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阿里巴巴反擊併多多策略曝光

阿里巴巴—SW(SEHK:9988)股價表現大幅落後於拼多多(NASDAQ:PDD),惟從最新一季業績可見,阿里已經準備好反擊拼多多的戰略,這篇文章就是要分析箇中戰略。 – baba

阿里巴巴—SW(SEHK:9988)公布2020 / 2021年度首季業績,收入急升34%,至1,537.51億元人民幣;股東應佔利潤為475.91億元人民幣,按年上升124%。近年阿里巴巴被併多多(NASDAQ:PDD)迎頭趕上,因為阿里主攻一線城市開始飽和,惟併多多主攻的下線城市市場仍然具有大量增長空間。不過,今次阿里巴巴業績披露了反擊併多多的策略。

阿里主攻一線城市的電子商貿,近年商品交易額(GMV)增長無疑有所放緩。數年前阿里的GMV增長動輒上升40%。但最新一季天貓實物商品的GMV按年增長27%;即使已經回復至疫情前增長速度,惟長線增長放緩卻無容置疑。反觀,併多多(NASDAQ:PDD)主攻低線城市電商市場,增長保持三位數字百分點增長。今年第一季併多多GMV按年增長108%。所謂此消彼長,故年初至今,阿里股價上升23%,惟同期併多多股價累升157%。

阿里靠淘寶特價版擊拼多多

不過,阿里已經準備好反擊策略,就是推出淘寶特價版的手機應用程式。今次業績亦有公布淘寶特價版的數據,今年3月推出淘寶特價版,6月淘寶特價版的移動月度活躍用戶數已經升至4,000萬。日後投資者可以繼續緊盯這組數字的變化,以衡量阿里巴巴發展下線市場的成效。

倘再觀察互聯網研究機構易觀數據,他月淘寶特價版這款應用程式的月度活躍用戶數目增速為拼多多的7.5倍。未來數季阿里與拼多多的競爭將主導阿里股價升跌的關鍵。

此外,阿里雲增長仍相當理想,收入按年上升59%,和截至3月底止的季度增長相若。阿里雲虧損亦進一步收窄,扭虧為盈指日可待。

阿里業績看來不俗,估計有追落後的空間,關鍵在於阿里如何從拼多多手上奪回下線市場,阿里推出的淘寶特價版可能是答案。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Steven Cheung 持有阿里巴巴(SEHK:9988)的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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