角度来说，数量增长也很快，尤其是ARPU值几乎翻了一倍，增长势头是比较猛的。那刚才孙总你也提到了，整个一季度其实环比的增长依然很可观，但是不知道这个里面是不是有在疫情期间很多广告主停下了其他随时的广告，然后把所有的预算都压到了线上。所以我想问一下，对全年的这个整个广告主的ARPU这一块，公司有没有一个初步的判断？
我们对整个广告，因为微盟的行业是非常均匀的，有一些行业是受影响的，像餐饮、像婚纱等等这些，肯定是受影响的，像婚纱几乎是大规模的预算在缩减。但是其实我们也有一些行业在增加，像我们的电商，像我们的在线教育，像我们的自媒体知识付费等等这些，它也在增加。所以整体上来说，其实就是此起彼伏。我们可能用一些更高的一些行业的增长来补了一些预算的减少。从整个全年的指引来说，我觉得整个广告的增长没有什么压力。而且我们现在可能人也都会做一些整体，可能不需要增长得太快，可能更加去注重一些广告主的整体的投放效果，以及可能多渠道等等这些。然后对于广告ARPU值，我认为不仅是今年，其实去年也在增长。基本上因为广告主当他存活下来之后，他的ARPU值肯定是越投越高的，因为他每年的业绩要增长，他的广告预算就要增长，所以只要这个广告主留下来之后，他的整个ARPU值会不断地在增长。因为去年的基数其实已经很高了，到了15万了。那今年我们暂时还不能很精确地预测，但是我觉得应该还是有比较大的一个增长。
好，谢谢。
Our answer is that the service industry is quite even for our part.
We don't think there will be a very big problem. Of course, specifically, some industry will have a huge blow or impact like the catering, F&B, and also the wedding gown. They are not so good this year, especially the wedding gown. We also have our advantage like the e-commerce, e-education and the e-payment. We think that the overall situation is that some part is decreasing and some part is increasing, so they are complimentary with each other.
Therefore, we don't have a much burden on our part. We think that we should also not only focus on the speed, but also focus on the quality, like the effectiveness and the efficiency, and also to have a multi-channel service for our advertisers. We have realized the increase for the last year and also this year, the first season. We think that once the advertisers exist, like survive in our platform, then they need to increase the ads. We think that the last year, the base is 150,000. For this year, we don't have a very exact number, but we believe that it would improve more.
Please hold on. The subscriber you dialed.
Our next question is Yang Lingling from GF Securities.
孙总好。我是广发证券的杨玲玲。我有几个问题想问一下，因为刚才各位参会者提的问题也比较多，然后我这边还补充几个问题。一个就是这一次疫情其实是加速了企业向线上转，刚才也提到比较多，所以我想问一下，相比疫情前的话，现在从商家的角度，销售大概恢复情况怎么样？然后如果去看线上线下这个结构比的话，现在线上的销售占比大概有多少？这个一个问题。还有一个就是，这个疫情短期对线下获客这一块大概有多大的一个影响？然后我们大概会有一些什么样的措施去提升我们的获客？第一个问题，要不我就一个问题一个问题地问。
疫情对于整个线下的实体商家其实影响是蛮大的。因为微盟主要的第一部分客户是偏电商这块，然后除了春节的一些快递上的影响，基本上现在的生意已经恢复到跟年前差不多了，所以基本上就已经不受什么影响了。可能重点影响的是餐饮和零售，包括像酒店、本地生活这几个行业。首先其实餐饮就比较被动了，因为商家确实对于整个线上的交易这一块，包括它的外卖还没有完全搭建起来，它的整个数字化能力要偏薄弱一点，所以目前餐饮的整个生意恢复不是太好。当然其实餐饮商家，餐饮主要用我们是做会员这一块，所以如果说客户不到线下去，他想使用我们的服务，其实我们也很难体现出来。然后零售这一块呢，其实对我们来说是最大的一个受益了。因为以前可能零售80%的生意在线下实体店，可能10%到20%在小程序上，但是这次疫情之后呢，几乎商家100%的生意都在小程序上了。当然也不排除说他会在一些平台去开店，但是我们知道，其实整个中国的电商结构是这样的，零售跟电商是两套体系，所以大部分的零售不会到淘宝、天猫去开店，所以他只会通过私域的方式，通过小程序来开店。所以目前来说，我们很多的像梦洁家纺，我们前段这周末的晚上，我们通过一场直播，它一晚上做了2500万的销售额，所以远比它线下要大得多。我们现在很多的一些线下品牌都通过线上小程序，它的生意增长得非常不错，我觉得生意规模应该是比疫情前的两三倍吧，这是从它的线上生意规模来说。那因为确实疫情阶段，他们很多客户不能到线下，但是如果后面疫情结束之后，我相信其实无论是消费者还是品牌的导购，以及它的整个内部的IP系统，我觉得都已经是完整的了，那未来我觉得线下的消费肯定的占比会逐步提升。但是我觉得这次疫情确实是让未来整个，我之前一直提的说小程序能占到零售的30%，我觉得这个比例已经不是说以前觉得是一个很遥远的一个想法，但是我觉得现在很多品牌都已经超过了。但是接下来疫情之后，我认为这个比例也是一个非常轻松做得到的。
[Non-English content ]. Since most of our customers are online, the impact is not so big for us. We have already recovered all those online customers business. Also there are some huge blow to our catering and also the localized business because of the delivery hasn't been mature enough, and a lso we are the membership model, if they buy it online, probably we don't have a very good or very sufficient statistics for them.
However, the retailing, the e-retailing is very good for us and maybe previously it is 80% of our consumers would buy in the brick and mortar store, and 10% would buy in the mini program. Right now, after the coronavirus, maybe almost 100% would move to our mini program.
You know, in China, the retailing is not just the e-commerce, and they would more prefer to do the business in the private domain, like the mini program. Like last weekend, we have done the live streaming together with Mengjie, and we have helped them to realize CNY 25 million of sales volume. It is quite big.
We think that the sales, I think there will be a two to three times of increase. After the coronavirus, some offline business would recover. As previously I have predicted that we probably can achieve 30% of our business in the mini program. After this coronavirus, we think it is no longer a very big problem.
好的，谢谢。我的第二个问题，其实这个问题就是投资者这边关注得非常多，因为也知道我们近期SaaS业务也恢复了，恢复之后能不能谈一下新老客户现在的反馈情况大概怎么样？然后另外我看到其实流失率有很大的好转，去年下半年流失率很大的好转，那就是考虑到今年的疫情，包括这次事件，对我们的流失率大概会有一个怎样的影响？然后我一个一个问吧，下一个问题。
目前从大客上来说，我们还看不到有明显的流失的这种情况。基本上我们的大客，因为它整体的内部的业务系统跟我们的SaaS系统绑定还是非常紧密的，包括它的客户关系其实也是绑定得非常紧密的。所以我首先从系统的迁移性来说，其实也不是那么容易去迁移。所以其实对于大客户来说，首先产品是不易迁移的。第二的话，其实无论是新客户还是老客户，大家把这件事件觉得更加归结为是一个意外性的事故，而并不是由于微盟本身技术上的一些问题导致的。所以其实客户基本上是比较理解和接受的，而且我们的赔付方案其实也非常有诚意。所以对于客户来说，更加加深了其实微盟与客户这一次的信任。所以我认为其实从大客户上来说，流失率不会有一个明显的一个提升。然后对于中小来说，我们目前来说，因为很难大规模地去看整个客户的一个反馈情况，从我们的售后，我们的销售来说，基本上整体客户还是都是比较满意的。当然这次事件对他们肯定是有影响，所以我们也给出了相应的一些赔付。对于他们来说，我觉得中小这一块你说完全不流失，其实你没有这次事故，他也会流失。所以我认为其实对于我们来说，只要接下来不断地去服务好我们的客户，为客户创造价值，我认为这件事情的影响只是一次短期的影响，大家不会一直认为它是一个长期的影响。
好的，好的。
About the attrition, we know that because of the business, our customer's business system and also their customer relations all have a very closer ties with us and also our regular or the other customers and.
好的。那第三个问题想能不能请孙总谈一下今年广告行业大概的一个变化？因为疫情其实对广告行业是不是有两面性？就有一些广告行业，它是需求，因为短期的需求激增，但是另外一些行业好像又受这个疫情影响也比较大，就能不能谈一下这个广告的一个增长情况。
首先我觉得今年跟去年一样，还是效果广告会更加受广告主的欢迎，特别是无论是疫情还是大宏观环境，企业对自己的预算其实是越来越紧了，所以它的预算还是会愿意给到能有一定效果的这种投放的媒体或者平台。所以我个人的认为就是基于短视频和信息流的广告仍然是一个主流，无论是腾讯、抖音、快手，我认为今年的整个增长，我觉得还是不会有太大的变化。而我们目前主要的流量也是来自于这些媒体和平台，我们对我们的广告主的预期，整个增长还是非常有信心。当然其实我刚才也说了，就是不同结构会有一些变化，那受影响大的行业，像餐饮，像一些线下的一些行业，它可能对于广告的预算就会收紧，但对于一些线上的这一块的需求，它又强烈了。所以整体上来说，我是觉得从大环境上来说，整个广告主的预算可能会逐步去收缩，但是可能收缩得最紧的还是偏品牌的预算，所以一些偏品牌的广告可能会受比较大的影响。基于效果的广告，我认为当然可能也会有些影响，但是因为效果广告本身它的增长速度其实是非常高的，倒不至于说会有非常大的影响。
Our next question is Emerson Chen from Bank of America Merrill Lynch.
孙总、曹总，你好。我有两个问题，第一个问题是关于公司有没有统计去年revenue retention rate多少，还有管理层怎么样看今年那个金额续费率的情况。然后第二个问题，想了解一下管理层对公司较长远的看法，主要是公司在执行长远的增长策略上面遇到最大的难题是什么？谢谢。
OK，关于第一个问题，因为微盟大部分是以中小客户为主，我们是在19年加大了我们的像智慧零售，包括今年加大了智慧餐饮这块的客户。那对于中小来说，原来我们都是卖标准产品和套件，所以其实我们的客户续费率跟金额续费率基本是一致的。然后对于今年，我们可能像零售这边，它有一定的类似于增加门店的这种增购，会导致整个金额续费率大于我们的这个客户续费率。我们后面可能如果说这个数据逐步比较大的话，我们未来也可以考虑把像智慧零售、智慧餐厅的一些数据做一些披露。但目前来说，我们还没有去做详细的统计。然后关于您问到的公司长远的一些挑战，我觉得其实在中国，SaaS面临最大的一个挑战就是中国SaaS的中小企业是非常多的，行业非常地分散。所以其实在中国的SaaS企业说实话特别的艰难，不像说美国的SaaS公司动辄百亿美金。所以其实我们向客户无论去收费，还是去向它实施我们整个云的SaaS服务，他们都会比较偏谨慎。但是我觉得其实这次无论是整个经济环境的变化，还是疫情的影响，我们发现越来越多的企业对于整个SaaS的云服务是越来越接受的，他们对于整个这种SaaS服务的理念也是能接受的。所以我们认为，其实随着用户理念的转变，随着一些先行客户的一些好的这种案例的输出，我们相信这个问题会逐步逐步地解决。我们也相信会有越来越多的企业或者客户会选择通过SaaS的方式来进行一个交付，他们也会在SaaS的不同的产品上会有更多的一些投入。这是可能我的一个判断。所以我认为可能接下来10到20年应该是整个中国企业在产业互联网与数字化转型的一个黄金20年吧。那无论是一些巨头企业，像腾讯、阿里，其实都在未来整个数字商业上其实做了很大的一些布局。那对于微盟来说，我们自己肯定很难说凭我们一己之力能构建企业未来的数字商业平台。但是我觉得其实我们跟腾讯，跟很多的流量平台共生共长的这种关系，我们做更前端的应用，他们做更底层的云服务。其实我觉得大家是共生共长、互利共赢的一种局面。所以我认为其实未来对于这种以去中心化、以私域的方式，会更加赢得客户的信赖和认可。这是我的一个判断。谢谢。
For your first question, I think that because our customers are mainly SMEs, and in 2019, we start to increase our investment into the smart retailing and smart restaurant. Because of the increase of their stores, we think that the value would be larger than the volume.
About the challenges in the future. We think that the SaaS in China, our target is more about the SMEs, and there are many of them and very diversified. The difficulty is that it is quite difficult to charge them or to have service for them, because they are quite cautious about these new things. With the economic background and also the coronavirus background, maybe we think it is more acceptable right now for them.
Because they change their mindset, they have seen the advantages of SaaS in these kinds of challenge times. Also with the example of the early adopters, we think that this problem would be solved in the near future. Also more and more customers prefer the SaaS delivery, and they would maybe buy more products from the SaaS platform.
I predict that in the future one to two decades, it would be a golden decade for the digital transformation, whether it is BAT, those big companies, or the other small ones. Of course, as for us, Weimob, we don't think that for us, we cannot single-handedly build up a digital transformation platform. We can have more cooperation with the platform providers and then Tencent and then other technical companies.
Like we can provide application and they can build up the platform, so that we will have this symbiotic relationship and to have more collaboration. I think that in the future, the challenge would no longer exist there.
Emerson.
Next question is Julie, Haitong.
关女士您好，我是Bill，我是海通的国际分析师Bill，谢谢接受我的提问。我只有一个问题是关于我们M&A的计划，我知道我们刚刚有投入了雅座，但是我想知道我们未来有没有计划再做多一点的并购M&A。如果真的有一个计划，我们的target会是什么类型，或者是什么行业的公司。我主要都是想问M&A这个问题。我这边翻译呢。Thank you manager for taking my question.
My question is to do with our M&A outlook. I know we just invested in Yazuo. I was just wondering if we have any more plans for acquisition, if we do, what kind of industry or what type of companies are we looking at? [Non-English content ].
好，谢谢。我们最后一个问题。关于并购这一块，我们其实有多种方式。第一是可能对一些早期的一些产界，我们上下游的一些公司会做一些早期的投资。同时如果说这个公司比较成熟，如果属于说我们要部署的一个方向，我们可能会采取并购。那我们可能会采取直投的方式，也可能会通过我们的产业基金的方式。那具体的标的呢，我觉得基本上是围绕着我们的整个战略方向，比如说我们刚才所说的商业云，商业云里面的几朵云的垂直的上下游，比如说像智慧零售，我们投了像整个数字零售的CRM这块。那未来其实有更多的一些跟整个零售相关的一些服务商，都可能采取一些投资的方式。比如说我们的餐饮投资了商友啊等等这些。那什么时候我们会做一些并购呢？就是我们会发现我们对方在客户上，或者说在产品上有比较大的一些优势互补，比如说雅座，我们就认为跟微盟是一个很好的互补。在整个餐饮的会员SaaS市场，我们做中小，他们做KA。所以两个并购其实是一个一加一大于二。那其实未来我们的一些方向也是对于我们行外涉足的一些领域，比如说未来如果说像教育、美业等等这些。那刚才我们所说的像销售云还有服务云，这些其实都是我们可能曾经涉足，不是很多的。那如果说我们觉得跟我们主的SaaS的这种方向很符合的话，如果说对方各个方面，我觉得整个投资或者说并购的性价比很高，我们可能会考虑做一些并购的动作。那今年肯定并购还是我们的一个主要的方向。谢谢。
About the M&A, we think that because of the advantages and complementary relations in our products. For example, our M&A with Yazuo, we can have more help with each other and to reach a one plus one larger than two effect. Also maybe we can do more in the beauty industry. I think this year, we will have some arrangements or some movement in the M&A.
Thank you. Now I would like to pass back to Haidong for the closing remark.
Yes, thank you. Due to the time constraint, we will now close today's call. On behalf of Weimob's management team, I would like to thank you for your participation in today's conference call. If you have further questions about Weimob, please feel free to contact us. Thank you and goodbye.