Articles are from the public Number: Wall Street News (ID: wallstreetcn) , author: see the wisdom studied.

For a very short time, Ali ’s answer sheet for this quarter is still a reassurance pill, but see Zhi reminds you to pay attention to small hidden worries.

As of February 13The latest quarterly report of Ali in the evening and evening, this quarter Ali once again exceeded the market expectations from the income to the profit side.

Total revenue reached 161.4 billion yuan, a 38% year-on-year growth rate. The average expected market value of Xiaochao was 15.91 billion yuan. GAAP operating profit was 39.6 billion yuan, and Xiaochao market expected 35.9 billion yuan.

However, the problem behind the expectations is beyond the expectation of the last quarter. The upward momentum of the core indicators is suspected of weakness, so you need to pay special attention:

  • The number of active buyers is not too busy in the peak season: the net increase in e-commerce peak season is 18 million Lower than 19 million last quarter;

    However, the addition of 39 million mobile users per month means that the number of users is still relatively stable, and Ali has to work harder to attract users.

    • GMV and commission income continued to slow down, of which Tmall ’s physical GMV growth rate slowed to 24%, which occurred under the accelerated growth of the online retail market this quarter;


    • Commission income growth slowed down even more, with a growth rate of only 16%. In addition to Tmall’s direct sales, there is also a reflection of increased competition. Ali sacrifices some commissions to attract cost-effective users. single.

      The overall profit surpassed expectations mainly relied on restraint on heavy asset business and overall expenses. This quarter, we can see that the heavy asset business reduced losses and achieved obvious results, indicating that the aggressive and restrained investment strategy previously described by Ali is paying off.

      In addition, Ali pointed out in the conference call that the pneumonia epidemic may affect the March quarter financial report, and the growth rate may slow down, and it does not rule out a substantial slowdown. Taobao, Tmall, and local life services may also see income growth. Is negative.

      And Jianzhi is not too worried about the epidemic situation: the current epidemic situation has shown signs of stabilization and recovery, Ali said that the market should be expected, but the current prevention and control continues to improve, if the epidemic situation does not bring obvious unemployment and affect residents’ income Under the circumstances, in addition to the timeliness of online demand (such as fresh food, catering O2O, etc.) has the characteristics of expiration, and other consumption is more post-position Rather than disappear.