I. Overall financial report situation and personal opinion
On the evening of the 23rd, Alibaba announced quarterly results for the end of December 2022.Overall, revenue for the fourth quarter was 247.76 billion yuan, up 2.1% year on year, estimated at 245.183 billion yuan, slightly exceeding expectations; net profit was 46.815 billion yuan, up 138% year on year, estimated at 34.023 billion yuan, far exceeding expectations; adjusted net profit was 49.93 billion yuan, up 11.9% year on year. If you look at this, you can actually see that the overall financial report has exceeded expectations. The key point is a double-digit increase in net profit. Ali's business is still quite complicated. There are many businesses involved. I'll look at each item later.
Let me start with my personal opinion:
1. The overall financial report exceeded expectations.The Q4 domestic epidemic still had an impact. Although revenue growth increased by only 2%, through cost reduction and efficiency, adjusted net profit increased 12% year-on-year, and net profit was close to 50 billion dollars in a single quarter, so Ali's ability to make money is still very strong.
2. The business in China mainly includes e-commerce, new retail and domestic wholesale, accounting for 68% of total revenue. The e-commerce segment's revenue continued to drop 8.7% this quarter. It has been declining for 5 consecutive quarters, mainly due to competition from JD, Pinduoduo, Douyin, etc. It is unlikely that this segment will resume high growth, but although there have been qualitative changes in the e-commerce market,But I think the worst part of Alibaba e-commerce is over. After all, the share that should have been robbed has already been taken. Currently, e-commerce...