返回列表【小鎮(zhèn)前沿】蔡崇信撰文：阿里巴巴是這樣看自己的（中英雙語(yǔ)））
昨日晚間消息，阿里巴巴集團(tuán)公布2016財(cái)年第四季度財(cái)報(bào)，以及2016財(cái)年全年業(yè)績(jī)。財(cái)年第四季度，阿里巴巴集團(tuán)收入同比增長(zhǎng)39%，達(dá)到241.84億元人民幣；平臺(tái)成交額同比增長(zhǎng)24%，達(dá)到7420億元人民幣。在過(guò)去一年全球擔(dān)憂中國(guó)經(jīng)濟(jì)放緩背景下，阿里的成交額和收入實(shí)現(xiàn)雙增長(zhǎng)，增幅超越華爾街預(yù)期。
阿里巴巴集團(tuán)董事局執(zhí)行副主席蔡崇信就此在www.alizila.com撰文對(duì)美國(guó)投資者詳述，在全球經(jīng)濟(jì)面臨挑戰(zhàn)的情況下，為何阿里巴巴能夠做到逆勢(shì)而行。
今天我們發(fā)布了自己優(yōu)異的業(yè)績(jī)。我們這個(gè)季度的收入同比增長(zhǎng)39%。在過(guò)去的一年，有4.23億消費(fèi)者在我們的零售平臺(tái)上購(gòu)物，三月份有4.1億手機(jī)用戶在我們的手機(jī)端上消費(fèi)。
消費(fèi)驅(qū)動(dòng)強(qiáng)勁增長(zhǎng)
首先，看一下中國(guó)的消費(fèi)者。中國(guó)家庭現(xiàn)在擁有超過(guò)4.6萬(wàn)億美元的儲(chǔ)蓄。這是過(guò)去十幾年中國(guó)工資實(shí)際兩位數(shù)增長(zhǎng)的結(jié)果。與此形成對(duì)照的是，2008年美國(guó)家庭的債務(wù)占到了國(guó)內(nèi)生產(chǎn)總值的98%，美國(guó)家庭普遍背負(fù)沉重的債務(wù)。美國(guó)消費(fèi)者的杠桿消費(fèi)和信用透支加劇了全球的金融危機(jī)。
阿里生態(tài)的戰(zhàn)略角度
其次，看一下阿里巴巴的業(yè)務(wù)。我們有一個(gè)多元平衡的業(yè)務(wù)組合，處于不同的增長(zhǎng)階段、盈利曲線和現(xiàn)金流水平。根據(jù)成長(zhǎng)階段，我們將這些業(yè)務(wù)分成“核心現(xiàn)金流”、“新興引擎”和“長(zhǎng)期戰(zhàn)略投資”三大類型。
?核心競(jìng)爭(zhēng)流
我們核心的電商業(yè)務(wù)非常強(qiáng)勁，現(xiàn)金流充沛。我們這個(gè)季度的零售平臺(tái)收入同比增長(zhǎng)41%，保持了較高、可持續(xù)的銷售凈利率。
2016財(cái)年我們?cè)诤诵臉I(yè)務(wù)上實(shí)現(xiàn)了80億美元的自由現(xiàn)金流。這將有助于我們未來(lái)的投資。
?新興引擎
我們很高興地看到我們還擁有高增長(zhǎng)潛力和長(zhǎng)遠(yuǎn)展望空間的業(yè)務(wù)。
阿里云目前是世界上最大的云計(jì)算服務(wù)商之一。在最近的這個(gè)季度，該業(yè)務(wù)同比增長(zhǎng)175%，而上一個(gè)季度這個(gè)數(shù)字是126%。
另一個(gè)新興引擎是移動(dòng)互聯(lián)網(wǎng)，包括移動(dòng)搜索和移動(dòng)媒體。在本季度，我們的移動(dòng)互聯(lián)網(wǎng)及移動(dòng)操作系統(tǒng)業(yè)務(wù)收入同比增長(zhǎng)約50%左右，顯示出除了移動(dòng)電子商務(wù)外，中國(guó)在移動(dòng)端生活方式上的商業(yè)潛力。
?長(zhǎng)期戰(zhàn)略投資
阿里巴巴過(guò)往的歷史證明我們具有成功實(shí)現(xiàn)長(zhǎng)期戰(zhàn)略投資的能力。以淘寶平臺(tái)為例，2003年，網(wǎng)上購(gòu)物在中國(guó)尚未實(shí)質(zhì)性興起，我們啟動(dòng)了淘寶。在最初的五年里我們沒(méi)有產(chǎn)生任何收入；相反，我們專注于用戶的累積和建立一個(gè)電子商務(wù)生態(tài)系統(tǒng)。淘寶直到2010年才開(kāi)始有盈利。我們的耐心獲得了回報(bào)。
我們習(xí)慣于投資回報(bào)周期長(zhǎng)的長(zhǎng)期投資項(xiàng)目。五到七年時(shí)間的。能夠做到這點(diǎn)，是我們?cè)陂L(zhǎng)遠(yuǎn)發(fā)展中的競(jìng)爭(zhēng)優(yōu)勢(shì)。
未來(lái)我們將繼續(xù)投資那些對(duì)阿里巴巴來(lái)說(shuō)具有高度戰(zhàn)略意義的有潛力的業(yè)務(wù)，從數(shù)娛到本地服務(wù)到國(guó)際擴(kuò)張。這些業(yè)務(wù)會(huì)影響我們眼前的收入。不過(guò)，我們投資這些業(yè)務(wù)是為了將來(lái)它們能夠變成新興的引擎，最終產(chǎn)生核心現(xiàn)金流。
我相信投資這些戰(zhàn)略性項(xiàng)目可以提升阿里巴巴的品牌連鎖價(jià)值和效應(yīng)，無(wú)論是作為單獨(dú)的業(yè)務(wù)，還是在阿里平臺(tái)上幫助更多消費(fèi)者獲得更多的服務(wù)。
最后，看一下大的圖景。中國(guó)有6.88億互聯(lián)網(wǎng)用戶。其中6.2億用戶通過(guò)移動(dòng)端上網(wǎng)。75%的中國(guó)互聯(lián)網(wǎng)用戶在40歲以下——互聯(lián)網(wǎng)是未來(lái)，因?yàn)槟贻p人在用它。
WHY ALIBABA IS THRIVING IN A CHALLENGING GLOBAL ECONOMY
Today we reported excellent results.Our revenues grew 39%year-on-year for the quarter.There are now 423 million shoppers who have bought something on our China retail platform in the past year,and 410 million mobile users who were active on our China retail mobile apps during the month of March。
In these challenging times for the global economy,Alibaba is bucking the trend.Why?
Consumption propels strong growth
First,take a look at the Chinese consumer.Chinese households today have aggregate net cash reserves of over$4.6 trillion.This accumulated wealth and liquidity is the result of real double-digit wage growth over the past decade.In contrast,household debt in the U.S.was 98 percent of GDP in 2008 and the average American family was in heavy debt.The levered balance sheet of the American consumer and their credit deterioration contributed to the global financial crisis。
Chinese consumers,with their healthy balance sheets and ability to spend,will propel China’s shift from an export-and investment-led economy to a consumption-driven economy.Alibaba rides on top of this secular tide as we enable more products and services,be it domestic or import,to reach the consumer。
A strategic perspective on Alibaba’s ecosystem
Second,take a look at Alibaba’s businesses.We have a balanced portfolio of businesses in our ecosystem that are in various stages of growth,profit trajectory and cash generation.Depending on years in gestation,we group these businesses into what I call“Core Cash Flow,” “Emerging Traction”and“Long-term Strategic Bets。”
Core Cash Flow
Our core e-commerce business is strong and extremely cash generative.We achieved 41%year-on-year revenue growth in China retail marketplaces for the quarter,with high and sustainable operating margins。
On the strength of our core business,we delivered$8 billion in free cash flow in fiscal 2016.This enables us to invest for the future。
Emerging Traction
We are excited to see that several of our businesses have emerged with high growth traction and expanding operating leverage。
Alibaba Cloud is today one of the largest cloud computing businesses in the world.In the latest quarter this business saw 175 percent year-on-year revenue growth,which is an acceleration of the 126 percent growth rate from the prior quarter。
Another Emerging Traction star is mobile internet services,including mobile search and mobile media.In this quarter we have provided a glimpse into the potential of the mobile lifestyle in China in addition to mobile commerce,as revenues from mobile internet services and mobile operating systems grew around 50%year-on-year。
Long-term Strategic Bets
Alibaba has an incredible track record of making long-term bets successful.Here,a bit of historical perspective is important.Take Taobao Marketplace as an example.We started Taobao in 2003 when online shopping in China was virtually non-existent.For five years we didn’t generate any revenues;instead we focused on acquiring users and building an e-commerce ecosystem.Taobao didn’t produce meaningful profits until 2010,seven years after its founding.Patience has paid off。
We are used to investing in long-term initiatives with long gestation periods.Five to seven years.Being able to do this is a competitive advantage。
Going forward we are prepared to continue investing in high potential businesses that are highly strategic to Alibaba,from digital entertainment to local services to international expansion.These businesses contribute to losses in our current income statement.However,we invest in them so that they graduate to Emerging Traction,and then to Core Cash Flow。
I believe investing in strategic bets accrues long-term franchise value to Alibaba,both as stand-alone businesses and as they enable more consumers to access more services on the Alibaba platform。
Internet is the future
Finally,look at the big picture.China has 688 million internet users.Of this,620 million users access the internet using a mobile device.Seventy-five percent of Chinese internet users are younger than 40 years old–the internet is the future because young people are on it。
I don’t know about you but I am extremely excited by this。
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