北京時間5月5日晚，阿里巴巴集團公布2016財年第四季度財報，以及2016財年全年業(yè)績。財年第四季度，阿里巴巴集團收入同比增長39%，達到241.84億元人民幣;平臺成交額同比增長24%，達到7420億元人民幣。在過去一年全球擔(dān)憂中國經(jīng)濟放緩背景下，阿里的成交額和收入實現(xiàn)強勁雙增長，增幅繼續(xù)超越華爾街預(yù)期，展現(xiàn)了消費經(jīng)濟和由科技驅(qū)動的中國服務(wù)業(yè)的巨大韌性與潛力。

　　阿里巴巴集團董事局執(zhí)行副主席蔡崇信就此在www.alizila.com撰文對美國投資者詳述，在全球經(jīng)濟面臨挑戰(zhàn)的情況下，為何阿里巴巴能夠做到逆勢而行。

　　以下為全文：

　　今天我們發(fā)布了自己優(yōu)異的業(yè)績。我們這個季度的收入同比增長39%。在過去的一年，有4.23億消費者在我們的零售平臺上購物，三月份有4.1億手機用戶在我們的手機端上消費。

　　在全球經(jīng)濟面臨挑戰(zhàn)的情況下，阿里巴巴逆勢而行。我們?yōu)楹文茏龅?

　　消費驅(qū)動強勁增長

　　首先，看一下中國的消費者。中國家庭現(xiàn)在擁有超過4.6萬億美元的儲蓄。這是過去十幾年中國工資實際兩位數(shù)增長的結(jié)果。與此形成對照的是，2008年美國家庭的債務(wù)占到了國內(nèi)生產(chǎn)總值的98%，美國家庭普遍背負沉重的債務(wù)。美國消費者的杠桿消費和信用透支加劇了全球的金融危機。

　　中國消費者相對謹(jǐn)慎的消費習(xí)慣，將推動中國經(jīng)濟從出口投資導(dǎo)向型轉(zhuǎn)向內(nèi)需拉動型。阿里巴巴借助了這一趨勢，幫助提供更多的商品和服務(wù)給消費者，不論是國產(chǎn)的還是進口的。

　　阿里生態(tài)的戰(zhàn)略角度

　　其次，看一下阿里巴巴的業(yè)務(wù)。我們有一個多元平衡的業(yè)務(wù)組合，處于不同的增長階段、盈利曲線和現(xiàn)金流水平。根據(jù)成長階段，我們將這些業(yè)務(wù)分成“核心現(xiàn)金流”、“新興引擎”和“長期戰(zhàn)略投資”三大類型。

　　核心現(xiàn)金流

　　我們核心的電商業(yè)務(wù)非常強勁，現(xiàn)金流充沛。我們這個季度的零售平臺收入同比增長41%，保持了較高、可持續(xù)的銷售凈利率。

　　2016財年我們在核心業(yè)務(wù)上實現(xiàn)了80億美元的自由現(xiàn)金流。這將有助于我們未來的投資。

　　新興引擎

　　我們很高興地看到我們還擁有高增長潛力和長遠展望空間的業(yè)務(wù)。

　　阿里云目前是世界上最大的云計算服務(wù)商之一。在最近的這個季度，該業(yè)務(wù)同比增長175%，而上一個季度這個數(shù)字是126%。

　　另一個新興引擎是移動互聯(lián)網(wǎng)，包括移動搜索和移動媒體。在本季度，我們的移動互聯(lián)網(wǎng)及移動操作系統(tǒng)業(yè)務(wù)收入同比增長約50%左右，顯示出除了移動電子商務(wù)外，中國在移動端生活方式上的商業(yè)潛力。

　　長期戰(zhàn)略投資

　　阿里巴巴過往的歷史證明我們具有成功實現(xiàn)長期戰(zhàn)略投資的能力。以淘寶平臺為例,
2003年，網(wǎng)上購物在中國尚未實質(zhì)性興起，我們啟動了淘寶。在最初的五年里我們沒有產(chǎn)生任何收入;相反，我們專注于用戶的累積和建立一個電子商務(wù)生態(tài)系統(tǒng)。淘寶直到2010年才開始有盈利。我們的耐心獲得了回報。

　　我們習(xí)慣于投資回報周期長的長期投資項目。五到七年時間的。能夠做到這點，是我們在長遠發(fā)展中的競爭優(yōu)勢。

　　未來我們將繼續(xù)投資那些對阿里巴巴來說具有高度戰(zhàn)略意義的有潛力的業(yè)務(wù)，從數(shù)娛到本地服務(wù)到國際擴張。這些業(yè)務(wù)會影響我們眼前的收入。不過，我們投資這些業(yè)務(wù)是為了將來它們能夠變成新興的引擎，最終產(chǎn)生核心現(xiàn)金流。

　　我相信投資這些戰(zhàn)略性項目可以提升阿里巴巴的品牌連鎖價值和效應(yīng)，無論是作為單獨的業(yè)務(wù)，還是在阿里平臺上幫助更多消費者獲得更多的服務(wù)。

　　互聯(lián)網(wǎng)是未來

　　最后，看一下大的圖景。中國有6.88億互聯(lián)網(wǎng)用戶。其中6.2億用戶通過移動端上網(wǎng)。75%的中國互聯(lián)網(wǎng)用戶在40歲以下——互聯(lián)網(wǎng)是未來，因為年輕人在用它。

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　　WHY ALIBABA IS THRIVING IN A CHALLENGING GLOBAL ECONOMY

　　Today we reported excellent results. Our revenues grew 39% year-on-year for
the quarter. There are now 423 million shoppers who have bought something on our
China retail platform in the past year, and 410 million mobile users who were
active on our China retail mobile apps during the month of March.

　　In these challenging times for the global economy, Alibaba is bucking the
trend. Why?

　　Consumption propels strong growth

　　First, take a look at the Chinese consumer. Chinese households today have
aggregate net cash reserves of over $4.6 trillion. This accumulated wealth and
liquidity is the result of real double-digit wage growth over the past decade.
In contrast, household debt in the U.S. was 98 percent of GDP in 2008 and the
average American family was in heavy debt. The levered balance sheet of the
American consumer and their credit deterioration contributed to the global
financial crisis.

　　Chinese consumers, with their healthy balance sheets and ability to spend,
will propel China’s shift from an export-and investment-led economy to a
consumption-driven economy. Alibaba rides on top of this secular tide as we
enable more products and services, be it domestic or import, to reach the
consumer.

　　A strategic perspective on Alibaba’s ecosystem

　　Second, take a look at Alibaba’s businesses. We have a balanced portfolio
of businesses in our ecosystem that are in various stages of growth, profit
trajectory and cash generation. Depending on years in gestation, we group these
businesses into what I call “Core Cash Flow,” “Emerging Traction” and “Long-term
Strategic Bets.”

　　Core Cash Flow

　　Our core e-commerce business is strong and extremely cash generative. We
achieved 41% year-on-year revenue growth in China retail marketplaces for the
quarter, with high and sustainable operating margins.

　　On the strength of our core business, we delivered $8 billion in free cash
flow in fiscal 2016. This enables us to invest for the future.

　　Emerging Traction

　　We are excited to see that several of our businesses have emerged with high
growth traction and expanding operating leverage.

　　Alibaba Cloud is today one of the largest cloud computing businesses in the
world. In the latest quarter this business saw 175 percent year-on-year revenue
growth, which is an acceleration of the 126 percent growth rate from the prior
quarter.

　　Another Emerging Traction star is mobile internet services, including
mobile search and mobile media. In this quarter we have provided a glimpse into
the potential of the mobile lifestyle in China in addition to mobile commerce,
as revenues from mobile internet services and mobile operating systems grew
around 50% year-on-year.

　　Long-term Strategic Bets

　　Alibaba has an incredible track record of making long-term bets successful.
Here, a bit of historical perspective is important. Take Taobao Marketplace as
an example. We started Taobao in 2003 when online shopping in China was
virtually non-existent. For five years we didn’t generate any revenues; instead
we focused on acquiring users and building an e-commerce ecosystem. Taobao
didn’t produce meaningful profits until 2010, seven years after its founding.
Patience has paid off.

　　We are used to investing in long-term initiatives with long gestation
periods. Five to seven years. Being able to do this is a competitive
advantage.

　　Going forward we are prepared to continue investing in high potential
businesses that are highly strategic to Alibaba, from digital entertainment to
local services to international expansion. These businesses contribute to losses
in our current income statement. However, we invest in them so that they
graduate to Emerging Traction, and then to Core Cash Flow.

　　I believe investing in strategic bets accrues long-term franchise value to
Alibaba, both as stand-alone businesses and as they enable more consumers to
access more services on the Alibaba platform.

　　Internet is the future

　　Finally, look at the big picture. China has 688 million internet users. Of
this, 620 million users access the internet using a mobile device. Seventy-five
percent of Chinese internet users are younger than 40 years old – the internet
is the future because young people are on it.

　　I don’t know about you but I am extremely excited by this.