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US $15 billion in unprecedented stock repurchase, can Ali restore market confidence
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","text":"...，，","images":[{"img":"https://static.tigerbbs.com/9fe42af4b285486f310a759210c87d9b","width":"1080","height":"3063"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/833538461","isVote":1,"tweetType":1,"viewCount":1532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":807738873,"gmtCreate":1628056365492,"gmtModify":1703500406001,"author":{"id":"4087543891147190","authorId":"4087543891147190","name":"Skyoflove","avatar":"https://static.tigerbbs.com/540cf46f6ec72f3f03ba6268ff9347e3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087543891147190","idStr":"4087543891147190"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807738873","repostId":"1184821489","repostType":4,"repost":{"id":"1184821489","kind":"news","pubTimestamp":1628055533,"share":"https://ttm.financial/m/news/1184821489?lang=en_US&edition=fundamental","pubTime":"2021-08-04 13:38","market":"us","language":"zh","title":"US $15 billion in unprecedented stock repurchase, can Ali restore market confidence","url":"https://stock-news.laohu8.com/highlight/detail?id=1184821489","media":"中国企业家杂志","summary":"蚂蚁集团利润环比下滑37%，阿里云丢失单一头部大客户，阿里虽然交出了季度营收再破2000亿元的成绩单，但市场对其信心似乎仍然不足，互联网企业或迎来估值体系的重新定义。\n\n8月3日晚，阿里巴巴低调公布2","content":"<p><a href=\"https://laohu8.com/S/06688\">Ant Group</a>Profits fell by 37% month-on-month, and Alibaba Cloud lost a single leading customer. Although Alibaba handed over a report card with quarterly revenue exceeding another 200 billion yuan, the market's confidence in it still seems to be insufficient. Internet companies may usher in a valuation system. redefine. On the evening of August 3,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Low-key announcement of the Q1 (April 1, 2021 to June 30, 2021) performance report of fiscal year 2022. The report shows that,<b>Alibaba's revenue in Q1 fiscal year 2022 reached 205.74 billion yuan, compared with 153.751 billion yuan in the same period last year, a year-on-year increase of 33.81%; Net profit was 42.835 billion yuan, a year-on-year decrease of 8%.</b></p><p>This is the second report card with revenue exceeding 200 billion yuan handed over by Ali after the financial report for the third quarter of fiscal year 2021, but the surge in revenue seems to have failed to boost Ali's sluggish stock price.</p><p>On that day, Alibaba's U.S. stock price fell 1.35% to finally close at $197.38. As of 11:15 noon today, Alibaba's Hong Kong stock price was HK $193.600, up only 0.05%.<b>In the past year, Alibaba's stock price has fluctuated by more than 50%, with a drop of 22.43%, almost the same as the stock price two years ago.</b>And the even more surprising figure is that its rolling P/E (TTM) dropped below 25 times, about<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Half of.</p><p>In this regard, at the subsequent financial report meeting, Ali said: \"I believe all investors will be very concerned about the changes in China's regulatory policies and regulations on the Internet industry and the possible impact on Ali.<b>Alibaba is actively learning various regulations and requirements, evaluating their impact on the company's related businesses, and will take positive actions accordingly. \"</b>At the same time, Ali's management emphasized: \"We continue to be optimistic about the development potential of China's economy and are full of confidence in the company's long-term development.\"</p><p>One signal is that Ali is conducting an unprecedented large-scale share buyback. \"<b>We are increasing our share repurchase program from $10 billion to $15 billion, the largest share repurchase program in company history,</b>Because we are confident in the long-term growth prospects. Our net cash position remains healthy and we have repurchased approximately $3.7 billion of ADRs since April 1, 2021. \" Alibaba Group CFO Wu Wei said.</p><p>It is also worth mentioning that the financial report shows that Ant Group contributed 4.494 billion yuan to Alibaba in the quarter (from January to March this year), compared with 7.182 billion yuan in the previous quarter. This means that,<b>In the quarter, Ant Group's profit fell by 37% month-on-month. Analysts believe that it was mainly affected by seasonal factors and the implementation of corrective measures.</b></p><p><b>Core business performance is stable, and Cainiao's growth rate is impressive</b></p><p>In terms of core business, Alibaba remains solid. During the quarter, Alibaba's core business revenue reached 180.241 billion yuan, a year-on-year increase of 35%, almost the same as the growth rate of the same period last year.<b>China's commercial retail business revenue was 135.806 billion yuan, a year-on-year increase of 34%.</b></p><p><img src=\"https://static.tigerbbs.com/0f0f092623024187b5d839189172c3c5\" tg-width=\"966\" tg-height=\"518\" referrerpolicy=\"no-referrer\"></p><p>Watchmaking: Liu Zheming</p><p>Among them, customer management revenue exceeded 81 billion yuan, a year-on-year increase of 14%. Ali stated in its financial report that it was mainly due to the growth of GMV of online physical goods in the Chinese retail market. The increase also reflects the revenue growth of new monetization models, including referral information flow, and the increase in the average unit price per click of search monetization.</p><p>In terms of the number of active users, Ali also reached a new high. According to the financial report, its<b>The ecosystem's global annual active consumers reached approximately 1.180 billion for the 12-month period ended June 30, 2021,</b>An increase of 45 million from the 12 months ended March 31, 2021. Among them, 912 million consumers come from the Chinese market.</p><p>Judging from the financial report, among various businesses, Cainiao is one of the businesses with the most stable and rapid growth.<b>For the three months ended June 30, 2021, Cainiao's network logistics service revenue totaled RMB 11.601 billion, an increase of 50% compared to RMB 7.713 billion in the same period in 2020.</b>The contribution to the group's revenue increased from 5% to 6%. The increase was mainly attributable to the increase in fulfilled orders brought by cross-border and global retail commercial business.</p><p>In terms of community group buying that the outside world is concerned about, MMC (Community Group Buying Business Group), which was only established in March this year, has grown at an even more alarming rate. The construction area of GMV and Regional Distribution Center (RDC) has increased by about 200% and 260% quarter-on-quarter respectively. However, on the other hand, the rapid growth rate may indicate that its volume is still small.</p><p>In addition to the growth data, Ali's operating profit fell by 11% year-on-year to RMB 30.847 billion. Adjusted EBITA decreased by 8% year-on-year to RMB 41.731 billion. The year-on-year decrease was mainly due to increased investment, including investment in strategic areas such as community business platforms, Taote, local life services and Lazada, as well as increased investment in growth businesses in China's retail markets such as Xianyu and Taobao Live, and support for merchants. initiatives.</p><p>Previously, some analysts had predicted that the profit of the current quarter (that is, the first fiscal quarter) would be overshadowed by the increasing investment expenditure. This is consistent with Ali's announcement in the last quarter's financial report conference that all new profits will be used for investment.</p><p><b>Alibaba Cloud loses a single leading major customer, the impact continues</b></p><p>In Ali's financial report, the cloud business still maintains growth and profitability, but its growth has shown a straight downward trend.</p><p>The financial report shows that in the June quarter of 2021, the revenue of cloud computing business increased by 29% year-on-year to RMB 16.051 billion. The growth was mainly driven by the strong growth in customer revenue from the Internet, financial services and retail industries. It has achieved profitability for three consecutive quarters, and its adjusted EBITA profit has expanded to 340 million yuan.</p><p>But like this<b>The growth rate has almost reached an all-time low, lower than the 34% forecast given by some securities institutions. Last fiscal quarter, as Alibaba Cloud lost a single leading customer in the quarter</b>, resulting in a significant slowdown in business growth, which dropped to 37%. It is speculated that the single customer is ByteDance's overseas business, but Ali has not released customer information.</p><p><img src=\"https://static.tigerbbs.com/45b257b098d79317ab3148f46b16e04c\" tg-width=\"1080\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p>Watchmaking: Liu Zheming</p><p>At this financial report meeting, Ali said that without the influence of this user, the cloud business should have a 40% growth. Alibaba's management also emphasized that it is expected that the impact of this customer will continue until the end of this fiscal year, when the customer's international business will be completely separated from Alibaba Cloud services.</p><p>Previously, Essence Securities believed that this adverse impact would continue, but in the future, as Alibaba Cloud further develops customers in traditional industries such as finance and government, the future growth rate is expected to increase. However, it will still take a long time for financial, government and other industries to take effect, and the short-term adverse effects after losing major customers may last until this quarter.</p><p>In the future, Alibaba Cloud Computing business will diversify its customers and industries. In terms of organizational structure, Alibaba Cloud has also changed accordingly. In this quarter, the organizational structure adjustment was completed, 18 industry departments were established to carry out industry digital innovation, and 16 regions were divided for localized operations.</p><p>Another change of Alibaba Cloud is that starting from this quarter, DingTalk's performance will be included in cloud computing. As the DingTalk business is still in the investment stage, this reclassification will lower the profitability of cloud computing this quarter and will not contribute much to revenue.</p><p><b>US $15 billion repurchase cannot return market confidence</b></p><p>In addition to performance, another noteworthy move mentioned in the financial report is Ali's ongoing large-scale repurchase.</p><p>On December 28, 2020, Alibaba announced in the Hong Kong stock market that it would increase the ADS repurchase plan totaling US $6 billion released in September 2018 to US $10 billion. The share repurchase plan is valid for two years (until the end of 2022). The company has started repurchases in the quarter, and now this number has expanded again.</p><p>But the market did not gain similar confidence to Ali. Since the beginning of this year, due to the policy risks faced by Alibaba and the recent overall regulatory pressure on Chinese concept stocks, its target stock price has been repeatedly lowered. In April, investment bank Ruijie lowered Alibaba's target price from $350 to $330; In May, investment bank Stifel lowered Alibaba's target price from $290 to $280. Furthermore,<b><a href=\"https://laohu8.com/S/UBS\">UBS</a>It is believed that this round of supervision of the Internet may last at least until the end of 2021, and it is currently estimated that it has not yet bottomed out in terms of technical configuration.</b>The bank suggested holding a \"reduction\" view on the mainland Internet industry as a whole.</p><p>The same dilemma also arises in<a href=\"https://laohu8.com/S/00700\">Tencent</a>On the body. Yesterday, a report about the game industry caused the game sector to plummet. The leading Tencent once fell by 10%. After the market closed, some people estimated that the related listed companies lost nearly 500 billion yuan in market value, of which Tencent fell by 6.11%, and its market value evaporated by 278.4 billion Hong Kong dollars. On February 18 this year, Tencent hit a record high of 773.9 Hong Kong dollars and then began to fall all the way, finally falling to 422 Hong Kong dollars on July 28, a drop of 46.55%, nearly halved.</p><p>Like Alibaba, Tencent P/E is not high at present, about 20 times. But when people are unwilling to pay too much premium for Internet companies, perhaps Internet companies have to enter the \"redefinition\" of the valuation system.</p>","source":"zgqyj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US $15 billion in unprecedented stock repurchase, can Ali restore market confidence</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS $15 billion in unprecedented stock repurchase, can Ali restore market confidence\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国企业家杂志</strong><span class=\"h-time small\">2021-08-04 13:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/06688\">Ant Group</a>Profits fell by 37% month-on-month, and Alibaba Cloud lost a single leading customer. Although Alibaba handed over a report card with quarterly revenue exceeding another 200 billion yuan, the market's confidence in it still seems to be insufficient. Internet companies may usher in a valuation system. redefine. On the evening of August 3,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Low-key announcement of the Q1 (April 1, 2021 to June 30, 2021) performance report of fiscal year 2022. The report shows that,<b>Alibaba's revenue in Q1 fiscal year 2022 reached 205.74 billion yuan, compared with 153.751 billion yuan in the same period last year, a year-on-year increase of 33.81%; Net profit was 42.835 billion yuan, a year-on-year decrease of 8%.</b></p><p>This is the second report card with revenue exceeding 200 billion yuan handed over by Ali after the financial report for the third quarter of fiscal year 2021, but the surge in revenue seems to have failed to boost Ali's sluggish stock price.</p><p>On that day, Alibaba's U.S. stock price fell 1.35% to finally close at $197.38. As of 11:15 noon today, Alibaba's Hong Kong stock price was HK $193.600, up only 0.05%.<b>In the past year, Alibaba's stock price has fluctuated by more than 50%, with a drop of 22.43%, almost the same as the stock price two years ago.</b>And the even more surprising figure is that its rolling P/E (TTM) dropped below 25 times, about<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Half of.</p><p>In this regard, at the subsequent financial report meeting, Ali said: \"I believe all investors will be very concerned about the changes in China's regulatory policies and regulations on the Internet industry and the possible impact on Ali.<b>Alibaba is actively learning various regulations and requirements, evaluating their impact on the company's related businesses, and will take positive actions accordingly. \"</b>At the same time, Ali's management emphasized: \"We continue to be optimistic about the development potential of China's economy and are full of confidence in the company's long-term development.\"</p><p>One signal is that Ali is conducting an unprecedented large-scale share buyback. \"<b>We are increasing our share repurchase program from $10 billion to $15 billion, the largest share repurchase program in company history,</b>Because we are confident in the long-term growth prospects. Our net cash position remains healthy and we have repurchased approximately $3.7 billion of ADRs since April 1, 2021. \" Alibaba Group CFO Wu Wei said.</p><p>It is also worth mentioning that the financial report shows that Ant Group contributed 4.494 billion yuan to Alibaba in the quarter (from January to March this year), compared with 7.182 billion yuan in the previous quarter. This means that,<b>In the quarter, Ant Group's profit fell by 37% month-on-month. Analysts believe that it was mainly affected by seasonal factors and the implementation of corrective measures.</b></p><p><b>Core business performance is stable, and Cainiao's growth rate is impressive</b></p><p>In terms of core business, Alibaba remains solid. During the quarter, Alibaba's core business revenue reached 180.241 billion yuan, a year-on-year increase of 35%, almost the same as the growth rate of the same period last year.<b>China's commercial retail business revenue was 135.806 billion yuan, a year-on-year increase of 34%.</b></p><p><img src=\"https://static.tigerbbs.com/0f0f092623024187b5d839189172c3c5\" tg-width=\"966\" tg-height=\"518\" referrerpolicy=\"no-referrer\"></p><p>Watchmaking: Liu Zheming</p><p>Among them, customer management revenue exceeded 81 billion yuan, a year-on-year increase of 14%. Ali stated in its financial report that it was mainly due to the growth of GMV of online physical goods in the Chinese retail market. The increase also reflects the revenue growth of new monetization models, including referral information flow, and the increase in the average unit price per click of search monetization.</p><p>In terms of the number of active users, Ali also reached a new high. According to the financial report, its<b>The ecosystem's global annual active consumers reached approximately 1.180 billion for the 12-month period ended June 30, 2021,</b>An increase of 45 million from the 12 months ended March 31, 2021. Among them, 912 million consumers come from the Chinese market.</p><p>Judging from the financial report, among various businesses, Cainiao is one of the businesses with the most stable and rapid growth.<b>For the three months ended June 30, 2021, Cainiao's network logistics service revenue totaled RMB 11.601 billion, an increase of 50% compared to RMB 7.713 billion in the same period in 2020.</b>The contribution to the group's revenue increased from 5% to 6%. The increase was mainly attributable to the increase in fulfilled orders brought by cross-border and global retail commercial business.</p><p>In terms of community group buying that the outside world is concerned about, MMC (Community Group Buying Business Group), which was only established in March this year, has grown at an even more alarming rate. The construction area of GMV and Regional Distribution Center (RDC) has increased by about 200% and 260% quarter-on-quarter respectively. However, on the other hand, the rapid growth rate may indicate that its volume is still small.</p><p>In addition to the growth data, Ali's operating profit fell by 11% year-on-year to RMB 30.847 billion. Adjusted EBITA decreased by 8% year-on-year to RMB 41.731 billion. The year-on-year decrease was mainly due to increased investment, including investment in strategic areas such as community business platforms, Taote, local life services and Lazada, as well as increased investment in growth businesses in China's retail markets such as Xianyu and Taobao Live, and support for merchants. initiatives.</p><p>Previously, some analysts had predicted that the profit of the current quarter (that is, the first fiscal quarter) would be overshadowed by the increasing investment expenditure. This is consistent with Ali's announcement in the last quarter's financial report conference that all new profits will be used for investment.</p><p><b>Alibaba Cloud loses a single leading major customer, the impact continues</b></p><p>In Ali's financial report, the cloud business still maintains growth and profitability, but its growth has shown a straight downward trend.</p><p>The financial report shows that in the June quarter of 2021, the revenue of cloud computing business increased by 29% year-on-year to RMB 16.051 billion. The growth was mainly driven by the strong growth in customer revenue from the Internet, financial services and retail industries. It has achieved profitability for three consecutive quarters, and its adjusted EBITA profit has expanded to 340 million yuan.</p><p>But like this<b>The growth rate has almost reached an all-time low, lower than the 34% forecast given by some securities institutions. Last fiscal quarter, as Alibaba Cloud lost a single leading customer in the quarter</b>, resulting in a significant slowdown in business growth, which dropped to 37%. It is speculated that the single customer is ByteDance's overseas business, but Ali has not released customer information.</p><p><img src=\"https://static.tigerbbs.com/45b257b098d79317ab3148f46b16e04c\" tg-width=\"1080\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p>Watchmaking: Liu Zheming</p><p>At this financial report meeting, Ali said that without the influence of this user, the cloud business should have a 40% growth. Alibaba's management also emphasized that it is expected that the impact of this customer will continue until the end of this fiscal year, when the customer's international business will be completely separated from Alibaba Cloud services.</p><p>Previously, Essence Securities believed that this adverse impact would continue, but in the future, as Alibaba Cloud further develops customers in traditional industries such as finance and government, the future growth rate is expected to increase. However, it will still take a long time for financial, government and other industries to take effect, and the short-term adverse effects after losing major customers may last until this quarter.</p><p>In the future, Alibaba Cloud Computing business will diversify its customers and industries. In terms of organizational structure, Alibaba Cloud has also changed accordingly. In this quarter, the organizational structure adjustment was completed, 18 industry departments were established to carry out industry digital innovation, and 16 regions were divided for localized operations.</p><p>Another change of Alibaba Cloud is that starting from this quarter, DingTalk's performance will be included in cloud computing. As the DingTalk business is still in the investment stage, this reclassification will lower the profitability of cloud computing this quarter and will not contribute much to revenue.</p><p><b>US $15 billion repurchase cannot return market confidence</b></p><p>In addition to performance, another noteworthy move mentioned in the financial report is Ali's ongoing large-scale repurchase.</p><p>On December 28, 2020, Alibaba announced in the Hong Kong stock market that it would increase the ADS repurchase plan totaling US $6 billion released in September 2018 to US $10 billion. The share repurchase plan is valid for two years (until the end of 2022). The company has started repurchases in the quarter, and now this number has expanded again.</p><p>But the market did not gain similar confidence to Ali. Since the beginning of this year, due to the policy risks faced by Alibaba and the recent overall regulatory pressure on Chinese concept stocks, its target stock price has been repeatedly lowered. In April, investment bank Ruijie lowered Alibaba's target price from $350 to $330; In May, investment bank Stifel lowered Alibaba's target price from $290 to $280. Furthermore,<b><a href=\"https://laohu8.com/S/UBS\">UBS</a>It is believed that this round of supervision of the Internet may last at least until the end of 2021, and it is currently estimated that it has not yet bottomed out in terms of technical configuration.</b>The bank suggested holding a \"reduction\" view on the mainland Internet industry as a whole.</p><p>The same dilemma also arises in<a href=\"https://laohu8.com/S/00700\">Tencent</a>On the body. Yesterday, a report about the game industry caused the game sector to plummet. The leading Tencent once fell by 10%. After the market closed, some people estimated that the related listed companies lost nearly 500 billion yuan in market value, of which Tencent fell by 6.11%, and its market value evaporated by 278.4 billion Hong Kong dollars. On February 18 this year, Tencent hit a record high of 773.9 Hong Kong dollars and then began to fall all the way, finally falling to 422 Hong Kong dollars on July 28, a drop of 46.55%, nearly halved.</p><p>Like Alibaba, Tencent P/E is not high at present, about 20 times. But when people are unwilling to pay too much premium for Internet companies, perhaps Internet companies have to enter the \"redefinition\" of the valuation system.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/4e2Npb6C3f7HT68o1TCEog\">中国企业家杂志</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/995418fbbbc235e75883dec898dccaa8","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://mp.weixin.qq.com/s/4e2Npb6C3f7HT68o1TCEog","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184821489","content_text":"蚂蚁集团利润环比下滑37%，阿里云丢失单一头部大客户，阿里虽然交出了季度营收再破2000亿元的成绩单，但市场对其信心似乎仍然不足，互联网企业或迎来估值体系的重新定义。\n\n8月3日晚，阿里巴巴低调公布2022财年Q1（2021年4月1日至2021年6月30日）业绩报告。报告中显示，2022财年Q1阿里巴巴营收达2057.4亿元，去年同期为1537.51亿元，同比增长33.81%；净利润为428.35亿元，同比下降8%。\n这是继2021财年第三季度财报后，阿里交出的的第二份营收超2000亿元成绩单，但营收大增似乎也没能拉一把阿里低迷的股价。\n当日，阿里巴巴美股股价下跌1.35%，最终报收于197.38美元。截至今日午间11点15分，阿里巴巴港股股价为193.600港元，仅涨0.05%。近一年来，阿里巴巴股价波动超50%，下跌幅度达22.43%，几乎与两年前股价持平。而更令人惊讶的数字是，其滚动市盈率（TTM）降至25倍以下，约为亚马逊的一半。\n对此，在随后的财报会上，阿里方面表示：“相信所有投资者都会很关心中国对互联网行业监管政策法规的变化以及对阿里的可能影响。阿里正在积极学习各项法规和要求，评估其对公司相关业务的影响，也会相应采取积极的行动。”同时，阿里管理层强调：“我们继续看好中国经济的发展潜力，并对公司的长期发展充满信心。”\n一个信号是阿里正在进行史无前例的大规模股票回购。“我们正在将股票回购计划从100亿美元增加到150亿美元，这是公司历史上最大的股票回购计划，因为我们对长期增长前景充满信心。我们的净现金状况依然良好，自2021年4月1日以来，我们已回购了约37亿美元的美国存托凭证。”阿里巴巴集团CFO武卫表示。\n另外值得一提的是，财报显示，当季蚂蚁集团为阿里巴巴贡献44.94亿元（来自今年1~3月），而上一季度该数字是71.82亿元。这意味着，当季蚂蚁集团的利润环比出现了37%的下滑，分析人士认为，主要是受季节性因素和落实整改措施影响。\n核心商业表现稳健，菜鸟增速亮眼\n在核心商业方面，阿里巴巴依旧稳健。季度内，阿里巴巴核心商业营收达1802.41亿元，同比增长35%，几乎与去年同期增速持平。中国商业零售业务收入为1358.06亿元、同比增长34%。\n\n制表：刘哲铭\n其中，客户管理收入超过810亿元，同比增长14%。阿里在财报中表示，主要由于中国零售市场线上实物商品GMV的增长。该增长也反映了包括推荐信息流在内的新变现模式的收入增长，以及搜索变现单次点击平均单价的上升。\n在活跃用户数上，阿里也再创新高。据财报显示，其生态体系的全球年度活跃消费者截至2021年6月30日的12个月期间达到约11.80亿，较截至2021年3月31日的12个月增加4500万。其中9.12亿消费者来自中国市场。\n从财报来看，在各个业务中，菜鸟是增长最为稳定及迅速的业务之一。截至2021年6月30日止的三个月，菜鸟网络物流服务收入合计为人民币116.01亿元，相较2020年同期的人民币77.13亿万元增长50%，对集团收入占比的贡献从5%增长至6%。主要增长来源于跨境及全球零售商业业务所带来的已履约的订单量增长。\n在外界关心的社区团购上，今年3月才成立的MMC（社区团购事业群）以更惊人的速度成长，GMV及区域分拨中心（RDC）的建筑面积季度环比分别增长约200%及260%。不过，增速快的另一方面或许说明其体量仍不大。\n一众增长数据外，阿里的经营利润同比下降11%，为人民币308.47亿元。经调整 EBITA，同比下降8%至人民币417.31亿元。同比减少主要由于投入加大，包括对社区商业平台、淘特、本地生活服务及Lazada等策略领域的投入，以及对闲鱼及淘宝直播等中国零售市场中增长业务投入的增加，和支持商家的举措。\n此前，有分析师已预测：当季（即第一财季）的盈利将被不断增长的投资支出所掩盖。这与在上一季度的财报发布会中，阿里宣称将所有新增利润用于投入相吻合。\n阿里云丢失单一头部大客户影响持续\n在阿里的财报中，云业务依然保持增长和盈利，但其增长已呈直线下滑趋势。\n财报显示，2021年6月份季度，云计算业务的收入同比增长29%至人民币160.51亿元，增长主要受到来自互联网、金融服务及零售行业客户收入的强劲增长所推动。其已经连续三个季度实现盈利，经调整EBITA利润扩大至3.4亿元。\n但这样的增速几乎走到历史低点，低于一些证券机构给出的34%预测。上个财季，由于阿里云在该季度失去了单一头部大客户，导致了业务增速明显放缓，降为37%。相关猜测该单一客户为字节跳动海外业务，但阿里并未公布客户信息。\n\n制表：刘哲铭\n此次财报会上，阿里方面表示如果没有该用户影响，云业务应该有40%的增长。阿里管理层还强调，预计该客户的影响将会持续直到本财年结束，到时候该客户的国际业务会完全脱离阿里云服务。\n此前，安信证券认为这种不利影响将持续，但未来随着阿里云对金融、政府等传统行业客户进一步开拓，未来增速有望得到提升。但由于金融、政府等行业要见效仍需要较长的时间，而失去大客户之后的短期不利影响恐将持续到本季度。\n未来，阿里云计算业务方向将朝着客户及产业多元化发展。在组织架构上，阿里云也相应发生变化。在本季度完成了组织架构调整，设立了18个行业部门进行行业数字化创新，划分了16个区域进行本地化运营。\n阿里云的另一个变化是从本季度开始，钉钉的业绩划入云计算。因钉钉业务仍处于投入阶段，该重分类会拉低云计算本季度的盈利能力而对收入的贡献并不大。\n150亿美元回购换不回市场信心\n抛开业绩外，财报提到的另一个值得关注的举动是，阿里正在进行的大规模回购。\n2020年12月28日，阿里巴巴在港股公告称，将2018年9月发布的总额60亿美元的ADS回购计划增加至100亿美元，该股份回购计划有效期两年（至2022年底），公司已经在当季度开始回购，如今这一数字再度扩大。\n但市场并未获得与阿里相似的信心。今年以来，由于阿里巴巴面临的政策风险以及近期中概股整体的监管压力，其目标股价屡遭下调。4月，投行瑞杰将阿里巴巴目标价格从350美元下调至330美元；5月，投行Stifel将阿里巴巴目标价从290美元下调至280美元。此外，瑞银认为，该轮对互联网的监管可能至少持续到2021年年底，从技术配置而言目前估计尚未触底，该行建议对内地互联网行业整体持“减持”看法。\n相同的困境也出现在腾讯身上。昨日，一篇关于游戏产业的报道让游戏板块暴跌，龙头腾讯一度下跌10%，收盘后，有人测算相关上市公司损失了近5000亿元市值，其中腾讯跌幅达到6.11%，市值蒸发2784亿港元。今年2月18日，腾讯创下历史新高773.9港元之后开始一路下跌，最终在7月28日跌至422港元，跌幅达46.55%，接近腰斩。\n和阿里一样，目前腾讯市盈率也不算高，在20倍左右。但当人们不愿意为互联网公司付出过多溢价时，或许互联网企业要进入估值体系的“重新定义”。","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1770,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804368769,"gmtCreate":1627925974251,"gmtModify":1703498042978,"author":{"id":"4087543891147190","authorId":"4087543891147190","name":"Skyoflove","avatar":"https://static.tigerbbs.com/540cf46f6ec72f3f03ba6268ff9347e3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087543891147190","idStr":"4087543891147190"},"themes":[],"htmlText":"Woohu","listText":"Woohu","text":"Woohu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/804368769","repostId":"1175094030","repostType":4,"isVote":1,"tweetType":1,"viewCount":2600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802171746,"gmtCreate":1627741950585,"gmtModify":1703495395702,"author":{"id":"4087543891147190","authorId":"4087543891147190","name":"Skyoflove","avatar":"https://static.tigerbbs.com/540cf46f6ec72f3f03ba6268ff9347e3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087543891147190","idStr":"4087543891147190"},"themes":[],"htmlText":"Up 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13:38","market":"us","language":"zh","title":"US $15 billion in unprecedented stock repurchase, can Ali restore market confidence","url":"https://stock-news.laohu8.com/highlight/detail?id=1184821489","media":"中国企业家杂志","summary":"蚂蚁集团利润环比下滑37%，阿里云丢失单一头部大客户，阿里虽然交出了季度营收再破2000亿元的成绩单，但市场对其信心似乎仍然不足，互联网企业或迎来估值体系的重新定义。\n\n8月3日晚，阿里巴巴低调公布2","content":"<p><a href=\"https://laohu8.com/S/06688\">Ant Group</a>Profits fell by 37% month-on-month, and Alibaba Cloud lost a single leading customer. Although Alibaba handed over a report card with quarterly revenue exceeding another 200 billion yuan, the market's confidence in it still seems to be insufficient. Internet companies may usher in a valuation system. redefine. On the evening of August 3,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Low-key announcement of the Q1 (April 1, 2021 to June 30, 2021) performance report of fiscal year 2022. The report shows that,<b>Alibaba's revenue in Q1 fiscal year 2022 reached 205.74 billion yuan, compared with 153.751 billion yuan in the same period last year, a year-on-year increase of 33.81%; Net profit was 42.835 billion yuan, a year-on-year decrease of 8%.</b></p><p>This is the second report card with revenue exceeding 200 billion yuan handed over by Ali after the financial report for the third quarter of fiscal year 2021, but the surge in revenue seems to have failed to boost Ali's sluggish stock price.</p><p>On that day, Alibaba's U.S. stock price fell 1.35% to finally close at $197.38. As of 11:15 noon today, Alibaba's Hong Kong stock price was HK $193.600, up only 0.05%.<b>In the past year, Alibaba's stock price has fluctuated by more than 50%, with a drop of 22.43%, almost the same as the stock price two years ago.</b>And the even more surprising figure is that its rolling P/E (TTM) dropped below 25 times, about<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Half of.</p><p>In this regard, at the subsequent financial report meeting, Ali said: \"I believe all investors will be very concerned about the changes in China's regulatory policies and regulations on the Internet industry and the possible impact on Ali.<b>Alibaba is actively learning various regulations and requirements, evaluating their impact on the company's related businesses, and will take positive actions accordingly. \"</b>At the same time, Ali's management emphasized: \"We continue to be optimistic about the development potential of China's economy and are full of confidence in the company's long-term development.\"</p><p>One signal is that Ali is conducting an unprecedented large-scale share buyback. \"<b>We are increasing our share repurchase program from $10 billion to $15 billion, the largest share repurchase program in company history,</b>Because we are confident in the long-term growth prospects. Our net cash position remains healthy and we have repurchased approximately $3.7 billion of ADRs since April 1, 2021. \" Alibaba Group CFO Wu Wei said.</p><p>It is also worth mentioning that the financial report shows that Ant Group contributed 4.494 billion yuan to Alibaba in the quarter (from January to March this year), compared with 7.182 billion yuan in the previous quarter. This means that,<b>In the quarter, Ant Group's profit fell by 37% month-on-month. Analysts believe that it was mainly affected by seasonal factors and the implementation of corrective measures.</b></p><p><b>Core business performance is stable, and Cainiao's growth rate is impressive</b></p><p>In terms of core business, Alibaba remains solid. During the quarter, Alibaba's core business revenue reached 180.241 billion yuan, a year-on-year increase of 35%, almost the same as the growth rate of the same period last year.<b>China's commercial retail business revenue was 135.806 billion yuan, a year-on-year increase of 34%.</b></p><p><img src=\"https://static.tigerbbs.com/0f0f092623024187b5d839189172c3c5\" tg-width=\"966\" tg-height=\"518\" referrerpolicy=\"no-referrer\"></p><p>Watchmaking: Liu Zheming</p><p>Among them, customer management revenue exceeded 81 billion yuan, a year-on-year increase of 14%. Ali stated in its financial report that it was mainly due to the growth of GMV of online physical goods in the Chinese retail market. The increase also reflects the revenue growth of new monetization models, including referral information flow, and the increase in the average unit price per click of search monetization.</p><p>In terms of the number of active users, Ali also reached a new high. According to the financial report, its<b>The ecosystem's global annual active consumers reached approximately 1.180 billion for the 12-month period ended June 30, 2021,</b>An increase of 45 million from the 12 months ended March 31, 2021. Among them, 912 million consumers come from the Chinese market.</p><p>Judging from the financial report, among various businesses, Cainiao is one of the businesses with the most stable and rapid growth.<b>For the three months ended June 30, 2021, Cainiao's network logistics service revenue totaled RMB 11.601 billion, an increase of 50% compared to RMB 7.713 billion in the same period in 2020.</b>The contribution to the group's revenue increased from 5% to 6%. The increase was mainly attributable to the increase in fulfilled orders brought by cross-border and global retail commercial business.</p><p>In terms of community group buying that the outside world is concerned about, MMC (Community Group Buying Business Group), which was only established in March this year, has grown at an even more alarming rate. The construction area of GMV and Regional Distribution Center (RDC) has increased by about 200% and 260% quarter-on-quarter respectively. However, on the other hand, the rapid growth rate may indicate that its volume is still small.</p><p>In addition to the growth data, Ali's operating profit fell by 11% year-on-year to RMB 30.847 billion. Adjusted EBITA decreased by 8% year-on-year to RMB 41.731 billion. The year-on-year decrease was mainly due to increased investment, including investment in strategic areas such as community business platforms, Taote, local life services and Lazada, as well as increased investment in growth businesses in China's retail markets such as Xianyu and Taobao Live, and support for merchants. initiatives.</p><p>Previously, some analysts had predicted that the profit of the current quarter (that is, the first fiscal quarter) would be overshadowed by the increasing investment expenditure. This is consistent with Ali's announcement in the last quarter's financial report conference that all new profits will be used for investment.</p><p><b>Alibaba Cloud loses a single leading major customer, the impact continues</b></p><p>In Ali's financial report, the cloud business still maintains growth and profitability, but its growth has shown a straight downward trend.</p><p>The financial report shows that in the June quarter of 2021, the revenue of cloud computing business increased by 29% year-on-year to RMB 16.051 billion. The growth was mainly driven by the strong growth in customer revenue from the Internet, financial services and retail industries. It has achieved profitability for three consecutive quarters, and its adjusted EBITA profit has expanded to 340 million yuan.</p><p>But like this<b>The growth rate has almost reached an all-time low, lower than the 34% forecast given by some securities institutions. Last fiscal quarter, as Alibaba Cloud lost a single leading customer in the quarter</b>, resulting in a significant slowdown in business growth, which dropped to 37%. It is speculated that the single customer is ByteDance's overseas business, but Ali has not released customer information.</p><p><img src=\"https://static.tigerbbs.com/45b257b098d79317ab3148f46b16e04c\" tg-width=\"1080\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p>Watchmaking: Liu Zheming</p><p>At this financial report meeting, Ali said that without the influence of this user, the cloud business should have a 40% growth. Alibaba's management also emphasized that it is expected that the impact of this customer will continue until the end of this fiscal year, when the customer's international business will be completely separated from Alibaba Cloud services.</p><p>Previously, Essence Securities believed that this adverse impact would continue, but in the future, as Alibaba Cloud further develops customers in traditional industries such as finance and government, the future growth rate is expected to increase. However, it will still take a long time for financial, government and other industries to take effect, and the short-term adverse effects after losing major customers may last until this quarter.</p><p>In the future, Alibaba Cloud Computing business will diversify its customers and industries. In terms of organizational structure, Alibaba Cloud has also changed accordingly. In this quarter, the organizational structure adjustment was completed, 18 industry departments were established to carry out industry digital innovation, and 16 regions were divided for localized operations.</p><p>Another change of Alibaba Cloud is that starting from this quarter, DingTalk's performance will be included in cloud computing. As the DingTalk business is still in the investment stage, this reclassification will lower the profitability of cloud computing this quarter and will not contribute much to revenue.</p><p><b>US $15 billion repurchase cannot return market confidence</b></p><p>In addition to performance, another noteworthy move mentioned in the financial report is Ali's ongoing large-scale repurchase.</p><p>On December 28, 2020, Alibaba announced in the Hong Kong stock market that it would increase the ADS repurchase plan totaling US $6 billion released in September 2018 to US $10 billion. The share repurchase plan is valid for two years (until the end of 2022). The company has started repurchases in the quarter, and now this number has expanded again.</p><p>But the market did not gain similar confidence to Ali. Since the beginning of this year, due to the policy risks faced by Alibaba and the recent overall regulatory pressure on Chinese concept stocks, its target stock price has been repeatedly lowered. In April, investment bank Ruijie lowered Alibaba's target price from $350 to $330; In May, investment bank Stifel lowered Alibaba's target price from $290 to $280. Furthermore,<b><a href=\"https://laohu8.com/S/UBS\">UBS</a>It is believed that this round of supervision of the Internet may last at least until the end of 2021, and it is currently estimated that it has not yet bottomed out in terms of technical configuration.</b>The bank suggested holding a \"reduction\" view on the mainland Internet industry as a whole.</p><p>The same dilemma also arises in<a href=\"https://laohu8.com/S/00700\">Tencent</a>On the body. Yesterday, a report about the game industry caused the game sector to plummet. The leading Tencent once fell by 10%. After the market closed, some people estimated that the related listed companies lost nearly 500 billion yuan in market value, of which Tencent fell by 6.11%, and its market value evaporated by 278.4 billion Hong Kong dollars. On February 18 this year, Tencent hit a record high of 773.9 Hong Kong dollars and then began to fall all the way, finally falling to 422 Hong Kong dollars on July 28, a drop of 46.55%, nearly halved.</p><p>Like Alibaba, Tencent P/E is not high at present, about 20 times. But when people are unwilling to pay too much premium for Internet companies, perhaps Internet companies have to enter the \"redefinition\" of the valuation system.</p>","source":"zgqyj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US $15 billion in unprecedented stock repurchase, can Ali restore market confidence</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS $15 billion in unprecedented stock repurchase, can Ali restore market confidence\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国企业家杂志</strong><span class=\"h-time small\">2021-08-04 13:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/06688\">Ant Group</a>Profits fell by 37% month-on-month, and Alibaba Cloud lost a single leading customer. Although Alibaba handed over a report card with quarterly revenue exceeding another 200 billion yuan, the market's confidence in it still seems to be insufficient. Internet companies may usher in a valuation system. redefine. On the evening of August 3,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Low-key announcement of the Q1 (April 1, 2021 to June 30, 2021) performance report of fiscal year 2022. The report shows that,<b>Alibaba's revenue in Q1 fiscal year 2022 reached 205.74 billion yuan, compared with 153.751 billion yuan in the same period last year, a year-on-year increase of 33.81%; Net profit was 42.835 billion yuan, a year-on-year decrease of 8%.</b></p><p>This is the second report card with revenue exceeding 200 billion yuan handed over by Ali after the financial report for the third quarter of fiscal year 2021, but the surge in revenue seems to have failed to boost Ali's sluggish stock price.</p><p>On that day, Alibaba's U.S. stock price fell 1.35% to finally close at $197.38. As of 11:15 noon today, Alibaba's Hong Kong stock price was HK $193.600, up only 0.05%.<b>In the past year, Alibaba's stock price has fluctuated by more than 50%, with a drop of 22.43%, almost the same as the stock price two years ago.</b>And the even more surprising figure is that its rolling P/E (TTM) dropped below 25 times, about<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Half of.</p><p>In this regard, at the subsequent financial report meeting, Ali said: \"I believe all investors will be very concerned about the changes in China's regulatory policies and regulations on the Internet industry and the possible impact on Ali.<b>Alibaba is actively learning various regulations and requirements, evaluating their impact on the company's related businesses, and will take positive actions accordingly. \"</b>At the same time, Ali's management emphasized: \"We continue to be optimistic about the development potential of China's economy and are full of confidence in the company's long-term development.\"</p><p>One signal is that Ali is conducting an unprecedented large-scale share buyback. \"<b>We are increasing our share repurchase program from $10 billion to $15 billion, the largest share repurchase program in company history,</b>Because we are confident in the long-term growth prospects. Our net cash position remains healthy and we have repurchased approximately $3.7 billion of ADRs since April 1, 2021. \" Alibaba Group CFO Wu Wei said.</p><p>It is also worth mentioning that the financial report shows that Ant Group contributed 4.494 billion yuan to Alibaba in the quarter (from January to March this year), compared with 7.182 billion yuan in the previous quarter. This means that,<b>In the quarter, Ant Group's profit fell by 37% month-on-month. Analysts believe that it was mainly affected by seasonal factors and the implementation of corrective measures.</b></p><p><b>Core business performance is stable, and Cainiao's growth rate is impressive</b></p><p>In terms of core business, Alibaba remains solid. During the quarter, Alibaba's core business revenue reached 180.241 billion yuan, a year-on-year increase of 35%, almost the same as the growth rate of the same period last year.<b>China's commercial retail business revenue was 135.806 billion yuan, a year-on-year increase of 34%.</b></p><p><img src=\"https://static.tigerbbs.com/0f0f092623024187b5d839189172c3c5\" tg-width=\"966\" tg-height=\"518\" referrerpolicy=\"no-referrer\"></p><p>Watchmaking: Liu Zheming</p><p>Among them, customer management revenue exceeded 81 billion yuan, a year-on-year increase of 14%. Ali stated in its financial report that it was mainly due to the growth of GMV of online physical goods in the Chinese retail market. The increase also reflects the revenue growth of new monetization models, including referral information flow, and the increase in the average unit price per click of search monetization.</p><p>In terms of the number of active users, Ali also reached a new high. According to the financial report, its<b>The ecosystem's global annual active consumers reached approximately 1.180 billion for the 12-month period ended June 30, 2021,</b>An increase of 45 million from the 12 months ended March 31, 2021. Among them, 912 million consumers come from the Chinese market.</p><p>Judging from the financial report, among various businesses, Cainiao is one of the businesses with the most stable and rapid growth.<b>For the three months ended June 30, 2021, Cainiao's network logistics service revenue totaled RMB 11.601 billion, an increase of 50% compared to RMB 7.713 billion in the same period in 2020.</b>The contribution to the group's revenue increased from 5% to 6%. The increase was mainly attributable to the increase in fulfilled orders brought by cross-border and global retail commercial business.</p><p>In terms of community group buying that the outside world is concerned about, MMC (Community Group Buying Business Group), which was only established in March this year, has grown at an even more alarming rate. The construction area of GMV and Regional Distribution Center (RDC) has increased by about 200% and 260% quarter-on-quarter respectively. However, on the other hand, the rapid growth rate may indicate that its volume is still small.</p><p>In addition to the growth data, Ali's operating profit fell by 11% year-on-year to RMB 30.847 billion. Adjusted EBITA decreased by 8% year-on-year to RMB 41.731 billion. The year-on-year decrease was mainly due to increased investment, including investment in strategic areas such as community business platforms, Taote, local life services and Lazada, as well as increased investment in growth businesses in China's retail markets such as Xianyu and Taobao Live, and support for merchants. initiatives.</p><p>Previously, some analysts had predicted that the profit of the current quarter (that is, the first fiscal quarter) would be overshadowed by the increasing investment expenditure. This is consistent with Ali's announcement in the last quarter's financial report conference that all new profits will be used for investment.</p><p><b>Alibaba Cloud loses a single leading major customer, the impact continues</b></p><p>In Ali's financial report, the cloud business still maintains growth and profitability, but its growth has shown a straight downward trend.</p><p>The financial report shows that in the June quarter of 2021, the revenue of cloud computing business increased by 29% year-on-year to RMB 16.051 billion. The growth was mainly driven by the strong growth in customer revenue from the Internet, financial services and retail industries. It has achieved profitability for three consecutive quarters, and its adjusted EBITA profit has expanded to 340 million yuan.</p><p>But like this<b>The growth rate has almost reached an all-time low, lower than the 34% forecast given by some securities institutions. Last fiscal quarter, as Alibaba Cloud lost a single leading customer in the quarter</b>, resulting in a significant slowdown in business growth, which dropped to 37%. It is speculated that the single customer is ByteDance's overseas business, but Ali has not released customer information.</p><p><img src=\"https://static.tigerbbs.com/45b257b098d79317ab3148f46b16e04c\" tg-width=\"1080\" tg-height=\"524\" referrerpolicy=\"no-referrer\"></p><p>Watchmaking: Liu Zheming</p><p>At this financial report meeting, Ali said that without the influence of this user, the cloud business should have a 40% growth. Alibaba's management also emphasized that it is expected that the impact of this customer will continue until the end of this fiscal year, when the customer's international business will be completely separated from Alibaba Cloud services.</p><p>Previously, Essence Securities believed that this adverse impact would continue, but in the future, as Alibaba Cloud further develops customers in traditional industries such as finance and government, the future growth rate is expected to increase. However, it will still take a long time for financial, government and other industries to take effect, and the short-term adverse effects after losing major customers may last until this quarter.</p><p>In the future, Alibaba Cloud Computing business will diversify its customers and industries. In terms of organizational structure, Alibaba Cloud has also changed accordingly. In this quarter, the organizational structure adjustment was completed, 18 industry departments were established to carry out industry digital innovation, and 16 regions were divided for localized operations.</p><p>Another change of Alibaba Cloud is that starting from this quarter, DingTalk's performance will be included in cloud computing. As the DingTalk business is still in the investment stage, this reclassification will lower the profitability of cloud computing this quarter and will not contribute much to revenue.</p><p><b>US $15 billion repurchase cannot return market confidence</b></p><p>In addition to performance, another noteworthy move mentioned in the financial report is Ali's ongoing large-scale repurchase.</p><p>On December 28, 2020, Alibaba announced in the Hong Kong stock market that it would increase the ADS repurchase plan totaling US $6 billion released in September 2018 to US $10 billion. The share repurchase plan is valid for two years (until the end of 2022). The company has started repurchases in the quarter, and now this number has expanded again.</p><p>But the market did not gain similar confidence to Ali. Since the beginning of this year, due to the policy risks faced by Alibaba and the recent overall regulatory pressure on Chinese concept stocks, its target stock price has been repeatedly lowered. In April, investment bank Ruijie lowered Alibaba's target price from $350 to $330; In May, investment bank Stifel lowered Alibaba's target price from $290 to $280. Furthermore,<b><a href=\"https://laohu8.com/S/UBS\">UBS</a>It is believed that this round of supervision of the Internet may last at least until the end of 2021, and it is currently estimated that it has not yet bottomed out in terms of technical configuration.</b>The bank suggested holding a \"reduction\" view on the mainland Internet industry as a whole.</p><p>The same dilemma also arises in<a href=\"https://laohu8.com/S/00700\">Tencent</a>On the body. Yesterday, a report about the game industry caused the game sector to plummet. The leading Tencent once fell by 10%. After the market closed, some people estimated that the related listed companies lost nearly 500 billion yuan in market value, of which Tencent fell by 6.11%, and its market value evaporated by 278.4 billion Hong Kong dollars. On February 18 this year, Tencent hit a record high of 773.9 Hong Kong dollars and then began to fall all the way, finally falling to 422 Hong Kong dollars on July 28, a drop of 46.55%, nearly halved.</p><p>Like Alibaba, Tencent P/E is not high at present, about 20 times. But when people are unwilling to pay too much premium for Internet companies, perhaps Internet companies have to enter the \"redefinition\" of the valuation system.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/4e2Npb6C3f7HT68o1TCEog\">中国企业家杂志</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/995418fbbbc235e75883dec898dccaa8","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://mp.weixin.qq.com/s/4e2Npb6C3f7HT68o1TCEog","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184821489","content_text":"蚂蚁集团利润环比下滑37%，阿里云丢失单一头部大客户，阿里虽然交出了季度营收再破2000亿元的成绩单，但市场对其信心似乎仍然不足，互联网企业或迎来估值体系的重新定义。\n\n8月3日晚，阿里巴巴低调公布2022财年Q1（2021年4月1日至2021年6月30日）业绩报告。报告中显示，2022财年Q1阿里巴巴营收达2057.4亿元，去年同期为1537.51亿元，同比增长33.81%；净利润为428.35亿元，同比下降8%。\n这是继2021财年第三季度财报后，阿里交出的的第二份营收超2000亿元成绩单，但营收大增似乎也没能拉一把阿里低迷的股价。\n当日，阿里巴巴美股股价下跌1.35%，最终报收于197.38美元。截至今日午间11点15分，阿里巴巴港股股价为193.600港元，仅涨0.05%。近一年来，阿里巴巴股价波动超50%，下跌幅度达22.43%，几乎与两年前股价持平。而更令人惊讶的数字是，其滚动市盈率（TTM）降至25倍以下，约为亚马逊的一半。\n对此，在随后的财报会上，阿里方面表示：“相信所有投资者都会很关心中国对互联网行业监管政策法规的变化以及对阿里的可能影响。阿里正在积极学习各项法规和要求，评估其对公司相关业务的影响，也会相应采取积极的行动。”同时，阿里管理层强调：“我们继续看好中国经济的发展潜力，并对公司的长期发展充满信心。”\n一个信号是阿里正在进行史无前例的大规模股票回购。“我们正在将股票回购计划从100亿美元增加到150亿美元，这是公司历史上最大的股票回购计划，因为我们对长期增长前景充满信心。我们的净现金状况依然良好，自2021年4月1日以来，我们已回购了约37亿美元的美国存托凭证。”阿里巴巴集团CFO武卫表示。\n另外值得一提的是，财报显示，当季蚂蚁集团为阿里巴巴贡献44.94亿元（来自今年1~3月），而上一季度该数字是71.82亿元。这意味着，当季蚂蚁集团的利润环比出现了37%的下滑，分析人士认为，主要是受季节性因素和落实整改措施影响。\n核心商业表现稳健，菜鸟增速亮眼\n在核心商业方面，阿里巴巴依旧稳健。季度内，阿里巴巴核心商业营收达1802.41亿元，同比增长35%，几乎与去年同期增速持平。中国商业零售业务收入为1358.06亿元、同比增长34%。\n\n制表：刘哲铭\n其中，客户管理收入超过810亿元，同比增长14%。阿里在财报中表示，主要由于中国零售市场线上实物商品GMV的增长。该增长也反映了包括推荐信息流在内的新变现模式的收入增长，以及搜索变现单次点击平均单价的上升。\n在活跃用户数上，阿里也再创新高。据财报显示，其生态体系的全球年度活跃消费者截至2021年6月30日的12个月期间达到约11.80亿，较截至2021年3月31日的12个月增加4500万。其中9.12亿消费者来自中国市场。\n从财报来看，在各个业务中，菜鸟是增长最为稳定及迅速的业务之一。截至2021年6月30日止的三个月，菜鸟网络物流服务收入合计为人民币116.01亿元，相较2020年同期的人民币77.13亿万元增长50%，对集团收入占比的贡献从5%增长至6%。主要增长来源于跨境及全球零售商业业务所带来的已履约的订单量增长。\n在外界关心的社区团购上，今年3月才成立的MMC（社区团购事业群）以更惊人的速度成长，GMV及区域分拨中心（RDC）的建筑面积季度环比分别增长约200%及260%。不过，增速快的另一方面或许说明其体量仍不大。\n一众增长数据外，阿里的经营利润同比下降11%，为人民币308.47亿元。经调整 EBITA，同比下降8%至人民币417.31亿元。同比减少主要由于投入加大，包括对社区商业平台、淘特、本地生活服务及Lazada等策略领域的投入，以及对闲鱼及淘宝直播等中国零售市场中增长业务投入的增加，和支持商家的举措。\n此前，有分析师已预测：当季（即第一财季）的盈利将被不断增长的投资支出所掩盖。这与在上一季度的财报发布会中，阿里宣称将所有新增利润用于投入相吻合。\n阿里云丢失单一头部大客户影响持续\n在阿里的财报中，云业务依然保持增长和盈利，但其增长已呈直线下滑趋势。\n财报显示，2021年6月份季度，云计算业务的收入同比增长29%至人民币160.51亿元，增长主要受到来自互联网、金融服务及零售行业客户收入的强劲增长所推动。其已经连续三个季度实现盈利，经调整EBITA利润扩大至3.4亿元。\n但这样的增速几乎走到历史低点，低于一些证券机构给出的34%预测。上个财季，由于阿里云在该季度失去了单一头部大客户，导致了业务增速明显放缓，降为37%。相关猜测该单一客户为字节跳动海外业务，但阿里并未公布客户信息。\n\n制表：刘哲铭\n此次财报会上，阿里方面表示如果没有该用户影响，云业务应该有40%的增长。阿里管理层还强调，预计该客户的影响将会持续直到本财年结束，到时候该客户的国际业务会完全脱离阿里云服务。\n此前，安信证券认为这种不利影响将持续，但未来随着阿里云对金融、政府等传统行业客户进一步开拓，未来增速有望得到提升。但由于金融、政府等行业要见效仍需要较长的时间，而失去大客户之后的短期不利影响恐将持续到本季度。\n未来，阿里云计算业务方向将朝着客户及产业多元化发展。在组织架构上，阿里云也相应发生变化。在本季度完成了组织架构调整，设立了18个行业部门进行行业数字化创新，划分了16个区域进行本地化运营。\n阿里云的另一个变化是从本季度开始，钉钉的业绩划入云计算。因钉钉业务仍处于投入阶段，该重分类会拉低云计算本季度的盈利能力而对收入的贡献并不大。\n150亿美元回购换不回市场信心\n抛开业绩外，财报提到的另一个值得关注的举动是，阿里正在进行的大规模回购。\n2020年12月28日，阿里巴巴在港股公告称，将2018年9月发布的总额60亿美元的ADS回购计划增加至100亿美元，该股份回购计划有效期两年（至2022年底），公司已经在当季度开始回购，如今这一数字再度扩大。\n但市场并未获得与阿里相似的信心。今年以来，由于阿里巴巴面临的政策风险以及近期中概股整体的监管压力，其目标股价屡遭下调。4月，投行瑞杰将阿里巴巴目标价格从350美元下调至330美元；5月，投行Stifel将阿里巴巴目标价从290美元下调至280美元。此外，瑞银认为，该轮对互联网的监管可能至少持续到2021年年底，从技术配置而言目前估计尚未触底，该行建议对内地互联网行业整体持“减持”看法。\n相同的困境也出现在腾讯身上。昨日，一篇关于游戏产业的报道让游戏板块暴跌，龙头腾讯一度下跌10%，收盘后，有人测算相关上市公司损失了近5000亿元市值，其中腾讯跌幅达到6.11%，市值蒸发2784亿港元。今年2月18日，腾讯创下历史新高773.9港元之后开始一路下跌，最终在7月28日跌至422港元，跌幅达46.55%，接近腰斩。\n和阿里一样，目前腾讯市盈率也不算高，在20倍左右。但当人们不愿意为互联网公司付出过多溢价时，或许互联网企业要进入估值体系的“重新定义”。","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1770,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802171746,"gmtCreate":1627741950585,"gmtModify":1703495395702,"author":{"id":"4087543891147190","authorId":"4087543891147190","name":"Skyoflove","avatar":"https://static.tigerbbs.com/540cf46f6ec72f3f03ba6268ff9347e3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087543891147190","idStr":"4087543891147190"},"themes":[],"htmlText":"Up 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