150亿美元回购股票，阿里降低“淘宝依赖”

虎嗅2021-08-03

作者／苗正卿 8月3日晚，阿里巴巴宣布了公司史上最大规模的股份回购计划：将回购总额从100亿美元，提升为150亿美元，如果最终完成这将创下中国企业的回购纪录。几乎与此同时，阿里巴巴交出了截至今年6月30日为止的季度财报：虽然阿里巴巴季度收入同比增长34%达到318.65亿美元，但其经营利润同比下滑11%、经调整EBITA利润率同比下降8%、摊薄每股收益同比下降6%、经营活动产生的现金流同比下降...

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Comments

蚊香策士
2021-08-04
蚊香策士
有錢可以任性
iris小艺
2021-08-04
iris小艺
實力強!
JWZ137
2021-08-04
JWZ137
[開心]
美梦1号
2021-08-04
美梦1号
很好
- 垂死的小猫:
  [微笑]
美梦1号
2021-08-04
美梦1号
good
Ivysia
2021-08-04
Ivysia
這麼做比較保險一些吧

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112

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dependence\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09988":0.9,"BABA":0.9},"content_text":"作者／苗正卿\n8月3日晚，阿里巴巴宣布了公司史上最大规模的股份回购计划：将回购总额从100亿美元，提升为150亿美元，如果最终完成这将创下中国企业的回购纪录。\n几乎与此同时，阿里巴巴交出了截至今年6月30日为止的季度财报：虽然阿里巴巴季度收入同比增长34%达到318.65亿美元，但其经营利润同比下滑11%、经调整EBITA利润率同比下降8%、摊薄每股收益同比下降6%、经营活动产生的现金流同比下降33%。\n细看之下，你会发现眼下的阿里巴巴正在试图完成一场进化：通过多元化布局，降低“淘宝依赖”，就像一辆赛车从单擎升级为多擎——财报显示，以淘宝为核心的“中国零售商业-客户管理收入”一项占阿里巴巴总收入比重，已经从从去年同期的46%降低至39%。\n从其他板块业务的增速上，也能看出阿里巴巴在多点发力。淘特年度活跃用户超过1.9亿、咸鱼季度月活超过1亿、菜鸟网络收入同比增长50%、饿了么订单量同比增长超50%、社区商业平台业务交易额环比增长200%。\n值得注意的是，阿里巴巴的利润及现金流下滑主要受罚款和在增长性业务上的投资所影响。本季度，阿里巴巴缴纳了182.28亿元罚款中的91.14亿元。\n财报主题曲：降低依赖症\n本季度财报透露的最明显信息，就是阿里巴巴对于多元化布局和高潜力业务的重视。\n在财报电话会议上，阿里巴巴董事局主席兼CEO张勇和阿里巴巴首席财务官武卫多次谈到一点：阿里巴巴会持续把增量资金投入到这些高潜力业务布局之中。我们不妨简要看看阿里巴巴眼中的各个“高潜业务”目前的发展情况，以及其可能带给阿里巴巴的战略价值。\n淘特的年度活跃用户已经超过了1.9亿。在本次财报会议上，淘特是张勇和武卫多次谈及的。在阿里巴巴的官方语境中，淘特被描述为“性价比消费”。张勇说，淘特对于那些更看重性价比要素的消费者而言，可以更好地满足他们的消费需求。其实业内一些分析人士，会把淘特视为阿里巴巴布局下沉市场的关键棋子，其实这不仅仅是流量端的布局。根据财报透露的信息，阿里巴巴正在形成围绕淘特的完整的供应链体系，甚至这包含了设计端。如果考虑到供应链优势，那么1.9亿的用户盘子其实颇为可观。\n咸鱼可能是本次财报中最亮眼的业务线之一。月活超过1亿，意味着咸鱼的边界已经不仅是二手社区了。在财报会议上，张勇谈到咸鱼时提到了消费社区的说法。某种意义上，在新消费大热的今天，月活1亿的咸鱼确实可以有更多的想象空间。\n新零售是本次阿里巴巴财报中最突出展示的业务线。过去几年阿里巴巴在新零售上的布局很多，尤其在“基础件”环节。在本次财报中，新零售大板块中有两个关键信息，首先是阿里巴巴的社区商业平台GMV环比增速达到200%，而高鑫零售首次被并入到阿里巴巴财报中，截至6月30日，高鑫零售的门店数量已经达到235家，而其线上订单同比增长28%。\n本地生活业务是今年以来阿里巴巴调整力度最大的业务线之一。现在饿了么、高德、飞猪已经被纳入到了一个完整的矩阵之中，本次财报也是“阵容调整”后阿里巴巴本地生活业务的首份成绩单。从数据上看，其实是有明显增量的，比如饿了么订单量同比增长超过50%，不过也要考虑到去年同期疫情影响下的行业状况。所以真正对本地生活业务线的考验其实会是下一季度，到时候通过环比数据对比，或许我们可以更清晰地看出阿里巴巴本地生活业务是否真正形成合力。\n菜鸟网络是这份财报中最亮眼的部分。收入和订单量都有大幅度增长，分别同比增长50%和63%。不过这依然存在本地生活业务线类似的情况——去年同期的对比可能并不足以展现出阿里巴巴菜鸟网络的发展境况。\n云计算一直被阿里巴巴视为第二增长曲线的关键之一。本次财报中，钉钉首次被纳入云计算之中。整体上看，阿里巴巴的云计算业务有明显增量，收入同比增长29%。不过也要看到不确定性对于阿里巴巴云计算业务的影响，从上一季度开始，阿里巴巴云计算业务的收入增速就开始放缓，而原因之一是某大客户受限于环境因素而改变了供货方。随着阿里巴巴云计算业务持续发展，如何应对不确定性会是这个业务线持续面对的考验。\n以优酷为代表的数字媒体及娱乐业务线确实给人带来了一些惊喜，因为优酷的日均付费用户规模同比增长了17%。不过整体上优酷依然是亏损的，财报显示优酷本季度亏损同比收窄。\n在业务线多元化之外，阿里巴巴也在进行市场多元化。东南亚市场是阿里巴巴财报中的亮眼之处，阿里巴巴的Lazada订单量同比增长超过90%，而越南和印尼两个市场的同比增长都超过100%。值得注意的是——用户访问频次的持续增长，Lazada在东南亚市场已经连续六个季度保持用户访问频次的提升。\n阿里巴巴寻找新增长曲线\n整个财报电话会议的问答环节上，多位分析师感兴趣的问题都和大环境、监管等话题有关。其实这像是阿里巴巴的一个侧面写照：作为一家巨型公司，需要思考如何在力保基本盘的同时，通过多元化布局来提高自己的发展韧性。\n就好比巨大的树木，可以有无数枝干，在不同的环境状态下，每根树枝果量不同，但整体上能够确保树木的良性发展。这种发展状态的关键，在于树根——对阿里巴巴而言，可能是用户本身。\n值得注意的是，在本次财报会议上，张勇和武卫都多次提到了“用户含金量”“用户体验”等词。这可能是阿里巴巴季度财报会议上，“用户体验”这些词被提及频率较多的一次。从财报上，其实也能看出在过去一段时间内，阿里巴巴回归用户的心。\n比如张勇提到，阿里巴巴在提高用户体验的“基础设施”上在持续投入，比如他们在改善用户退换货的体验，其中一个关键细节是，阿里巴巴在尝试降低用户的退换货成本。\n某种意义上，这种回归用户的改变是急迫的。从市场角度而言，在电商乃至直播电商等领域，就算称不上“卷”，也足以称为强敌环伺。这已经不是一家独大的时代，无论是消费者还是商家、品牌其实都有更多的选择空间。\n从阿里巴巴正在做的事上，不难看出阿里巴巴正在试图通过“覆盖”来满足消费者需求，比如增加更细分的消费“场景”（比如淘特）比如对新的消费形态的发力，比如对新的市场的渗透。张勇在会议中还提到，未来阿里巴巴可能会推出更多针对细分需求的产品，来满足不同用户的需求。\n但这些尝试或者说努力，都离不开一个根本问题——真正为用户考虑，为最普通的消费者、最普通的中小商户考虑。\n其实对于巨型公司而言，增长曲线从来都是显性和隐形的。显性的增长曲线，诸如云计算和新零售，这是明显的新业务，你不做，别的巨头也会布局。而对于巨型公司而言，隐形的增长曲线有时可能也有价值，财报显示截至2021年6月阿里巴巴全球年度活跃用户达到11.8亿，其中有很多用户是追随并陪伴阿里巴巴十数年甚至更久的老用户。\n眼下，阿里巴巴需要回答的关键问题是：未来会继续给大家带来怎样的服务和产品？尤其是，阿里巴巴所倡导的“用户体验”应该是怎样的？\n当然，人们对阿里巴巴的关注远不止此。\n“有传言，阿里巴巴会有一些互联网巨头互联互通有合作，你们怎么看？”8月3日晚上20点，在阿里巴巴2022财年第一季度财报电话会议问答环节，张勇在第一个问题中，被如是问。\n“平台之间用户、信息、数据的循环一定能带来社会价值。如果能够实现互联互通，一定能够带来新的改革红利。”张勇说。","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":807699593,"gmtCreate":1628033460212,"gmtModify":1703499818407,"author":{"id":"3556406286176182","authorId":"3556406286176182","name":"蚊香策士","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3556406286176182","authorIdStr":"3556406286176182"},"htmlText":"有錢可以任性","listText":"有錢可以任性","text":"有錢可以任性","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807699593","repostId":1118992594,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":807607046,"gmtCreate":1628033376285,"gmtModify":1703499814521,"author":{"id":"3577306916556893","authorId":"3577306916556893","name":"iris小艺","avatar":"https://static.tigerbbs.com/0963b06e7c6b46c95030fdea9d42b8af","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577306916556893","authorIdStr":"3577306916556893"},"htmlText":"實力強!","listText":"實力強!","text":"實力強!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807607046","repostId":1118992594,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":807841429,"gmtCreate":1628032226761,"gmtModify":1703499780681,"author":{"id":"3575067142498671","authorId":"3575067142498671","name":"JWZ137","avatar":"https://static.tigerbbs.com/842968796125e5a418b21a3b4ab603ef","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3575067142498671","authorIdStr":"3575067142498671"},"htmlText":"[開心]&nbsp;","listText":"[開心]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