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阿里巴巴财务分析报告相信大家都知道阿里巴巴是什么了，那你知道阿里巴巴的财务分析报告是怎样的吗?下面是小编整理的阿里巴巴财务分析报告，仅供参考借鉴。
一、公司简介阿里巴巴集团是全球电子商务的领先者，是中国最大、全球第二大的电子商务公司。
它的总部位于中国杭州，在中国大陆超过 30 个城市设有销售中心，并在香港、瑞士、美国、日本等设有办事处或分公司。
阿里巴巴 B2B 公司是阿里巴巴集团的旗舰公司，是国内领先的 B2B电子商务公司，主要是服务于中国和全球的中小企业。
二、阿里巴巴财务分析2. 1 盈利能力分析净资产收益率 201X 201X 201X阿里巴巴 23. 53% 20. 35%25. 55%环球资源 17. 34% 16. 34%15. 23%慧聪 18. 23% 17. 12%16. 23%网盛 16. 12% 16. 01%15. 12% 该指标关系到投资者对公司现状和前景的判断。
我们可知阿里的净资产收益率靠前，所以其盈利能力比同行业大规模企业具有一定优势，这也是阿里成功吸引巨额外资投资的关键。
而慧聪由于净利润为负的经营状况，使得该指标仍处于负值，这将影响着该企业的筹资方式筹资规模，进而影响企业的未来发展战略。
总资产收益率 201X 201X201X阿里巴巴 11. 34% 5. 54%7. 33%环球资源 10. 12% 8. 11%8. 01%慧聪 7. 34% 7. 12%5. 12%网盛 6. 12% 6. 01%5. 10% 明显看出阿里、环球资源和网盛在资产管理水平上都较好，资产运用得当，费用控制严格，利润水平就高。
而慧聪恰恰要注意这点，可以通过考察各部门、各运营环节的工作效率和质量来分清内部各部门责任，从而调动各方面生产经营和提高经济效益积极性。
2. 2 营运能力分析由于阿里巴巴不存在存货和应收帐款，所以我们只能通过总资产周转率、流动资产周转率、固定资产周转率来分析阿里的营运能力。
基于游客感知的南京夫子庙美食形象研究作者：王晓娜王钦安陈锐来源：《旅游纵览》2021年第08期摘要：美食形象对旅游目的地形象的塑造和推广意义重大。
从游客视角出发，以南京夫子庙美食街作为研究案例地，采用质性分析与量化检验相结合的研究方法，对游客感知的美食形象进行了尝试性探讨。
研究发现：①游客感知的南京夫子庙美食形象分为认知形象和情感形象两大方面；②美食认知形象由美食吸引力、美食品质、美食文化3个维度构成；③在美食形象中，美食文化得分最高，美食吸引力、美食情感次之，美食品质得分最低。
此外，文章进一步指出了南京夫子庙美食形象提升策略，以期为案例地美食形象改善及目的地形象推广提供有益借鉴。
关键词：游客感知；美食形象；南京夫子庙中图分类号：F592.7 文献标识码：A基金项目：滁州学院大学生创新创业训练计划项目资助（2021CYXL20601，2021CYXL20602）。
“食”作为旅游六要素之首，在旅游业发展中占据着重要地位。
对游客而言，美食不仅能够带来更加丰富的感官体验，还可以据此了解地方特色文化，获得最大价值的美食体验和深度快乐[1]。
对旅游地而言，美食不仅可以提高目的地吸引力，增加游客访问的可能性，还具备扩大市场、促进社会交往、拉动经济发展等重要作用[2-3]。
作为游客美食体验的整体印象，美食形象不仅影响游客旅游体验的整体效果，还直接影响其对旅游目的地整体形象的感知，成为旅游目的地满意度评估的重要指标[4]。
尽管美食形象的重要作用被学者们广泛认可，但从游客的视角将美食形象作为关注点，并将美食形象从旅游目的地形象中分离出来进行针对性探讨的研究还比较少，对于美食形象的构成、特征的认识还比较模糊。
因此，本文从游客的角度出发，通过文献资料分析法、半结构访谈法、数理统计分析法等，对南京夫子庙美食形象的组成结构及现存问题进行探索性研究，研究结论不仅可以丰富美食形象及美食旅游的相关研究内容，而且也为旅游目的地美食形象的提升和改善提供一定的理论及借鉴。
阿里巴巴2019年第四季度财报解读腾讯科技讯据外电报道，阿里巴巴集团公布2019财年第三财季财报（即2019年第四季度，后文均以此表示），集团收入同比增长54%，达到人民币532.48亿元（约合76.69亿美元）；净利润为人民币171.57亿元（约合24.71亿美元），同比增长38%。
基于非美国通用会计准则，净利润为人民币224.91亿元（约合32.39亿美元），较上年同期的人民币165.75亿元增长36%。
第四季度主要业绩：--阿里巴巴集团第四季度营收为人民币532.48亿元（约合76.69亿美元），较上年同期增长54%。
--阿里巴巴集团12月份中国零售市场的移动月平均用户达到4.93亿人，较今年9月的数据增长4300万人；中国零售平台的年活跃买家达到4.43亿人，较前一季度的年活跃买家数量净增400万人。
--阿里巴巴集团旗下云计算业务继续快速成长，第四季度的营收达到人民币17.64亿元（约合2.54亿美元），同比增长115%。
阿里巴巴集团旗下云计算业务第四季度调整后的EBITDA 亏损收窄至人民币9200万元（约合1300万美元），好于上年同期调整后的EBITDA 亏损人民币3.32亿元。
--阿里巴巴集团第四季度核心电商营收为人民币465.76亿元（约合67.08亿美元），同比增长54%；运营利润为人民币274.39亿元，调整后的EBITA 为人民币296.30亿元。
云计算营收为人民币17.64亿元，同比增长115%；运营亏损为人民币3.39亿元，调整后的EBITA 亏损为人民币9200万元。
数字媒体与娱乐营收为人民币40.63亿元（约合5.85亿美元），同比增长273%；运营亏损为人民币31.96亿元，调整后的EBITA 亏损为人民币24.31亿元。
创新项目和其他业务营收为人民币8.45亿元（约合1.22亿美元），同比增长61%；运营亏损为人民币14.50亿元，调整后的EBITA 亏损为人民币6.53亿元。
2019年阿里巴巴发展历程分析报告2019年9月目录一、十大关键时点：2B起家，2C获客，阿里云筑基，物流布网，金融立信，新零售蜕变 (8)二、1999年：B2B起家，成立的初心在于为B端赋能 (9)1、B2B模式快捷方便，成本低廉 (10)2、定位准确，循序渐进发展电子商务 (10)3、国际制造业向我国转移提供合适的大环境 (11)三、2003-2004年：C2C淘宝网战胜eBay，2B到2C转型的开始 (11)1、重用户增长而非企业盈利，淘宝战胜易趣在C2C独占鳌头 (12)2、支付宝作为第三方担保交易平台应运而生 (12)四、2007-2008：B2B业务港股上市暴跌，双十一成网购狂欢节 (13)1、全球金融危机和市场担忧2C业务烧钱令港股暴跌 (14)2、张勇令淘宝重回巅峰，双十一成“网购狂欢节” (14)五、2009年：阿里云诞生后强势成长，垄断国内公有云市场 (15)1、阿里云全球“坐三望二”，研发投入激进带来收入强势增长 (15)2、阿里云赛道优秀，自身电商的流量优势明显 (16)六、2011年：淘宝天猫独立运营，天猫核心优势在于“质量+品牌” (17)1、天猫具备品牌品质背书，B2C市场份额第一 (17)2、天猫平台的店铺数据有利于商家及时调整运营 (18)七、2012年：阿里私有化落幕，未来大阿里帝国若隐若现 (19)1、未来整体上市缔造大阿里帝国 (19)2、B2B业务转型或对公司业绩形成冲击 (20)3、去雅虎化更有利于阿里进行自身的战略规划 (20)八、2013年：菜鸟网络赋能物流，铸造新零售供应链 (21)1、京东模式为“自建仓储”重资产模式 (21)2、菜鸟“线上运营+第三方配送”轻资产模式 (22)3、菜鸟调动区域性的仓储物流资源，将显著加速新零售物流战略的落地 .. 23九、2014年：蚂蚁金服打造金融生态闭环，五大板块构造零售消费金融 (23)1、支付：支付宝移动支付市场份额和支付技术储备行业领先 (24)2、融资：花呗和借呗盈利能力逐年提高 (25)3、财富管理：余额宝定位移动互联网时代现金管理工具 (25)4、保险：通过搭建平台，切入传统保险业 (26)5、信用：芝麻信用标志中国进入互联网征信阶段 (26)十、2016年：新零售孕育而生，盒马鲜生打造线上线下消费闭环 261、新零售聚焦线下，生鲜产品中高端消费者占比较高，能快速聚集中高端客户 (27)2、生鲜行业是典型的的大行业，小公司 (27)3、电商生鲜抢滩蓝海，盒马鲜生比较优势明显 (28)十一、2018年：收购饿了么复活口碑网，新零售领域生态协同作用显现 (29)1、与阿里生态里的其他公司融合交互，爆发强大的生态协同作用 (30)2、饿了么口碑具备深度数字化赋能的能力 (30)阿里巴巴的使命是“让天下没有难做的生意”，这20年来阿里巴巴一直坚守这一使命。
2019年双十一销售额分析报告2019年双十一销售额分析报告【篇一】一、产品分析1、最畅销品牌据机油猫收录的《20xx 年11 月份机油电商数据》显示，在阿里系平台，20xx 年11 月份，润滑油最畅销品牌排行榜前三位分别为：“龙蟠”、“长城” 和“美孚。
阿里系平台20xx 年10 月份最畅销机油品牌排行天猫旗舰店最畅销产品本月天猫旗舰店最畅销产品冠军是龙蟠润滑油旗下产品“龙蟠SONIC9000 天猫定制SN5W-40 全合成机油正品汽车发动机润滑油”，仅双十一当天销量一举突破1700 万元大关。
在机油猫公布的天猫旗舰店畅销产品数据中，本月排名第二的产品依旧是龙蟠品牌“龙蟠SONIC9000 全合成机油发动机润滑油SN 5W-30”。
排名第三的是在电商大咖“Mobil美孚1 号汽车润滑油0W-40 4L+1L API SN级发动机油5L”。
作为润滑油领域后起之秀的龙蟠润滑油，现已和长城等国内知名品牌站在同一起跑线上。
今年已有望在销售额上追平长城润滑油。
其电商成功之路值得其他润滑油品牌借鉴学习。
京东最畅销产品20xx 年11 月份，京东电商平台机油销量排行榜冠军是壳牌蓝喜力Helix HX7 5W-40 合成机油SN ，排名第二位的则是美孚银装美孚 1 号全合成机油，美孚金装美孚1 号全合成机油0W-40 SN 级排名第三。
作为在机油市场纵横多年的国际大品牌，美孚、壳牌、嘉实多等国际大牌始终以其优良的品质赢得消费者的信赖，立足于不败之地。
国产品牌虽正逐步崛起，但也必须不断加强在研发创新方面的投入，提高产品质量，加大品牌推广力度，才能在电商领域与国际品牌一较高下。
20xx 年10 月份的机油畅销等级排行榜，整体趋势保持稳定。
高等级、高品质的机油在电商销售市场中，依旧占据绝对优势，备受广大车主的信赖和喜爱。
润滑油最高等级SN名列前茅，占据市场45%的高销售量。
此外，在机油标号方面，“5W-40” 本月逆转，达到了30%的份额，领先于“0W-40”的30%，继续蝉联20xx 年10 月份的标号冠军。
2019年阿里巴巴vs亚马逊市场运营研究报告目录1 阿里巴巴vs 亚马逊：全景对比 (1)1.1 阿里巴巴vs 亚马逊：使命、价值观、愿景 (1)1.2 阿里巴巴vs 亚马逊：财务全面对比 (4)2 第一层飞轮（核心电商）：淘宝天猫vs (8)2.1 阿里vs 亚马逊：全域电商布局 (9)2.2 阿里vs 亚马逊：核心2C 电商平台 (10)2.3 阿里vs 亚马逊：区域扩张和渠道铺展 (11)2.4 阿里vs 亚马逊：长尾流量 (12)3 第二层飞轮（平台导流）：蚂蚁+88VIP vs Prime (13)3.1 金融服务：蚂蚁金服vs 亚马逊金融 (14)3.2 会员服务：亚马逊Prime vs 阿里88VIP (18)4 第三层飞轮（物流网络）：菜鸟网络vs FBA (22)4.1 两个物流王国的较量 (22)4.2 菜鸟网络：阿里物流赋能 (25)4.3 FBA：亚马逊核心竞争力 (27)5 第四层飞轮（云计算）：阿里云VS A WS (29)5.1 云计算：产业互联网时代的商业操作系统 (30)5.2 阿里云vs AWS：基本框架 (32)5.3 阿里云vs AWS：市场地位 (34)6 第五层飞轮（赋能万物）：阿里IoT vs 亚马逊IoT (36)6.1 2T 物联网：唤醒万物的互联网终极形态 (36)6.2 阿里的物联网布局 (39)6.3 亚马逊的物联网布局 (43)7 我们的世界观：互联网工业的本质是网络效应 (45)7.1 传统工业时代（规模效应）vs 互联网工业时代（网络效应） (45)7.2 网络效应：互联网竞争格局的底层逻辑 (47)图目录图1：阿里巴巴和亚马逊相似的“使命、价值观、愿景” (1)图2：亚马逊的飞轮 (2)图3：阿里巴巴的飞轮 (2)图4：阿里和亚马逊商业模式底层算法 (2)图5：2014-2019 亚马逊与阿里巴巴股价与市值对比 (3)图6：阿里vs 亚马逊全面对比（分业务角度） (4)图7：阿里VS 亚马逊营收及增速 (5)图8：阿里VS 亚马逊净利润及净利率 (5)图9：阿里营收组成变化(单位：亿美元) (5)图10：亚马逊FY18 营收组成(单位：亿美元) (5)图11：阿里各项业务Adjusted EBITA 变化情况 (6)图12：GMV 构成及增速(单位：亿美元) (6)图13：货币化率随天猫GMV 占比增加而增加(单位：亿美元) (6)图14：自由现金流对比(单位：亿美元) (6)图15：四种网络效应结构 (8)图16：电商平台双边网络效应 (9)图17：亚马逊与阿里巴巴的电商架构图 (10)图18：亚马逊与阿里的2C 核心电商平台飞轮 (10)图19：亚马逊与阿里的全球区域扩张 (11)图20：亚马逊与阿里的渠道铺展 (12)图21：阿里巴巴和亚马逊的第二层飞轮：蚂蚁金服+88VIP vs Prime+亚马逊金融 (13)图22：蚂蚁金服目前主要业务板块 (14)图23：蚂蚁金服各业务板块关系和主要盈利模式 (15)图24：客户使用蚂蚁金服产品和服务情况 (15)图25：蚂蚁金服支付和转账业务收费规则 (16)图26：蚂蚁金服全球主要投资地区及产品 (17)图27：亚马逊金融情况简介 (17)图28：亚马逊与阿里的文娱布局 (18)图29：Prime 会员与88VIP 生态对比 (18)图30：亚马逊prime 会员服务 (19)图31：Prime 会员与电商业务关系图 (19)图32：Prime 会员在电商、文娱方面展现巨大积极效应 (20)图33：亚马逊美国Prime 会员人数、结构和同比 (20)图34：亚马逊订阅服务收入及同比 (20)图35：88VIP：8 元年费打造吃看玩买听会员“一卡通” (21)图36：基于数字化的物流网络基础设施 (22)图37：菜鸟网络与FBA 的不同点 (23)图38：菜鸟和FBA 模式共同点 (23)图39：中美物流行业对比 (24)图40：菜鸟网络未来发展趋势 (24)图41：公司股权结构 (25)图42：“1+8+N”结构 (26)图43：2014-2018 年双11 天猫物流订单量 (26)图44：自菜鸟成立以来双11 天猫销售额 (26)图45：2011-2018 年亚马逊仓储面积 (27)图46：2003-2018 年亚马逊仓储费用及费用率 (27)图47：亚马逊物流环节 (28)图48：端+云的IoT 系统化布局 (30)图49：云计算的本质是具有强网络效应的商业操作系统 (30)图50：全球公有云市场最大的“三朵云” (31)图51：阿里云&AWS 营收（亿元）与同比增速 (31)图52：亚马逊AWS 框架 (32)图53：阿里云生态圈技术架构 (33)图54：阿里云和AWS 云生态 (34)图55：2019Q1 全球云基础设施服务市场竞争力 (34)图56：全球云基础设施服务市场份额对比 (34)图57：2017Q1~2018Q4 亚太云基础设施服务市场份额 (35)图58：2017Q1~2018Q4 中国云基础设施服务市场份额 (35)图59：中国云计算市场规模（亿元）及增速 (35)图60：2017 年美国与中国云计算市场结构 (35)图61：To T 物联网的四大场景和主要玩家 (36)图62：物联网四大场景 (37)图63：2T 物联网时代应用场景扩展至24 小时 (37)图64：物联网四大赛道与互联网巨头布局 (38)图65：物联网产业链 (38)图66：中国物联网市场规模 (39)图67：全球物联网市场规模 (39)图68：中国物联网在工业领域需求规模 (39)图69：中国物联网在家居领域需求预测 (39)图70：阿里IoT 领域布局沿革 (40)图71：阿里IoT“万物智联”框架 (41)图72：阿里IoT 生活场景运用 (42)图73：“达摩院”介绍 (43)图74：亚马逊AWS IoT 服务 (44)图75：我们的世界观：三张网的生产关系+三种基础设施的生产力+大数据的生产资料 (45)图76：工业时代的“规模效应”VS 互联网时代的“网络效应” (46)图77：四种网络效应结构 (47)1 阿里巴巴vs 亚马逊：全景对比1.1 阿里巴巴vs 亚马逊：使命、价值观、愿景伟大的企业往往具备相似的文化基因并能做到知行合一。
2019浙江数字经济大盘点2019年是浙江省数字经济高速发展的一年，数字经济在浙江经济中的比重不断提升，成为推动浙江经济发展的重要引擎。
以下是2019年浙江数字经济发展的重要亮点和盘点。
一、数字经济规模进一步扩大根据统计数据显示，2019年，浙江省数字经济规模超过2.8万亿元，占GDP的比重达到47.2%，在全国名列前茅。
这一数字经济规模的进一步扩大，为浙江经济稳定增长提供了强大动力。
二、数字创新驱动发展成效显著2019年，浙江省在数字经济创新方面取得了诸多成果。
浙江省IT领军企业阿里巴巴、网易等均在数字创新领域有所突破，推动了数字经济的进一步发展。
浙江省政府积极推动数字经济与传统产业的深度融合，助力传统产业转型升级。
数字创新驱动发展的成效显著，为浙江经济的转型升级带来了新的动力。
三、电子商务持续快速增长浙江省作为中国电子商务发展较早的地区之一，2019年电子商务继续保持快速增长。
淘宝杭州总部、世纪互联杭州总部等电商巨头加大了在浙江的投资力度，电商行业的规模进一步扩大。
农村电商也得到了持续的扶持和政策红利，农产品电商化程度得到提高。
电子商务在促进消费、带动就业、推动产业升级等方面发挥了重要作用。
四、数字金融助推经济发展数字经济的发展不仅带来了电子商务的繁荣，还催生了数字金融的快速发展。
在2019年，浙江省加大了金融创新力度，发行了一系列互联网金融产品，包括互联网理财、移动支付等。
数字金融也带动了金融科技企业在浙江的发展，这些企业通过技术创新和业务模式创新，为浙江数字经济贡献了力量。
五、数字经济对外合作扩大2019年，浙江省加强了与其他地区和国家的数字经济合作。
浙江省政府积极推动数字经济合作，助力企业开展国际化业务。
浙江省与俄罗斯、德国、印度等国家和地区签订了一系列数字经济合作协议，推动了数字经济的跨国合作与发展。
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 6-KReport of Foreign Private IssuerPursuant to Rule 13a-16 or 15d-16 ofthe Securities Exchange Act of 1934November 1, 2019Commission File Number: 001-36614Alibaba Group Holding Limited(Registrant’s name)c/o Alibaba Group Services Limited26/F Tower One, Times Square1 Matheson StreetCauseway BayHong Kong(Address of principal executive offices)Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:Form 20-F x Form 40-F oIndicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): oIndicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): oExhibit 99.1 — Press Release — Alibaba Group Announces September Quarter 2019 Results2Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.ALIBABA GROUP HOLDING LIMITEDDate: November 1, 2019By:/s/ Maggie Wei WUName:Maggie Wei WUTitle:Chief Financial Officer3Exhibit 99.1Alibaba Group Announces September Quarter 2019 ResultsHangzhou, China, November 1, 2019 — Alibaba Group Holding Limited (NYSE: BABA) today announced its financial results for the quarter ended September 30, 2019.“Alibaba Group celebrated its 20th anniversary in September, marking an important milestone on our 102 year journey to make it easy to do business anywhere,”said Daniel Zhang, Executive Chairman and CEO of Alibaba Group. “Our digital economy continues to thrive and prosper. We aim to serve over one billion annual active consumers and help our merchants achieve over RMB10 trillion in annual gross merchandise volume by end of fiscal 2024. We will continue to invest in the user experience and innovative technology to create new value for consumers, as well as the millions of enterprises undergoing digital transformation in the new digital economy.”“We delivered a strong quarter with revenue growth of 40% and adjusted EBITDA up 39% year-over-year,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “With sustained consumer engagement and spending across the Alibaba Economy, we have continued our revenue and profit growth, as well as strong free cash flow that enable us to invest in long-term growth.”BUSINESS HIGHLIGHTSIn the quarter ended September 30, 2019:· Revenue was RMB119,017 million (US$16,651 million), an increase of 40% year-over-year.· Annual active consumers on our China retail marketplaces reached 693 million, an increase of 19 million from the 12-month period ended June 30, 2019.· Mobile MAUs on our China retail marketplaces reached 785 million in September 2019, an increase of 30 million over June 2019.· Income from operations was RMB20,364 million (US$2,849 million), an increase of 51% year-over-year. Adjusted EBITDA, a non-GAAP measurement, increased 39% year-over-year to RMB37,101 million (US$5,191 million).· Adjusted EBITA for core commerce was RMB38,574 million (US$5,397 million), an increase of 29% year-over-year. Our marketplace-based core commerce adjusted EBITA, a non-GAAP measurement, increased 28% year-over-year to RMB45,610 million (US$6,381 million).· Net income attributable to ordinary shareholders was RMB72,540 million (US$10,149 million), and net income was RMB70,748 million (US$9,898 million), which included a significant one-time gain recognized upon the receipt of the 33% equity interest in Ant Financial. Excluding this one-time gain of RMB69.2 billion (US$9.7 billion) and certain other items, non-GAAP net income was RMB32,750 million (US$4,582 million), an increase of 40% year-over-year. A reconciliation of net income to non-GAAP net income is included at the end of this results announcement.1· Diluted earnings per ADS was RMB27.51 (US$3.85) and non-GAAP diluted earnings per ADS was RMB13.10 (US$1.83), an increase of 36% year-over-year.· Net cash provided by operating activities was RMB47,326 million (US$6,621 million) and non-GAAP free cash flow was RMB30,488 million (US$4,265 million).BUSINESS AND STRATEGIC UPDATESCore CommerceIn September 2019, our China retail marketplaces had 785 million mobile MAUs, representing a quarterly net increase of 30 million. Annual active consumers on our China retail marketplaces reached 693 million for the 12 months ended September 30, 2019, compared to 674 million for the 12 months ended June 30, 2019.Taobao — fast growing and dynamic consumer community. Taobao continues to redefine the shopping experience through content innovation, product enrichment and personalized recommendation. By leveraging data technology and business innovation, Taobao has incubated new community-based and content-driven features. For example, as of the end of fiscal year 2019, Idle Fish, our active C2C community and marketplace, had 1.3 million interest-based communities and 60 million active sellers of long-tail products including second-hand, recycled, refurbished and for-rent products. In fiscal year 2019, over 50% of Tmall merchants leveraged live streaming to engage with their customers. Each of these features generated over RMB100 billion in annual GMV in fiscal year 2019.In the six months ended September 30, 2019, Taobao app’s DAU growth accelerated as a result of healthy organic traffic growth and effective user targeting as well as increasing user engagement with interactive and entertainment features. The increase in annual active consumers on our China Retail marketplaces also reflected our continuing penetration into both developed and less developed areas in China.Tmall — the leading consumer engagement and distribution platform for brands in China. Tmall continues to expand its leadership position as the consumer engagement and distribution platform of choice for brands in China. Tmall physical goods GMV, excluding unpaid orders, grew 26% year-over-year in the quarter ended September 30, 2019, with strong growth in fast-moving consumer goods (FMCG) and consumer electronics. Our consumer segmentation initiatives have been well received by users, as evidenced by accelerating order growth from higher purchase frequency.On October 21, 2019, we kicked off preparations for our 2019 11.11 Global Shopping Festival. This year, the festival will focus on catalyzing demand for new brands and products, as well as supporting the ongoing consumption upgrade across China. Over 200,000 brands, including more than 22,000 brands on Tmall Global, will participate in this event, with millions of new products available to consumers. In preparation for the festival, about 1,000 brands and merchants have upgraded to Tmall Flagship Store 2.0, which enables brands to develop sustainable engagement with their customers through interactive and personalized content, as well as integrated online and offline services.New Retail — digital transformation of brick-and-mortar retailing.Creating New — Our owned-and-operated grocery retail chain Freshippo (known as “Hema” in Chinese) continues to achieve robust same-store sales growth, implement multi-format retail strategies and introduce new initiatives to improve user experience and customer loyalty. In order to support its rapid growth, Freshippo strengthened its direct procurement of agricultural products and built a nationwide cold chain logistics network. As of September 30, 2019, there were 170 self-operated Freshippo stores in China, primarily located in tier 1 and tier 2 cities. While we continue to invest in the growth of this business, self-operated stores that have been in operation for over 12 months have achieved positive combined adjusted EBITDA during the quarter ended September 2019, demonstrating the strength and sustainability of the business model.2Transforming Old — We are making good progress in transforming our grocery retail partners through our Taoxianda business, which enables consumers to place orders through the Taobao app and receive delivery through an on-demand logistics platform that leverages the delivery network of our local consumer services business. We had digitally connected 485 of SunArt’s hypermarket stores as of the end of August 2019 and drove online grocery orders to 6.5% of its overall revenue during August 2019. We continue to sign up new grocery partners and had enabled the digitization of over 800 offline retail stores across 278 cities as of August 2019.Local consumer services — delivering strong growth and driving value for local merchants in less developed areas. During the quarter, we continued to achieve strong growth in daily GMV driven by robust order growth and increasing user order frequency. We are focusing on delivering value to restaurants and local service merchants by offering digital technology solutions and value-added services of the Alibaba Digital Economy. We also continue to penetrate into less developed areas with strong growth potential. During the quarter, GMV from less developed areas grew 45% year-over-year.We are leveraging assets in the Alibaba Digital Economy to further benefit our local consumer services business. In the quarter ended September 30, 2019, about 39% of new food delivery customers came from the Alipay mobile app. The potential for our local consumer services to further penetrate users in other parts of the Alibaba Digital Economy is significant as only 25% of annual active consumers from our China retail marketplaces have tried these services.Cainiao Network — increasing adoption of Cainiao’s digital logistics parcel network and solutions. In urban areas, Cainiao has developed neighborhood delivery solutions with a combination of neighborhood and campus stations and residential self-pickup lockers, which we call Cainiao Post. These solutions have become an important complement to the last-mile delivery network of Cainiao’s express delivery partners. The daily package volume handled by Cainiao Post increased by over 100% year-over-year for the month ended September 30, 2019.Cainiao continues to focus on providing consumers with comprehensive logistics solutions. For example, the Cainiao Guoguo app offers crowdsourced parcel pick-up and delivery services that allow consumers and small businesses to send packages on-demand. For the twelve months ended August 31, 2019, the Cainiao Guoguo app had 100 million annual users. For the quarter, Cainiao Guoguo’s parcel volume grew over 100% year-over-year. The Cainiao Guoguo app processed 38% of returned packages generated by consumers on our China retail marketplaces during the same period.International — Strong growth in global markets. Our Southeast Asian e-commerce platform Lazada continues to witness growth momentum. For the fourth consecutive quarter, Lazada achieved over 100% year-over-year order growth, reflecting strong consumption demand in the apparel and accessories and FMCG categories. For the quarter, mobile DAUs continued to double year-over year, driven by effective user acquisition and engagement programs. Lazada leverages its proprietary logistics infrastructure to achieve fast and efficient order delivery, lowering logistics costs and enabling a better delivery experience for consumers.Cloud ComputingCloud computing revenue grew 64% year-over-year to RMB9,291 million (US$1,300 million) during the September 2019 quarter, primarily driven by an increase in average revenue per customer. Alibaba Cloud serves customers from a broad range of traditional industries beyond Internet and media industries. As of August 2019, 59% of companies listed in China are customers of Alibaba Cloud. The adoption of cloud services in China’s public sector and traditional industries is driven not only by demand for cost-effective IT solutions, but also by transformation of business models and processes through digitization of customer insight, inventory, work flow, resource planning and other aspects. As an Internet technology company that has pioneered digital transformation, we believe that we are uniquely positioned to maintain our leadership in providing cloud services that are not only cost-effective but also enable businesses to operate more intelligently.3Digital Media and EntertainmentThe synergies between our commerce and entertainment businesses continue to deliver a superior user experience that has helped to bring more paying subscribers onto the Youku online video platform. For the quarter, Youku’s average daily subscribers increased 47% year-over-year. We continue to enrich our portfolio with original content that resonates with Chinese audiences. We are investing in original content production capability while ensuring cost efficiencies and return on investment, resulting in narrowing EBITA losses during the quarter.Innovation InitiativesThe Amap app is the largest provider of mobile digital maps, navigation and real-time traffic information in China by daily active users. On October 1, 2019, the first day of the week-long National Day holiday in China, the Amap app achieved a record high of 118 million daily active users.Update on Kaola AcquisitionIn September 2019, we acquired NetEase’s import e-commerce platform Kaola. We see great opportunities in user, revenue and cost synergies for the combined Tmall Global and Kaola businesses. China’s import consumption market is still at an early growth stage, and the two businesses will be able to provide greater choices and better value for consumers. The Tmall Global and Kaola platforms have relatively low consumer overlap, and we plan for the Kaola app to continue to operate independently while integrating the technology, consumer insight and middle office functions to achieve optimization. As part of Alibaba, Kaola will benefit from our advanced data technology infrastructure and unrivalled consumer scale.Update on Ant FinancialOn September 23, 2019, we became a 33% equity stakeholder in Ant Financial. We recognized a one-time gain of RMB69.2 billion (US$9.7 billion) upon the receipt of the equity interest in Ant Financial. With our equity stake, the profit sharing arrangement under which we received 37.5% of Ant Financial’s pre-tax profits has terminated.Ant Financial has expanded its user base and business scale by building a unique value proposition through its ability to offer comprehensive financial solutions, including digital payment and digital finance services. As of June 30, 2019, annual active users of Alipay and its local e-wallet partners increased to approximately 1.2 billion globally, of which about 900 million were users from China.Cash Flow from Operating Activities and Free Cash FlowIn the quarter ended September 30, 2019, net cash provided by operating activities was RMB47,326 million (US$6,621 million), an increase of 51% compared to RMB31,407 million in the same quarter of 2018. Free cash flow, a non-GAAP measurement of liquidity, in the quarter ended September 30, 2019 increased by 90% to RMB30,488 million (US$4,265 million), from RMB16,033 million in the same quarter of 2018, which was primarily due to our robust profitability growth as well as the timing of capital expenditure spending and licensed copyright acquisition. A reconciliation of net cash provided by operating activities to free cash flow is included at the end of this results announcement.4KEY OPERATIONAL METRICS*September 30,June 30,September 30,Net adds201820192019YoYQoQChina Commerce Retail:Annual active consumers (in millions)6016746939219Mobile monthly active users (MAUs) (in millions)66675578511930*For definitions of terms used but not defined in this results announcement, please refer to our annual report on Form 20-F for the fiscal year ended March 31,2019.(1) For the twelve months ended on the respective dates.(2)For the month ended on the respective dates.5(1)(2)Three months ended September 30,20182019YoY %RMBRMB US$Change(in millions, except percentages and per share amounts)Revenue 85,148119,01716,65140%Income from operations 13,50120,3642,84951%Operating margin 16%17%Adjusted EBITDA 26,71037,1015,19139%Adjusted EBITDA margin 31%31%Adjusted EBITA 23,15532,0914,49039%Adjusted EBITA margin 27%27%Net income18,24170,7489,898288%Net income attributable to ordinary shareholders 20,03372,54010,149262%Non-GAAP net income 23,45332,7504,58240%Diluted earnings per share 0.95 3.440.48262%Diluted earnings per ADS 7.6227.51 3.85261%Non-GAAP diluted earnings per share 1.20 1.640.2337%Non-GAAP diluted earnings per ADS 9.6013.101.8336%(1)This results announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) for the convenience of the reader. Unlessotherwise stated, all translations of RMB into US$ were made at RMB7.1477 to US$1.00, the exchange rate on September 30, 2019 as set forth in the H.10statistical release of the Federal Reserve Board. The percentages stated in this announcement are calculated based on the RMB amounts and there may be minor differences due to rounding.(2) See the sections entitled “Information about Segments,” “Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the NearestComparable GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.(3) The year-over-year increase was primarily due to a one-time gain of RMB69.2 billion (US$9.7 billion) recognized upon the receipt of the 33% equity interestin Ant Financial (as discussed in detail under the “Interest and investment income, net” section below), partly offset by impairment charges and net losses from changes in fair value relating to certain investments and goodwill. Excluding these gains and losses, our net income would have increased by 30% year-over-year.(4)Each ADS represents eight ordinary shares. See the section entitled “Share Subdivision and ADS Ratio Change” for more information.6(1)(2)(2)(2)(2)(3)(3)(2)(4) (3)(4)(3)(2)(4)(2)(4)The table below sets forth selected financial information of our operating segments for the periods indicated:Three months ended September 30, 2019Core commerce Cloud computing Digital media and entertainment Innovationinitiatives and others Unallocated Consolidated RMBRMBRMB RMB RMBRMBUS$(in millions, except percentages)Revenue 101,2209,2917,2961,210—119,01716,651Income (loss) from operations 32,069(1,928)(3,327)(3,073)(3,377)20,3642,849Add: Share-basedcompensation expense 3,9011,4007901,1369188,1451,140Add: Amortization of intangible assets 2,604733020453,006420Add: Impairment of goodwill ————57657681Adjusted EBITA38,574(521)(2,207)(1,917)(1,838)32,0914,490Adjusted EBITA margin 38%(6)%(30)%(158)%27%Three months ended September 30, 2018Core commerce Cloud computing Digital media and entertainment Innovationinitiatives and othersUnallocated ConsolidatedRMBRMBRMB RMB RMBRMB(in millions, except percentages)Revenue 72,4755,6675,9401,066—85,148Income (loss) from operations24,290(1,165)(4,805)(2,201)(2,618)13,501Add: Share-based compensation expense 3,2929287109521,1617,043Add: Amortization of intangible assets 2,22552938802,611Adjusted EBITA29,807(232)(3,802)(1,241)(1,377)23,155Adjusted EBITA margin 41%(4)%(64)%(116)%27%(1)Unallocated expenses are primarily related to corporate administrative costs and other miscellaneous items that are not allocated to individual segments.(2)Marketplace-based core commerce adjusted EBITA increased 28% year-over-year to RMB45,610 million (US$6,381 million). A reconciliation of adjustedEBITA for core commerce to marketplace-based core commerce adjusted EBITA is included at the end of this results announcement.7(1)(2)(1)SEPTEMBER QUARTER OPERATIONAL AND FINANCIAL RESULTSRevenueRevenue for the quarter ended September 30, 2019 was RMB119,017 million (US$16,651 million), an increase of 40% compared to RMB85,148 million in the same quarter of 2018. The increase was mainly driven by the robust revenue growth of our China commerce retail business and Alibaba Cloud.The following table sets forth a breakdown of our revenue by segment for the periods indicated:Three months ended September 30,20182019RMB% ofRevenue RMB US$% ofRevenueYoY %Change (in millions, except percentages)Core commerce:China commerce retail- Customer management32,92039%41,3015,77835%25% - Commission13,13615%16,2752,27714%24% - Others*8,09510%18,2102,54815%125%54,15164%75,78610,60364%40% China commerce wholesale2,4973%3,2834593%31% International commerce retail4,4645%6,0078405%35% International commerce wholesale2,0222%2,4343412%20% Cainiao logistics services3,2064%4,7596664%48% Local consumer services5,0216%6,8359566%36% Others1,1141%2,1162961%90% Total core commerce72,47585%101,22014,16185%40% Cloud computing5,6677%9,2911,3008%64% Digital media and entertainment5,9407%7,2961,0216%23% Innovation initiatives and others1,0661%1,2101691%14% Total85,148100119,01716,65110040%* “Others” revenue under China commerce retail is primarily generated by our New Retail and direct sales businesses, mainly Freshippo, Tmall Supermarket, direct import and Intime.Core commerce· China commerce retail businessRevenue — Revenue from our China commerce retail business in the quarter ended September 30, 2019 was RMB75,786 million (US$10,603 million), an increase of 40% compared to RMB54,151 million in the same quarter of 2018. Revenue from our China retail marketplaces continued to see strong growth. Combined customer management and commission revenues grew 25% year-over-year, which represents an increase of 25% in customermanagement revenue and an increase of 24% in commission revenue. The growth of customer management revenue was primarily the result of increases in the average unit price per click and to a lesser extent the volume of paid clicks. The growth of commission revenue was primarily due to the strong 26% year-over-year growth of Tmall physical goods GMV (excluding unpaid orders). “Others” revenue under China commerce retail business wasRMB18,210 million (US$2,548 million), a significant increase compared to RMB8,095 million in the same quarter of 2018, primarily driven bycontributions from direct sales businesses, including Tmall Supermarket and Freshippo, as well as our consolidation of Kaola starting in September 2019.8· China commerce wholesale businessRevenue from our China commerce wholesale business in the quarter ended September 30, 2019 was RMB3,283 million (US$459 million), an increase of 31% compared to RMB2,497 million in the same quarter of 2018. The increase was primarily due to an increase in revenue from customer management services on , our domestic wholesale marketplace, as well as an increase in revenue from Lingshoutong, a digital sourcing platform that connects FMCG brand manufacturers and their distributors directly to local mom-and-pop stores in China.· International commerce retail businessRevenue from our international commerce retail business in the quarter ended September 30, 2019 was RMB6,007 million (US$840 million), an increase of 35% compared to RMB4,464 million in the same quarter of 2018. The increase was primarily due to the growth in revenue generated from AliExpress and Lazada.· International commerce wholesale businessRevenue from our international commerce wholesale business in the quarter ended September 30, 2019 was RMB2,434 million (US$341 million), an increase of 20% compared to RMB2,022 million in the same quarter of 2018. The increase was primarily due to increases in the number of payingmembers and the average revenue from paying members on , our global wholesale marketplace.· Cainiao logistics servicesRevenue from Cainiao logistics services, which represents revenue from the domestic and international one-stop-shop logistics services and supply chain management solutions provided by Cainiao Network, after elimination of inter-company transactions, was RMB4,759 million (US$666 million) in the quarter ended September 30, 2019, an increase of 48% compared to RMB3,206 million in the same quarter of 2018, mainly due to the increase in the volume of orders fulfilled.· Local consumer servicesRevenue from local consumer services, which primarily represents platform commissions, fees from provision of delivery services and other services provided by our on-demand delivery and local services platform Ele.me, was RMB6,835 million (US$956 million) in the quarter ended September 30, 2019, an increase of 36% compared to RMB5,021 million in the same quarter of 2018, primarily due to the increase in the volume of orders delivered.Cloud computingRevenue from our cloud computing business in the quarter ended September 30, 2019 was RMB9,291 million (US$1,300 million), an increase of 64% compared to RMB5,667 million in the same quarter of 2018, primarily driven by an increase in average revenue per customer.Digital media and entertainmentRevenue from our digital media and entertainment business in the quarter ended September 30, 2019 was RMB7,296 million (US$1,021 million), an increase of 23% compared to RMB5,940 million in the same quarter of 2018. The increase was mainly due to our consolidation of Alibaba Pictures starting in March 2019.9Innovation initiatives and othersRevenue from innovation initiatives and others in the quarter ended September 30, 2019 was RMB1,210 million (US$169 million), an increase of 14% compared to RMB1,066 million in the same quarter of 2018. The increase was mainly due to an increase in revenue from Amap.Costs and ExpensesThe following tables set forth a breakdown of our costs and expenses, share-based compensation expense and costs and expenses excluding share-based compensation expense by function for the periods indicated.Three months ended September 30,% of20182019RevenueRMB% ofRevenue RMB US$% ofRevenueYoYchange (in millions, except percentages)Costs and expenses:Cost of revenue46,78655%65,5469,17055%0% Product development expenses8,36510%10,9381,5309%(1)% Sales and marketing expenses9,10610%11,9961,67910%0% General and administrative expenses4,7796%6,5919226%0% Amortization of intangible assets2,6113%3,0064203%0% Impairment of goodwill——576810%0% Total costs and expenses71,64784%98,65313,80283%(1)% Share-based compensation expense:Cost of revenue1,5662%2,0332842%0% Product development expenses3,0784%3,5174923%(1)% Sales and marketing expenses7460%9901391%1% General and administrative expenses1,6532%1,6052251%(1)% Total share-based compensation expense7,0438%8,1451,1407%(1)% Costs and expenses excluding share-based compensation expense:Cost of revenue45,22053%63,5138,88653%0% Product development expenses5,2876%7,4211,0386%0% Sales and marketing expenses8,36010%11,0061,5409%(1)% General and administrative expenses3,1264%4,9866975%1% Amortization of intangible assets2,6113%3,0064203%0% Impairment of goodwill——576810%0% Total costs and expenses excluding share-based compensation expense64,60476%90,50812,66276%0%Cost of revenue — Cost of revenue in the quarter ended September 30, 2019 was RMB65,546 million (US$9,170 million), or 55% of revenue, compared to RMB46,786 million, or 55% of revenue, in the same quarter of 2018. Without the effect of share-based compensation expense, cost of revenue as a percentage of revenue would have remained stable at 53% in the quarter ended September 30, 2019 compared to the same quarter last year. This reflected an increase in the cost of inventory from our direct sales and New Retail businesses offset by a decrease in content spending by Youku and efficiency gained from our logistics infrastructure and technology.Product development expenses — Product development expenses in the quarter ended September 30, 2019 were RMB10,938 million (US$1,530 million), or 9% of revenue, compared to RMB8,365 million, or 10% of revenue, in the same quarter of 2018. Without the effect of share-based compensation expense, product development expenses as a percentage of revenue would have remained stable at 6% in the quarter ended September 30, 2019 compared to the same quarter last year.10。
2019年电商行业阿里巴巴分析报告2019年2月目录一、立足核心电商业务，构筑企业竞争壁垒 (6)1、立足核心电商优势，战略拓展业务边界 (6)2、广告是阿里的主要收入来源 (7)3、亚马逊：持续加码物流，助力电商国际化布局 (9)4、构筑企业竞争壁垒：加速国际化进程 (12)5、构筑企业竞争壁垒：补足物流短板 (13)二、搭建商业生态圈，推动会员价值变现 (15)1、全渠道融合，新零售打造线下流量入口 (15)2、亚马逊：收购全食超市，获取线下门店和供应链资源 (18)3、拓展本地生活服务，打造流量闭环 (19)4、打造文娱集团，战略拓宽生态圈 (21)5、加强会员管理，提升消费者忠诚度 (22)三、科技推动转型，云计算有望成为新增长极 (24)1、亚马逊：AWS云服务能力领先全球 (24)2、阿里转型云服务提供商，规模快速增长 (26)3、战略投资全链路商业生态，短期业绩承压，未来增长可期 (28)四、估值：“商业+科技”帝国的SOTP估值逻辑 (29)1、核心商务提供稳健现金流，持续为战略投资供血 (29)2、亚马逊和阿里巴巴股价走势复盘 (31)3、同为电商巨头，亚马逊估值为何持续走高 (33)（1）竞争环境不同 (33)（2）商业模式与估值思路不同 (33)立足核心电商业务，构筑企业竞争壁垒。
作为中美电商巨头，阿里巴巴和亚马逊的起点迥乎不同，在战略布局上的脚步却越来越相似：阿里巴巴以平台起家，通过打造从线上到线下，从本土到全球的商业生态圈，全方位集聚、留存流量，推动广告收入变现。
而亚马逊以自营起家，以低价实现快速增长是其商业逻辑的核心，尽管商品销售仍是亚马逊的主要收入来源，广告业务的战略重要性已显著提升，业务整合成效初显，有望成为其新的收入增长点。
为进一步巩固核心电商优势，构筑企业竞争壁垒，亚马逊选择持续加码物流仓储建设，以优质物流服务提升用户体验和经营效率，打造全球一体化的物流网络，帮助推进亚马逊电商业务的国际化布局。
阿里巴巴、京东、拼多多Q3财报五大指标看他们的成长空间作者：秦知东来源：《计算机与网络》2019年第24期近日，阿里、京东和拼多多相继发布第三季度财报。
从营收来看，阿里增速放缓，京东创新高、拼多多大幅增长。
网经社从营收、净利润、GMV、活跃用户和总资产五大指标对上述三家头部电商平台的三季度财报进行分析解读。
营收：阿里增速放缓京东增速创新高拼多多厚积薄发增速明显2019年，Q3三家公司总营收达2 613.34亿元。
其中，京东、阿里巴巴和拼多多分别占比51.58 %，45.54 %，2.88 %。
京东第三季度营收同比增速创5个季度以来新高，其中，电商零售净收入1 188.5亿元，同比增长27 %；净服务收入为160亿元，同比增速为47 %。
京东不断下沉市场获客，在物流建设上的投入所带来的回报在第三季度有所显现。
阿里巴巴第三季度同比增长40 %，财报称主要是由于中国商业零售业务和阿里云的强劲收入增长。
核心电商业务仍是阿里营收的主要来源，达到1 012亿元，同比增长39.66 %。
从数据上看营收的增速虽可观，但出现放缓趋势，过去4个季度，阿里营收的同比增速分别为42 %（2019年Q2）、50.6 %（2019年Q1）、41.3 %（2018年Q4）和54.5 %（2018年Q3）。
在阿里的大体量下要保持高速增长，需要把更多的消费者实现有效转化，确保长期的增长空间。
相比之下，云计算、数字媒体和娱乐以及创新业务与之有一定差距。
阿里的电商业务日渐巩固，不过仍有新势力的崛起会影响其在这块业务上的红利。
拼多多营收处于第3位，但增速强劲达123 %，从业务收入分布来看，在线营销技术服务收入和平台交易服务收入分别为67.114亿元和8.025亿元，同比增速分别为126 %和101 %。
补贴优惠政策持续受到用户的青睐，高流量带来GMV强劲增长。
净利润：拼多多“战略性亏损”意在挖深“护城河”2019年第三季度，阿里巴巴净利润达725.4亿元，同比增长262 %；京东达6.12亿元，同比下降79.6 %；拼多多亏损23.35亿元，同比下降112.6 %。
