Alibaba's turning point is approaching: after Taobao Tmall, Alibaba Cloud and rookie set off the banner.

On the evening of 165438+ 10 17, Alibaba (09988.HK) announced its quarterly results as of the end of September 2022. In this quarter, Alibaba's revenue was 20765438+76 million yuan, a year-on-year increase of 3%; After adjustment, EBITA increased by 29% year-on-year to RMB 366,543.8+0.64 billion, reaching market expectations.

At the same time, the announcement shows that Alibaba needs to formulate a new employee stock ownership plan and submit it to shareholders for approval before officially completing the major listing conversion in Hong Kong. In view of the above situation, Alibaba will not complete the main listing before the end of 2022 as originally planned.

In the quarter ended September 30, 2022, according to the share repurchase plan, Alibaba repurchased about 24.3 million shares of american depository receipts (equivalent to about 65.438+94.7 million ordinary shares) for about US$ 265.438 billion. As of June 165438+1October16, 2022, under the current repurchase plan of $25 billion, Alibaba has repurchased about $1800 million.

On the whole, Ali is in a critical adjustment period, and rookie and Alibaba Cloud are expected to shoulder the next stage of Alibaba's growth. Among them, the rookie's operating income before offsetting cross-sector transactions in this quarter increased by 26% year-on-year to 654.38+08.282 billion yuan; Alibaba Cloud's adjusted EBITA was 434 million yuan, making profits for two consecutive years.

Consumer demand has been adjusted, but the loss of Taote and Taocai has narrowed, and the loss has been significantly reduced.

This quarter's results show that Alibaba China Commercial Branch achieved revenue of 1, 354,348+0 billion yuan, down 1% year-on-year. Among them, China's retail business income1312.22 million yuan, down 1% year-on-year. China's wholesale business income was 4.209 billion yuan, a year-on-year increase of 1%.

It is worth noting that the direct sales and other income of China retail business was 64.725 billion yuan, up 6% year-on-year. This is mainly due to the strong growth of Box Horse's revenue, and its online order revenue has remained at a high level of over 65%.

The financial report shows that Box Horse has achieved healthy same-store sales growth and greatly reduced losses by increasing gross profit margin, reducing online order fulfillment costs and improving operational efficiency. As of September 30, 2022, excluding the stores that have been in business for less than 12 months, most of the box horse stores have positive cash flow.

It is worth noting that the refined operation strategies of Taote and Taocai have also achieved results. The report shows that in this quarter, the payment GMV generated by Taote M2C products increased by more than 60% year-on-year. By optimizing customer investment, the loss was greatly narrowed, and the sales situation was not affected, but the average consumption and purchase frequency of active consumers continued to increase.

The proportion of orders generated by Taotao Caicai through Taobao and Taote has continued to increase year-on-year. By expanding the supply chain capacity and strengthening the logistics capacity of existing cities, Amoy Caicai continued to promote Ali's penetration in fresh products, achieving GMV growth of over 40% year-on-year.

However, Taobao and Tmall GMV (excluding unpaid orders) continued their performance in the previous quarter, and the number of units decreased year on year.

Ali said that the decline of GMV was mainly affected by the decrease of consumer demand, the COVID-19 epidemic and the continuous competition. Specific to the category, non-necessities such as clothing and consumer electronics products were affected by consumer demand, which decreased year-on-year; However, health care products, outdoor equipment, and pet care have shown steady growth.

The net loss attributable to ordinary shareholders in this quarter was 22.467 billion yuan, compared with a net profit of 3.377 billion yuan in the same period last year. In this regard, Ali explained that the increase in net loss was due to the decline in the market price of equity investment of listed companies and the decline in the performance share of equity investment objects, which was partially offset by the increase in adjusted profits before interest, tax, depreciation and amortization.

Judging from the current exploration of Ali, on the consumer side, Ali's attention to members and core users is constantly improving. In the 12 months ending September 30, 2022, the number of consumers who spent more than 10000 yuan on Taobao Tmall remained at around1240,000, and the retention rate reached 98%, maintaining a high retention rate for three consecutive quarters.

In terms of merchants, due to the environmental impact, the investment in pure exposure marketing of merchants decreased, and Ali shifted his focus to improving the conversion rate for merchants.

At the conference call after the release of the financial report, Zhang Yong, Chairman and CEO of Alibaba Group, said that the impact of the consumption environment also had an impact during the Double Eleven period. "The number of buyers who participated in the Double Eleven this year has decreased, but the overall purchase amount has increased, and the contribution of 88VIP users has increased."

It is worth noting that Zhang Yong revealed that CMR (Customer Management Revenue) declined more than GMV in the quarter ending September 2022 due to factors such as the rate of return.

In the third quarter of this year, Alibaba's revenue from customer management in China commercial sector was 66.497 billion yuan, accounting for 32% of the revenue, down 7% year-on-year. Affected by this, the direct business such as Box Horse and Gaoxin Retail in China commercial sector recorded positive growth, but the overall revenue still decreased by 65,438+0% year-on-year, and the proportion of total revenue also decreased from 68% in the same period last year to 65%.

The decline of customer management income has aroused widespread concern in the industry. On the conference call, some analysts asked when the data growth would turn positive. Zhang Yong did not directly answer this question, only said: "On the one hand, due to changes in sales methods including live e-commerce, it will have an impact on the return rate, which in turn will affect the sales commission; On the other hand, advertising revenue related to CMR is directly related to business operations and macroeconomics, which is uncertain. "

Regarding the expectation of increasing customer management income in the future, Zhang Yong revealed that Ali will eventually realize the growth of customer management income through paid search, live broadcast and intelligent recommendation.

Local life insurance and rookie losses narrowed, and international business income increased by 4%.

By the end of September, 2022, under the background of stagnant growth of China, the traditional main profit sector, Alibaba's losses in local life and rookie business began to narrow.

According to the financial report, as of the end of September 2022, the overall order volume of local life services increased by 5% year-on-year. Among them, the hungry business operations continued to improve, thanks to innovative marketing and operations such as order-free activities. Hungry? The unit economic benefit has been positive for two consecutive quarters, the average order amount has also increased year-on-year, and GMV has recorded a positive growth.

This quarter, the rookie further increased external income and boosted income growth. In the quarter ended September 30, 2022, before offsetting cross-sector transactions, rookie's operating income in this quarter increased by 26% year-on-year to 6543.8+08282 billion yuan, and the proportion of external income further increased to 73%. The number of rookie stations increased by more than 20% year-on-year, exceeding 6.5438+0.7 million, covering the vast community, campus and rural areas.

At the same time, the total number of overseas sorting centers operated by Cainiao has increased to 12, and it has cooperated with many domestic brands and cross-border enterprises such as Yuan Qi Forest and Huaxi Zi.

It is worth noting that in this quarter, in the face of unfavorable factors such as the international situation, Alibaba's global business is still active and steady, and its international business income has increased by 4%. Among them, the international retail sector increased by 3% and the international wholesale sector increased by 6%, exceeding market expectations.

The financial report shows that the overall revenue of the international retail sector increased by 3% year-on-year. Among them, in Turkey and the Middle East, Trendyol orders increased by more than 65% year-on-year, and the growth rate continued to expand; In the Southeast Asian market, Lazada's losses continue to narrow by 25%, indicating that it is constantly improving the liquidation rate by providing more value-added services and improving operational efficiency.

Driven by the overlapping of consumption abroad peak seasons such as Double 1 1, World Cup and Black Friday, the sales of projectors, televisions and "eight-piece thermal suits" on the AliExpress platform have increased rapidly since September. Especially in the Korean market, AliExpress became the most downloaded shopping software in this region during this year's double 1 1.

In the international wholesale sector, the revenue of Alibaba International Station increased by 6% year-on-year, among which value-added services became the highlight.

Alibaba Cloud's profit for two consecutive years aims at the new increase in overseas markets

According to the financial report, Alibaba Cloud's revenue before and after cross-sector offset in this quarter was 26.76 billion yuan and 20.757 billion yuan respectively, which was 65.438+0.7685 billion yuan compared with the offset revenue in the previous quarter, up 654.38+07.37% from the previous quarter and 4% from the same period last year. After adjustment, EBITA was 434 million yuan, making profits for two consecutive years.

Among them, the income of non-Internet customers increased by 28%, mainly from the growth of financial, telecommunications and public service industries.

However, according to the report "Tracking China Public Cloud Service Market (First Half of 2022)" released by IDC, Alibaba Cloud's market share declined, and IaaS's market share decreased by 4. 1% to 34.5%; IaaS+PaaS market share decreased by 4.4% to 33.5%. The market share of Huawei Cloud and Tianyiyun has increased.

This year, cloud computing vendors, including Alibaba Cloud, went out to sea to find new incremental markets.

This quarter, Alibaba Cloud announced that it will invest 7 billion yuan to build an internationalized and localized ecosystem in the next three years, and set up six overseas service centers in Porto, Mexico City, Kuala Lumpur and Dubai. Since the beginning of this year, Alibaba Cloud has built new data centers in Korea, Thailand, Germany, Saudi Arabia and other countries. At present, Alibaba Cloud operates 85 available regions in 28 regions around the world.

However, although the cakes in overseas emerging markets are huge, corporate customers in China and overseas companies have different habits and standards in using the cloud, and the threshold for obtaining customers and gaining a firm foothold is not low.

A cloud computing veteran believes that global cloud giants such as Amazon AWS, Microsoft Azure and Google Cloud are Alibaba Cloud's strong rivals in overseas markets. In order to gain more overseas market share, it will be a greater test to integrate the ecological ability of price, technology and service.

Related reports will directly hit Alibaba's adjusted net profit in the second quarter of 33.82 billion yuan, a year-on-year increase of 19%.

65,438+24 million people spend more than 10,000 a year! Alibaba Q2 revenue exceeds 20 billion yuan, and the "major listing in Hong Kong" plan is suspended.

Ali's latest financial report is announced! Revenue growth of 3% in the third quarter will increase the repurchase quota of $654.38+0.5 billion.