业绩超预期，阿里股价却下跌，投资者在担心什么？_老虎社区_美港股上老虎

业绩超预期，阿里股价却下跌，投资者在担心什么？

格隆汇2021-02-03

昨日，阿里巴巴发布了上一年四季度的财报。发布财报的前一晚，美股阿里巴巴大涨4.28%，昨晚一公布业绩，股价直线跳水，收跌3.85%。整体上看，业绩是比较亮眼的，但显然股价走势表现出来的，还不足以让投资者们满意。 1、MAU破9亿，阿里云、菜鸟网络实现盈亏平衡去年四季度，阿里实现营收2210.8亿元，同比增长37%；调整后净利润592.1亿元，同比增长27%。其中客户管理营收1019亿元，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

hhyw
·2021-02-04
买买买，疯狂的买吧😁😁😁😁😁
回复
点赞
举报
花喵喵
·2021-02-04
[晕]
回复
点赞
举报
鸟语花香在坡县
·2021-02-03
不担心，赶紧买
回复
点赞
举报
Sz_huathuat
·2021-02-03
今天安全啦?
回复
1
举报
liew2088
·2021-02-03
[白眼]
回复
点赞
举报
Andersonzol
·2021-02-03
[流泪]
回复
点赞
举报
进击的徐小伟
·2021-02-03
担心马大嘴
回复
点赞
举报

热议股票

7x24

全部

关于我们·老虎社区守则·老虎社区账号管理规范·老虎社区服务协议·老虎社区隐私政策

公司名称：北京至简风宜信息技术有限公司

违法和不良信息投诉：010-5681-3562（工作时间9:30-18:30）

邮箱：service@laohu8.com

营业执照：91110105MA01A4U55R

ICP备：京ICP备18016422号

网安备：京公网安备11010502036490

关注我们

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/1161524899?lang=zh_CN&edition=full","thumbnail":"https://static.tigerbbs.com/f98a08f234fb3dfe04b5578614dea292","is_english":false,"pubTime":"2021-02-03 15:42","share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","id":"1161524899","market":"us","top_or_hot":-1,"title":"业绩超预期，阿里股价却下跌，投资者在担心什么？","media":"格隆汇","content":"<div>\n<p>昨日，阿里巴巴发布了上一年四季度的财报。\n发布财报的前一晚，美股阿里巴巴大涨4.28%，昨晚一公布业绩，股价直线跳水，收跌3.85%。\n\n整体上看，业绩是比较亮眼的，但显然股价走势表现出来的，还不足以让投资者们满意。\n1、MAU破9亿，阿里云、菜鸟网络实现盈亏平衡\n去年四季度，阿里实现营收2210.8亿元，同比增长37%；调整后净利润592.1亿元，同比增长27%。其中客户管理营收1019亿元，...</p>\n\n<a href=\"https://www.gelonghui.com/p/444844\">网页链接</a>\n\n</div>\n","source":"gelonghui_highlight","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>业绩超预期，阿里股价却下跌，投资者在担心什么？</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n业绩超预期，阿里股价却下跌，投资者在担心什么？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-03 15:42 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.gelonghui.com/p/444844><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>昨日，阿里巴巴发布了上一年四季度的财报。\n发布财报的前一晚，美股阿里巴巴大涨4.28%，昨晚一公布业绩，股价直线跳水，收跌3.85%。\n\n整体上看，业绩是比较亮眼的，但显然股价走势表现出来的，还不足以让投资者们满意。\n1、MAU破9亿，阿里云、菜鸟网络实现盈亏平衡\n去年四季度，阿里实现营收2210.8亿元，同比增长37%；调整后净利润592.1亿元，同比增长27%。其中客户管理营收1019亿元，...</p>\n\n<a href=\"https://www.gelonghui.com/p/444844\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BABA","symbol_name":"阿里巴巴","start_time":0,"source_url":"https://www.gelonghui.com/p/444844","article_id":"1161524899","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/f98a08f234fb3dfe04b5578614dea292"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1161524899","pubTimestamp":1612338176,"sourceInfo":{"source_id":"gelonghui_highlight","name":"格隆汇"},"weMediaInfo":null,"summary":"新零售会是下一个增长点吗？","collect":0,"end_time":0,"defaultTopTitle":"gelonghui.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"translate_title":"The performance exceeded expectations, but Ali's share price fell. What are investors worried about?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/d706151d0b62bc5aed23f82eab0636f2","symbols_score_info":{"09988":0.9,"BABA":0.9},"content_text":"昨日，阿里巴巴发布了上一年四季度的财报。\n发布财报的前一晚，美股阿里巴巴大涨4.28%，昨晚一公布业绩，股价直线跳水，收跌3.85%。\n\n整体上看，业绩是比较亮眼的，但显然股价走势表现出来的，还不足以让投资者们满意。\n1、MAU破9亿，阿里云、菜鸟网络实现盈亏平衡\n去年四季度，阿里实现营收2210.8亿元，同比增长37%；调整后净利润592.1亿元，同比增长27%。其中客户管理营收1019亿元，同比增长20%，依然是阿里的主要收入来源，但占比有所下降谓46%。\n\n在当前互联网巨头逐步陷入存量竞争的大环境之下，电商平台的天花板近在咫尺，新增用户是所有老牌玩家最头疼的问题，但阿里还是给了大家一个惊喜。上一季期，阿里的移动月活用户（MAU）突破9亿，新增2100万；年度月活消费者数量为7.79亿，新增了2200万，是过去8个季度以来的最高纪录。\n这大概是得益于淘宝平台的快速下沉，根据财报，四季度为止淘宝特价版月活量和年活跃量均超1亿，而在3个月之前，特价版的月活数据为7000万人次。也就是说，四季度月活量的增长主要是来自于此，天猫和淘宝则出现放缓的迹象。\n不过，值得欣慰的是，虽然用户数量增长变得困难，但伴随着营销手段的升级，淘宝首页推荐带来的页面访问量同比强劲增长超过90%，平台的交易额也在不断提高，天猫四季度GMV（剔除未支付订单）同比增长19%，其中双十一活动产生的GMV达到4982 亿元，与2019年同期相比增长26%。尤其是直播带货的新消费形式受益颇多，2020年淘宝直播带来的GMV超过4000亿元。\n电商平台的增长进入瓶颈期并不是新鲜事，因此阿里一直以来都在向外探索，如今也取得了一定的成绩。\n阿里云是最亮眼的一点，过去这一块业务常常一直是一个无底洞、财务的大窟窿，但报告期内阿里云首次实现了经调整EBITA 转正。数据显示，云计算业务收入同比增长50%至人民币161.15亿元，主要由互联网、零售行业和公共部门客户收入的强劲增长带来的规模经济效益。\n同样，阿里一直在投资的物流板块也终于盈亏平衡，实现正经营现金流。报告期内菜鸟网络营收为113.6亿元，同比增长51%，主要是由于跨境和国际零售业务的履约订单量增加。\n当然，也有不尽人意的地方，比如本地生活业务这一块，增速仅有10%，远低于同期阿里巴巴核心商业营收37%的增速。阿里巴巴接手饿了么、成立阿里本地生活两年多时间内，与老对手美团缠斗不休，但阿里在本地生活砸下了大量资金、资源，却一直收效寥寥，与美团的差距依然不小。\n2、瓶颈、新的增长点以及反垄断\n财报其实能反映很多问题，不单是简单的钱，而且是未来的可能性。\n业绩并不差，甚至超过众多机构的预期，可实际情况是阿里的股价毫不犹豫地在下跌，这就值得思考了：投资者在担心什么？\n我以为是——成长能力。\n财报显示，阿里的经营利润率、经调整的EBIDA和EBITA利润率、经调整的核心商业的EBITA均有3至4个百分点的下降。作为目前核心利润和主要现金流来源的客户管理收入增速20%，大幅低于37%的整体收入。\n\n显然，如果仅看阿里的“传统业务”，有担忧是理所当然的，问题是阿里能不能找到新的利润增长点。\n新零售或许是一个机会，这也是2015年逍遥子（张勇）接任CEO以来的战略方向，对新零售进行全方位、毫无保留的投入，全面渗透到消费者的日常生活之中。\n尤其是收购高鑫零售（大润发、欧尚超市的母公司），推动了新零售季度收入同比几乎翻倍的增长，也带来12万以上的新员工。阿里正在变成一家越来越“重资产”，自营业务规模越来越大的公司——这在资本市场上引发了许多争议，并非所有投资人都认同这个发展路径。\n而从结果来看，在收购高鑫零售之后，新零售已经能够贡献阿里季度收入的23%，上一期只为16%，增长是很明显的。\n\n互联网对用户消费行为的渗透是渐进的，从低频进展到高频、从异地进展到同城，是一个自然而然的进程。淘系电商现在占据了5-6万亿人民币的庞大市场，但是这个市场与巨大的日用杂货、O2O服务市场相比，规模就要明显逊色了。\n除了规模，新零售市场的用户黏性也明显较高——用户可能每隔几天才会有打开淘宝的欲望，但是每天都会有买食品饮料、买菜、订外卖的欲望。因此，新零售不仅能解决阿里的收入增长需求，还可以解决流量需求，它创造的新流量还可以输出到淘系电商等其他板块。\n与京东、美团、拼多多这些竞争对手相比，阿里的新零售布局以大批线下商超为核心，包括大润发、盒马、银泰等，而且这些线下商超都是在逍遥子的主持之下收购或建立的。根据财报披露的数据，2020年10-12月，在与阿里的协同效应之下，线上购物已经占据了高鑫零售GMV的24%，这证明互联网对线下零售的改造是可以成功的。\n所以，这就不奇怪阿里为什么会想去做买菜这种生意了，尽管备受争议。\n但可以看到的是，阿里似乎快找到自己的方向了。\n正如逍遥子张勇所说：我们看到了激烈竞争带来的挑战，但更看到了市场潜在的巨大机遇。\n企业的发展，从来不怕犯错，只怕一成不变。","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":317085817,"gmtCreate":1612398262339,"gmtModify":1703761272223,"author":{"id":"3561544476596136","authorId":"3561544476596136","name":"hhyw","avatar":"https://static.tigerbbs.com/62f8a12108672917c80685184f331b6f","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3561544476596136","authorIdStr":"3561544476596136"},"htmlText":"买买买，疯狂的买吧😁😁😁😁😁","listText":"买买买，疯狂的买吧😁😁😁😁😁","text":"买买买，疯狂的买吧😁😁😁😁😁","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/317085817","repostId":1161524899,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":317094516,"gmtCreate":1612394877335,"gmtModify":1703761232555,"author":{"id":"3567731939595703","authorId":"3567731939595703","name":"花喵喵","avatar":"https://static.tigerbbs.com/ee1b9176bceb20048df5e91a628ddf41","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3567731939595703","authorIdStr":"3567731939595703"},"htmlText":"[晕]&nbsp;","listText":"[晕]&nbsp;","text":"[晕]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/317094516","repostId":1161524899,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":314417318,"gmtCreate":1612366579634,"gmtModify":1703760998906,"author":{"id":"3574808464374306","authorId":"3574808464374306","name":"鸟语花香在坡县","avatar":"https://static.tigerbbs.com/a9913b1aabb645acdb516c5ee1b1c67a","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3574808464374306","authorIdStr":"3574808464374306"},"htmlText":"不担心，赶紧买","listText":"不担心，赶紧买","text":"不担心，赶紧买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314417318","repostId":1161524899,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":314251927,"gmtCreate":1612357987969,"gmtModify":1703760766663,"author":{"id":"3558301746982612","authorId":"3558301746982612","name":"Sz_huathuat","avatar":"https://static.tigerbbs.com/87ea839af28edad6ca717a9bb75d3adf","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3558301746982612","authorIdStr":"3558301746982612"},"htmlText":"今天安全啦?","listText":"今天安全啦?","text":"今天安全啦?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314251927","repostId":1161524899,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":314204804,"gmtCreate":1612350718708,"gmtModify":1703760677639,"author":{"id":"3573039425686248","authorId":"3573039425686248","name":"liew2088","avatar":"https://static.tigerbbs.com/2f71d3156e2cf0636e0cc6d56743eba8","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3573039425686248","authorIdStr":"3573039425686248"},"htmlText":"[白眼]&nbsp;","listText":"[白眼]&nbsp;","text":"[白眼]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314204804","repostId":1161524899,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":314691039,"gmtCreate":1612341496821,"gmtModify":1703760547293,"author":{"id":"3567138325076637","authorId":"3567138325076637","name":"Andersonzol","avatar":"https://static.tigerbbs.com/71f9248809971571bcb10265a6a9e493","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3567138325076637","authorIdStr":"3567138325076637"},"htmlText":"[流泪]&nbsp;","listText":"[流泪]&nbsp;","text":"[流泪]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314691039","repostId":1161524899,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":314842535,"gmtCreate":1612338407927,"gmtModify":1703760513714,"author":{"id":"3561850660076010","authorId":"3561850660076010","name":"进击的徐小伟","avatar":"https://static.tigerbbs.com/0f022be559c389a4135ab4eb456224be","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3561850660076010","authorIdStr":"3561850660076010"},"htmlText":"担心马大嘴","listText":"担心马大嘴","text":"担心马大嘴","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314842535","repostId":1161524899,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":8,"commentSize":7,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}