Alibaba is the first Chinese concept stock to release its financial report. Before the market opened, it surged 5.4% to 82.47. The news came out saying that the "repurchase plan is increased by 25 billion US dollars, and the total repurchase scale has increased to 65 billion US dollars", which was thought to be particularly good.
But after carefully reading the financial report and doing table statistics, it was found that there was nothing at all. Simply from the data, it was even worse than before.
Let's review my comments on the last quarterly financial report."【Alibaba Financial Report Commentary as of September 30, 2023】
Looking at the core customer management of Taotian Group (Taobao + Tmall's advertising commission), the growth rate is 3.25%, which is much lower than the previous quarter's 10.24%. The profit growth is very good. Looking at the core non-GAAP net profit, it is 40.188 billion, and after deducting stock-based incentives, it is 33.358 billion, with a year-on-year growth rate of 28.14%. The profit is actually very good.
However, because Alibaba has multiple and complex business lines, if we look at the core Taotian Group, the EBITDA is 47.077 billion, with a year-on-year growth rate of 3.16%, which is basically the same as the above advertising commission income growth rate. But the growth rate is also significantly lower than the previous quarter's 9.07%.
Of course, the profit is good, while the profit of the Taotian Group is ordinary, the losses in other areas have been greatly reduced. Yes, the EBITDA outside the Taotian Group is -42.32, compared to -94.71 in the same period last year... A significant improvement, basically in every area, such as cloud computing, Cainiao Network, local business, EBITDA has improved significantly.
So, under the extremely low valuation background of Alibaba...