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阿里巴巴盈利翻番,估值逼近美国科技巨头

更新时间:2017-8-18 10:11:03 来源:纽约时报中文网 作者:佚名

As Alibaba’s Profit Surges, Its Shares Catch Up With U.S. Online Giants’
阿里巴巴盈利翻番,估值逼近美国科技巨头

HONG KONG — This year may finally be the year that global investors put Chinese internet companies alongside American giants like Facebook and Amazon.

香港——今年也许最终将成为全球投资者把中国互联网公司与Facebook和亚马逊等美国巨头相提并论的一年。

On Thursday, Alibaba Group, the Chinese e-commerce giant, said its profit for the three months that ended in June almost doubled, while its revenue rose more than half. But just as impressive a jump was its stock price, which has increased more than 80 percent so far this year. Now Alibaba and its biggest Chinese rival, Tencent Holdings, have valuations that hover around $400 billion.

周四,中国电子商务巨头阿里巴巴集团表示,公司利润在6月份结束的三个月里几乎翻了一番,同时,公司营收增长了50%以上。但公司股价的增长同样令人赞叹,今年的涨幅迄今已超过80%。目前,阿里巴巴及其最大的中国对手腾讯控股的估值都徘徊在4000亿美元上下。

By contrast, Amazon.com has a valuation of about $470 billion, while Facebook is at about $490 billion.

作为对比,Amazon.com的估值约为4700亿美元,而Facebook的则约为4900亿美元。

Investors are becoming more aware that Alibaba and Tencent have become central to the day-to-day entertainment, shopping and spending habits of China’s middle class. Tencent, which offers extremely popular video games and social media services, reported on Wednesday its own surge in quarterly profit, sending its shares higher still.

投资者越来越多地意识到,阿里巴巴和腾讯已成为中国中产阶层日常娱乐、购物和消费习惯的重要部分。提供非常受欢迎的视频游戏和社交媒体服务的腾讯周三也报告了自己季度利润的急剧上升,致使其股价进一步上涨。

But like its American peers, high valuations lead to high expectations.

但是,与其美国同行一样,高估值也带来了高期待。

The Numbers

季度数字

Alibaba said its fiscal first-quarter profit rose 94 percent to $2.2 billion, thanks to strong sales. Sales across its e-commerce businesses rose 56 percent.

阿里巴巴说,其财政年度第一季度的利润增长94%,达到了22亿美元,主要是因为销售强劲。其电子商务业务的销售总额增长了56%。

Alibaba’s sales have surged as Chinese statistics show consumers in the country continue to do more and more of their shopping online. In that sense, Alibaba’s growth is tracking China’s efforts to transform its economy to rely more on American-style consumption and less on government spending.

随着中国统计数据显示,国内消费者越来越多地到网上购物,阿里巴巴的销售额也在急剧上升。从这个意义上来看,阿里巴巴的增长反映了中国经济改革的努力,中国正在让其经济更多地依赖于美国式的消费,而不是政府的支出。

That does not make it infallible. Alibaba’s results rely on its online marketplaces, which face growing competition and could someday be hit by a slowdown in growth either from the Chinese economy or from internet adoption in a still-developing country. To diversify, Alibaba has been expanding into entertainment and cloud computing and looking for new opportunities overseas, where it faces competition from its American peers.

这不会让其万无一失。阿里巴巴的业绩依赖于它的在线市场,这个市场面临着日益激烈的竞争,有朝一日会受到来自中国经济、或者来自仍在发展的国家里互联网采纳速度的影响,导致增长放缓。为了多元化,阿里巴巴一直在向娱乐和云计算等领域扩展,同时也在海外寻找新机会,但在海外面临着来自美国同行的竞争。

The Technology

阿里的技术

The strong growth also cloaks a more complicated picture. Over the past year, Alibaba’s increase in revenue has outstripped the actual value of the goods being sold on its e-commerce websites. That means that the company has been able to earn more off the vendors who sell everything from name brands to knickknacks on its sites.

强劲的增长也掩盖了一个更复杂的局面。过去一年来,阿里巴巴的营收增长超过了在其电子商务网站上销售的商品的实际价值的增长。这意味着,阿里一直能够从在其网站上销售从名牌到小摆设等各种商品的商家身上获得更多的收入。

Alibaba makes money from vendors by charging them for advertising on its platforms, among other services. New technology and some of its corporate deals have given it access to new and better data that give it more power to target those vendors.

阿里巴巴从商家赚钱的方式包括,向商家征收在其平台上发布广告和其它服务的费用。新技术、以及公司的一些交易让它获得了新的、更好的数据,让阿里得到了更好地瞄准这些商家的能力。

That approach has kept Alibaba’s results strong despite a slowdown in growth of the total value of goods being sold on its platform. But it is not clear how long it can keep that phenomenon going, fueling its effort to find new consumers and expand into new businesses.

尽管在阿里平台上销售的商品总价值的增长放缓,但阿里的做法让公司保持了强劲的业绩。但目前尚不可知,阿里能让这种情况持续多久,从而为其加紧寻找新消费者、扩大新业务的努力提供资金。

Jack Ma Goes to Washington

马云涉足华盛顿

As part of that push, Jack Ma, Alibaba’s charismatic founder, has been barnstorming across the American political landscape over the past year. A sort of ambassador for the company, Mr. Ma met with President Trump and held a conference in Detroit. His goal has been to persuade more American vendors to get on Alibaba and sell to a Chinese middle class that craves foreign goods.

作为扩展业务努力的一部分,阿里巴巴富有魅力的创始人马云在过去一年中,一直在美国各地进行巡回政治游说。马云以类似阿里大使的身份与特朗普总统见了面,还在底特律举行了一次会议。他的目标是劝说更多的美国商家入住阿里巴巴,对渴望外国商品的中国中产阶层进行销售。

By attracting more vendors from overseas, Alibaba is able to bring in more big advertising spenders, and support its revenue growth.

通过吸引更多的海外销售商,阿里巴巴将能够为自己找到更大的广告买家,从而支持公司收入的增长。

Helping his cause was a settlement announced this month between Alibaba and Kering, the luxury goods giant that owns the Gucci brand and had filed a lawsuit in 2015 charging counterfeit goods had been sold from Alibaba’s e-commerce websites.

有利于马云事业的是,阿里巴巴与开云集团本月宣布达成了一项解决方案,开云集团是拥有古驰等名牌奢侈品的巨头,它曾在2015年起诉阿里巴巴,指控阿里的电子商务网站上有假冒商品出售。

The Amazon Aspect

亚马逊方面

As Alibaba looks abroad, it may finally directly compete with that other e-commerce giant, Amazon. In Southeast Asia, where Alibaba owns an online commerce platform called Lazada, it will probably face a new Amazon initiative in the region.

随着阿里巴巴转向海外,它也许最终会与另一个电子商务巨头亚马逊直接竞争。阿里巴巴在东南亚拥有一个名为拉扎达(Lazada)的在线商务平台,很可能将在该地区面临亚马逊的新攻势。

Some have wondered whether Mr. Ma is simply following Amazon’s game plan. Just as Amazon has done, Alibaba has started a cloud computing business, bought into a high-profile newspaper, worked to begin creating its own entertainment content, and more recently made bold predictions about unmanned retail stores that will use smartphones to automatically charge customers.

有些人想知道,马云是否仅仅是在仿效亚马逊的行动计划。正如亚马逊所做的那样,阿里巴巴已开始了一个云计算业务,收购了一家受关注的报纸,启动了创造自己的娱乐内容的工作,最近还对无人售货商店进行了大胆的预测,这种商店将通过智能手机自动向客户收钱。

Still, there are some ways in which Alibaba is different. The biggest one is its financial affiliate, Ant Financial, which is responsible for trillions of dollars in money transfers each year. As it looks to expand the business overseas, it has bid for MoneyGram, a remittance company that would give it new exposure to America. As American regulators review that deal, much will depend on Mr. Ma’s political maneuverings.

不过阿里巴巴还有一些不同之处。最大的一个是其金融分支机构蚂蚁金服,蚂蚁金服每年承担着数万亿美元的转帐汇款。随着它开始向海外拓展业务,它已出价收购MoneyGram,这家汇款公司将让蚂蚁金服与美国市场发生新的接触。美国监管机构正在对这项交易进行审查,结果如何将在很大程度上取决于马云的政治能力。

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