在向港交所提交招股书之后半年,阿里撤回了菜鸟的IPO申请,并决定以37.5亿美元收购菜鸟少数股东及员工的股权。对这件事情不应该孤立的看,而应该与过去半年多的时间里发生的一系列事情结合起来看:
2023年8月,阿里撤回了将阿里云分拆、并将其股权发放给全体股东的计划,因为实践证明,阿里云的技术基建和AI研发能力对阿里巴巴集团是不可或缺的。
2024年一季度,阿里分批减持了在快狗打车、小鹏汽车等参股公司中的持股,并宣布了减持B站股份的计划。显然,这是为了回收资金用于主营业务。
与此同时,阿里在AI大模型赛道上一口气投资了月之暗面、百川智能、MiniMax、智谱AI、零一万物等五只“独角兽”。整个2023年,阿里是对AI投资最积极的中国互联网大厂之一。
这一系列事件,看上去似乎有些矛盾:为什么要一边回收资金、一边对外投资?为什么原定的拆分上市计划又撤回?但是其背后的逻辑是统一的:回归核心业务、收缩非核心投资、重新梳理战略优先级。此前,阿里CEO吴泳铭已经说得很清楚了——聚焦电商主业,锚定云计算+AI。前者是现金牛以及阿里集团的根基所在,后者代表了整个科技产业的未来。凡是符合上述战略的,就应该继续发展乃至分配更多资源;不符合上述战略的,则应该果断收缩,不论外界对此有何议论。
云计算+AI是长期增长方向,所以阿里云必须留在集团内部,而对于AI大模型的投资要大胆而果断。菜鸟是阿里核心业务的重要组成部分,可以为电商主业提供重要的支撑能力,所以更适合由集团继续进行战略级投入。在3月26日晚的分析师临时电话会议上,阿里董事长蔡崇信表示:阿里决定实现菜鸟运营与淘天集团及AIDC(阿里国际数字商业集团)之间的深度协同,加快搭建全球物流网络,使菜鸟有能力在72小时内将包裹从任何地方送到任何地方。“我们希望菜鸟能更深入地与国际跨境电商业务协同,菜鸟管理层应专注于业务发展,而不是为IPO分心。”
应该承认,在国内民营物流企业当中,菜鸟是在国际化方面做得相当好的一个。早在2018年,菜鸟就开始投入大量资源进行国际物流基建布局,而且采取的打法非常扎实——各个链路、各个环节逐一打通、打透,从国内链路到跨境链路,再到海外一个国家一个国家地建设本地网络,最终建成一张“端到端”完全可控的物流网络。这种模式相当重、相当辛苦,但是一旦完成,效率将是其他模式无法比拟的。2023年9月,菜鸟首次在五个国家上线“全球5日达”服务,就是上述物流基建能力的一个体现。在电商出海竞争日益激烈的今天,可以想象,与菜鸟物流的深度协同将成为阿里国际电商业务的一个重要竞争支点。
当然,从资本市场的角度看,目前也并非分拆上市的良好时机。以物流行业为例,去年在香港上市的极兔速递虽然上市后一度表现较好,现在却也跌破了发行价;顺丰控股在递交香港上市申请之后一直没有动作,最近有媒体报道称其可能缩减港股IPO规模;2021年上市的京东物流早已跌破了发行价。目前看来,港股市场低迷且缺乏流动性的局面可能还会持续一段时间,过去一年向港交所交表的许多大名鼎鼎的独角兽公司大部分仍在等待机会,此时“流血上市”绝不是好的选择。附带说一句,阿里对少数股东的收购邀约反映菜鸟估值约为103亿美元;与同行极兔(市值961亿港元)、顺丰(市值1781亿人民币)、京东物流(市值512亿港元)横向对比,这个估值是比较合理的,相信阿里集团股东和菜鸟股东对此应该都没什么异议。
在临时电话会议上,蔡崇信还表示:“阿里集团认为持有快递公司的股份具有战略意义,目前没有出售股份的计划。与快递业务相关的投资被视为核心资产,不会考虑出售。”事实上,如果阿里进一步增加在物流快递行业的投资(无论是通过内部发展还是对外投资),我也不会感到奇怪,因为履约能力对电商平台而言太重要了。蔡崇信的上述表态再次证明,阿里清晰地知道现在应该做什么,宝贵的资源应该用到什么地方。在该花钱的地方眼睛都不眨地花钱,在该省钱的地方毫不犹豫地省钱,对于个人而言是一种聪明的态度,对于互联网大厂而言就更是了。
总体看来,资本市场对于阿里撤回菜鸟IPO申请的决定是理解且欢迎的。例如,汇丰最新的研究报告指出,市场已经预期到了菜鸟上市可能撤回,菜鸟具备深度价值,按照103亿美元的估值向菜鸟员工提出股份回购方案有助于提升士气。蔡崇信在临时电话会议上对于持续通过股票回购和分红派息实现股东回报最大化的承诺,获得了分析师的广泛认可。但是,一家公司在资本市场的表现归根结底是由业务表现决定的,而不是相反;现在大家最关心的问题还是,阿里的业务调整好了吗?怎么看过去一年组织变革中的阿里?
上述问题不是一句话能回答清楚的。我们应该认识到,当前的外部环境相当复杂,希望变革措施产生立竿见影的效果是不现实的(其实在市场环境更好的情况下也不现实)。不过,尤其是新管理层履新的半年以来,阿里最明显的变化,就是战略聚焦——以电商(国内+国际)、云计算为核心业务,其中电商聚焦消费者体验提升和价格力策略,云聚焦公共云和AI,方向非常清晰。从财报上我们也能看到许多积极迹象:2023-24财年的前九个月,阿里国际电商收入增长46%,菜鸟收入增长27%;阿里云智能板块的EBITA同比增长51%,EBITA利润率已经超过了5%。投资者最关注的当然还是淘天(中国电商业务),而淘天要实现市场份额和收入的扩张,还是离不开菜鸟在物流履约能力上的支撑——这再次证明让菜鸟由阿里集团进行长期战略性投入是正确的。
我觉得,过去半年多,阿里在管理方面另一个重要的变化就是业务管理团队的年轻化:2023年9月,刚刚接手淘天集团CEO的吴泳铭发布内部信,宣布80后管理团队全面接棒淘天;2024年3月,阿里本地生活集团宣布管理层更替,四位比较年轻的管理者分别接手饿了么和高德地图,其中两位是80后;几乎同一时间,盒马也完成了从60后到80后的管理层交接。年轻的业务管理者具备更旺盛的精力、更开放的头脑,有条件在比较长的时间轴思考战略问题,这一点相信大家都理解,就不用多说了。
在历史上,我们看到过相当多的大型科技公司进行转型的案例,其中有些成功,有些不成功。微软曾经在2000-2014年深陷泥潭,错过了消费互联网的几乎每一个风口,市值原地踏步;谷歌在2018年以后陷入了类似的泥潭,直接导致了在AI大模型竞争当中从领先变成落后。要成功完成转型、开启下一阶段的成长期,需要很多内外部条件,但是有一点是不可或缺的:管理层清晰地意识到自己该做什么,并且坚定不移地执行下去。阿里撤回菜鸟IPO的决定,以及与此同时继续减持非核心资产的决定,都体现了它确实符合上述条件。
好的开始是成功的一半,但转型本身将是一个漫长的过程,不能一蹴而就,还有很多硬仗要打。过去一年,阿里在充满挑战中穿越了最难最险的关隘,过程中也在不断甩掉包袱、聚焦主业,也为后续的蓄力和建设做好了准备。无论如何,我希望阿里能够坚持既定的战略路线,因为这条路线是正确的,值得执行下去。
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#576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #e17719;--weui-TAG-BACKGROUND-ORANGE: rgba(225, 119, 25, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #007dbb;--weui-TAG-BACKGROUND-BLUE: rgba(0, 125, 187, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care][data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-mode=care][data-weui-theme=dark]{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--appmsgExtra-BG: #F7F7F7}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, 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#8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{background-color:#111}}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, 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