wen | caijingtianxiaweekly doukou

bianji | libuqing

shinianyimeng。alicenghualejin200yiyuangaojiagoumaideyintaibaihuo，zhongjiuhaishibeizhuanshoule。

12yue17ri，jualibabagonggao：alijiangyintai100%deguquanchushouji“youyageerjituanheyintaiguanlituanduichengyuanzuchengdegoumaifangcaituan”。alibabamuqianchiyouyintaiyue99%deguquan，yintaichushousuodekuanxiangzongeyueweirenminbi74yiyuan，alibabayujiyinchushouyintaierludedekuisunyueweirenminbi93yiyuan。

zheizongjiaoyicong12yue16rikaishi，bianzaishichangshangliuchuan。yiweijiejinyintaifangmiandezhiqingrenshidui《caijingtianxia》toulu，“mashangyaokaiguanlihuiyi，buguojiaoyiduixiangbingbushi（yageer）shangshigongsi，zichanyebuhuizhuangdaoshangshigongsiqixia。”

zimeiti“shangyedichan”baodaocheng，ciciyageershougoufanghuoweiyageerjituandongshizhangliruchengjiazujijin。lingju《caixin》baodao，yageeryuyintaiguanlicengchuzibiliwei6:4。

shangshuyintaizhiqingrenshidui《caijingtianxia》biaoshi，“neibuxiaoxicheng，yageerbuhuiguoduoganyuyintaijingying，gengduosuanyigecaiwutouzi”。qibiaoshi，“yintaibaihuozhouyiyijingduineifabudingdingquanyuantongzhi，jiangyubenzhousan（12yue18ri）zhenduigongsizhongdashijianjinxingjiaoliugoutong，yujihouxurenyuanbuhuifashengtaidaliudongxing”。

shoucixiaoxiyingxiang，zibenshichanglvxianzuochufanying。12yue17rikaipan，yageerzaiagugujiayiduzhixianlasheng，chujipanzhongzhangting，zuigaozhangzhi9.96yuan/gu，chuangxiajiunianbanlaixingao。jiezhiwujianshoupan，gujiahuiluozhi9.31yuan。

01 甩卖银泰，阿里亏了93亿

cengjingdeyintaibaihuozuoweiali“xinlingshou”dahanghaizhanlvezhuli，duiyualiyiyifeifan。10nianqian，weilenaxiayintai，alihaofeijuzi，taidujianjue。

2014nian3yue，alijituanyi53.7yigangyuan，duiyintaishangyejinxinglezhanlvetouzi。2017nian，alixuanbulianheyintaijituanchuangshirenshenguojundequanzigongsi，jiangyintaishangyesiyouhua，jiaoyijineda198yigangyuan（yuehe177yiyuanrenminbi）。siyouhuahou，alizaiyintaishangyezhongchigubilizengzhiyue74%。

zhongsuozhouzhi，aliheyintaizhijianzuizaodehezuojieyuan，xuhuisudaoliangjiagongsidechuangshiren——mayunheshenguojun。zaizheshangdalaoquanzhong，errensijiaoshendu。yeneirenshicengdui《caijingtianxia》shuodao，tacengmudumayun、shenguojun、yufeng（yunfengjijinchuangshiren）zaisirenchanghedadepu，guanxishifenqinmi。

huisuguowang，zaimayundegongsiyewuheshejiaoquanli，congyintaishangye、cainiaowangluo、yunfengjijin、hupandaxue，beihoudounengfaxianshenguojungerenhuoqixiazibendecanyushenying。youqizaialiruguhou，yintaidui“chuwang”changshiyouweijiji，weialitigongle“xinlingshou”debiaozhixingshiyantian。

aliyetoutaobaoli，jiyuleshenguojunfenghoudehuikui。

2014nian，mayunzaiyixierenalidongshijuzhuxizhiji，rengrancuchenglealiduiyintai53.7yigangyuandetouzi，chigu25%，zaishenguojunhoupaimingdierdagudong。bishi，yintaigonggaocheng，shuangfangjianghelifazhano2oyewu，datonghuiyuantixi、zhifutixi、shangpintixi。

2015nian，“xinlingshou”dehaojiaochuixianghou，aliyouzengchiyintaigupiao，chengweidiyidagudong，youzhangyongchurenceo。2017nian，aliyouyi177yiyuansiyouhua，jiangyintaichedishourunangzhong。

cihoudeyintaibaihuo，kaishijizhongfalixinlingshouyewu，xianhoutuichulemiaojie、miaohuo、miaoke、jihuodenghulianwangchanpin。qizhong，zuiweidianxingde，bianshiqi“miaojie”hexianshanghuiyuantixi。

zuoweiyintaibaihuodegouwuapp，miaojieyu2017niantuichulezhongguolingshoubaihuodiyigefufeihuiyuantixi“intime365ka”，gukehua365yuandenianfei，jiunenghuanquyintaibaihuo9zhegouwujiduozhonghuiyuan“zhuanshufuwu”。

bishideali，duizhenghexianshang、xianxialingshouxinxinmanman。2019nianzaiyunqidahuishang，alifuzongcai、yintaiceochenxiaodongyixuanbu，yao“weilaiwunianzaizaoyigeyintaibaihuo。”

xianshangtixizhuanxing，cengjiyintaidailaiguoshuzihuashangyehuoli，bingyinglailexinyilunyejiqifei。caibaoxianshi，2015nian6yue，yintaishangyeshangbancainiantongdianxiaoshouzonge76.5yiyuan，tongbizengzhang2.1%。zaishangyedichanyichuxianfuzengzhangzhixia，chengjixianzhugaoyutongxing。

buguojinliangnian，suizheshangyedichanjixuxiaxing，aliyuyintaidehezuoyuelaiyuenanpengzhuangchuyuqizhongde“dahuohua”。

xiaofeizheganzhizuiweimingxiande，bianshiyintaide“365huiyuanka”quanyidafusuoshui。piru，2021nian，bufendiqudeyintaibaihuohuiyuanmianfeitingcheshizhangcongmeitian4xiaoshisuojianweimeiyue8xiaoshi。2022nian7yue， huiyuanxiangyoudemeiyuejiazeng130yuanfulibaoyebeixuanbubuzaijixufafang。

zaiyintaigongzuole5niandeqianyuangongchenhengdui《caijingtianxia》shuodao，“2020nianzhihou，huiyuankaquanyimingxiansuoshui，zhuyaoshiyinweigongsiyaoyankongmaoli。yinweiyintaishibaihuokoudianmoshi，hewandawuyuedengshangchangdezulinmoshibuyiyang，pinpaixiaoshouduishangchangshouyiyingxianghenda。shangchangxiaoshouexiahuahou，duibaihuokoudianmoshilaishuoyouqichikui，alijiujileyintaiyankongmaolideyali”。

yixieweiraoyintaizuzhijiagoushangdediaozheng，yekaishijiada。chenhengtoulu，jinnianyilai，yintaizhongdiantuchulepinleituan（tongyipinleishangpindetuangouhuodong）deyewumoshi。“yintaizhiqianhenzhongshi‘renhuochang’yunying，mendianduanhuitourudaliangjinglijingxihuayunying，danxianzaimendianyunyingduan80%beifenchengpinleituanle”。

xuduoyuangongrenwei，“pinleituan”yijiushixianshanglingshoudesiwei，duiyugengweifuzadexianxiabaihuochangjingbingbushipei。“birunifuzeyageer，jiuyaofuzequanguomendiandeyageer。danjiarurenzaixianbangong，neihangzhoudedianzenmeguanni？sheilaiguan‘renhuochang’ni？”

buguo，bansuizhezheichangjiaoyiluoding，aliyintaidegushiyejiangjinruweisheng。shichanggengjiaguanzhudeshi，shengengfuzhuangyewudeyageer，younengfouzhanwenyintaibaihuo“xindage”dediwei？

02 雅戈尔看中了银泰什么？

shijishang，aliweiyintaishangyexunzhaomaijiazaoyibushimimi。genglingyejieyiwaideshi，yageerhuichengweiyintaide“jiepanxia”。

《caijingtianxia》congyeneilejie，zheiyibushishuangfangshoucichuanchuhezuodexiaoxi。jinnian2yue，alitongjijiagongsijieqiazhuanshouyintaishi，yageerbianshiqiqiatanduixiangzhiyi。bishiyeneichuanwen，yintaibaihuodeqianzaishougoufangyousanjiajigou，yageerbingfeichujiazuigaodeshougoufang，queshizuibeikanhaodedaibiao。

yiweizhangqiguanzhuyintaidecongyerenshidui《caijingtianxia》biaoshi，“yageerbenshenyeshiyintaiduoniandezhanlvehezuohuoban”，zaiquanguofanweineideyintaibaihuopushelejin40jiamendian，“jiashangliangweilaobandoushizheshang，jingyinglinianyegengweixiangfu”。

neime，yageerjiujingkanzhongleyintaibaihuodeshenme？

shijishang，congzuixinjingyingshujulaikan，yintaibaihuoyiranshilingshoubaihuoyede“youdengsheng”。2023nianshujuxianshi，yintaijingyingzhe59gebaihuodianhegouwuzhongxin，xiaoshouedadao315yiyuan，qizhongxianshangxiaoshouzhandao25%。

yiweizhejiangshangyedichancongyezhedui《caijingtianxia》biaoshi，“yintaizaizhejiangsuiransuanbushangzuigaoduandeshangchang，danweizhihaodiandeyintaishangchangyinrudedoushigaoduandelingshoupinpai。tamenzhijiandehezuoguanxiyaogengweijinmi，huibibiedeshangchanggengrongyiluodi”。

ruzhuyintaibaihuohou，yageernengfouyunyinghaozheiyangyigezhongzichanshangyexiangmu，duiqiweilaiyejiyezhiguanzhongyao。

12yue16ri，shoucixiaoxiyingxiang，zaiagushangshideyageeryinglainishidazhang。jiezhi12yue17riwujianshoupan，yageeryiduchujipanzhongzhangting，zuigaozhangzhi9.96yuan/gu，chuangxiajiunianbanlaixingao。

zheiduiyuzhengtichuyuyejixiaxingtongdaodeyageerlaishuo，yishinandedebiaoxian。

buweirenzhideshi，yageerchuangshirenliruchengzaitouzifangmian，yizhibeiguminxichengwei“shensuanzi”“ningbogushen”“fuzhuangjiedebafeite”deng。suishuotashicongfangzhifuzhuangxingyeqijia，danhenzaojiucongshiledichanhetouziyewu，qiehuolifenghou。

yigeguangweiliuchuandeanlishi，zailiruchengcaopanxia，yageercengzai1997nianyi1.01yuan/gude“baicaijia”ruguningboyinxing。houlai，ningboyinxingshangshihougujiabaozhang，liruchengyecong2020nian8yuedao2021nian2yuetaoxian100yiyuan，touzishouyichao55bei，beishiweizibenshichangdeyigechuanqi。

jinnianlai，suiranyageerdefuzhuangyejibuduanxiahua，dandichanyewushouruquenishikanzhang。caibaoxianshi，2009nianzhi2023nianshangbannian，yageerdedichanyewuyingshouda992.1yiyuan，zhanzongshourubilida53%，chaoguoyibandeshuiping。

yinci，yageerchangbeiguminzhiyi“buwuzhengye”，danliruchengduiciqueshifentanran。2019nian5yuezaigudongdahuishang，liruchengcengyingqihuiduidao，“shenmezhuyebuzhuyede，zhuanqianjiushiwodezhuye”。

zuijinliangnian，yageerzibendongzuobuduan。jugongkaibaodao，cong2022nian10yuedao2023nian12yue，yageerhuafeiyue13.4yiyuancongmeibangfushishouzhongmaixialeguiyangzhonghuazhonglumendian、wuhanguanggushijiechengmendian、shenyangtaiyuanjiemendian、chengdouchunxilumendianyijixianyijiashangpu。

zhidaojinnian，yageerdedichanyewubilicaikaishishousuo。caibaoxianshi，2024nianqiansanjidu，yageer“shishangbankuai”shixianyingyeshouru45.85yiyuan，zhanyingshouzonge54.6%；dichanbankuaishixianyingyeshouru37.99yiyuan，zhanyingshouzongede45.2%，biliyousuojiangdi。

liruchengzaiyejishuominghuishangyetanyan，weilaiyageerjiangshousuofangchankaifadetouru，yanfangfengxian。bingqiangdiao，kanhaofuzhuangyeweilaidefazhanqianjing，quedinglejujiaoshishangzhuye、dazaoshishangchanyejituandezhanlvemubiao。

keyigeyanjundexianshishi，yageerdeyejimuqianhaiweizhenzhengjiandaoniuzhuandejixiang。jinnianqiansanjidu，yageershixianjingli3.68yiyuan，tongbixiajiang43.53%。danyucitongshi，yageerhaizainishijinjunshitishangye。

caibaoxianshi，2024nianqiansanjidu，yageerjiakuaijinzhugaoduangouwuzhongxin、xinkaiziyingdianpu96jia，guanbi92jia，qimoziyingmendian1733jia。tongshi，yageerzaizhangchun、guiyang、taiyuandian、wenzhou、shanghai、wuhandengdiluxukaile12jiatiyanguan。

yageerhaizaikaituoshangyedichanbantu。jinnian8yuechu，yageerdeshangyexiangmu“hai550”zaishanghaihuaihaizhonglukaiye。shangyedichanyunyingyanjiurenyuanlixuanbiaoshi，“hai550shangyexiangmuhou，yageerchushouyintai，huojiangchengweitazaishangyezonghetituweidezhongyaoyiqi。”

03 “新零售”征途落幕

bulunruhe，zailiruchengruzhuyintai、gaogemengjindetongshi，zailingyimian，yintaidelishouyeyiweizhealizai“xinlingshou”zhongyaodeyikuai“shiyantian”beidiuqile。

cong2015niankaishi，ali、jingdongdenghulianwangjutoujiangyewuchushoukuozhandaoxianxia，“xinlingshou”degainianyezaidachangmendeqianglituijinxiafengxing。

duiyu“xinlingshou”，alicengfuyuqimeihaodedingyi：tongguoxianshang、xianxia、wuliudenggegeshangyehuanjiedejinmijiehe，shuzihuazhonggou“renhuochang”，jiecidatongshangyedequanpanliantiao。

erduiyuxianxiashitilingshoulaishuo，bishilingshouxingyeduochuyulianyingmoshi，lingshoushangbuzhangwoshangpinshuliang、zhonglei、kucundengshuju，pinpaishangyebuzhangwoqianduanshishixiaoshouqingkuang；jingxiaoshangzeyouyudiyuxianzhi，zhinengshixianbendikucunliantong，shangpindeshujuhuachengweidatongxianshangxianxiazuikunnandehuanjie。

you“xinlingshou”goujianchulaidefazhankongjian，cengweilingshouxingyedakailehongdadexiangxiang。neijinian，alikuaisu“fuhua”leyixiliexinlingshoubuju，ruhemaxianshengpingjieqixianshangxianxiaronghemoshi，xunsuchengwei“xinlingshou”dezhuliyetai。

2019nian，cengfuzeyualiduijieyintaiyewudewuqianqinlileshuangfangdeduijie“shengkuang”。

tadui《caijingtianxia》biaoshi，“neishishixinlingshouzuiyoujihuideshihou，zhonggou‘renhuochang’，shiwodaoxianzaidoujuedetebiemeideweilai。suixinsuoyuderen，chushoukejidehuo，wuchukezaidechang”。

danjinxibutongwangri，dianshangxingyewukebimiandi，jinrudaolexindefazhanjieduan。2023nian，bansuizhealileilifengxingdezuzhidabiange，alikaishigengduojujiaodianshangzhuye，bolifeihexinzichan。

2024nian2yue，alibabadongshijuzhuxicaichongxinmingquebiaoshi，“alizichanfuzhaibiaoshangrengyoubushaochuantongshitilingshouyewu，zheixiebingfeihexinyewu，weilaihuojiangjixutuijinxiangguanzichandechuzhigongzuo。”alide“xinlingshou”zhanlve，yebeizhongxinshenshi。

zhengge2024nian，eleme、hema、yintaidengcengjingde“xinlingshou”biaogan，douxiangjichuanchuguojiangbeichushoudechuanyan。2024nian3yue，he⻢xianshengchuangshirenhouyituixiu，he⻢shangshizanting。cihou，alihuafeile500duoyigangyuanshougoudedarunfamugongsigaoxinlingshou，yebeigenghuanleceo。

jiezhi2024nian9yue30ri，baokuoyintai、hema、gaoxinlingshoudengzaineide“suoyouqita”yewuzaiqianliugeyuejingdiaozhengebitakuisunwei28.45yiyuan，quniantongqikuisun31.7yiyuan。

zuoweiyige“touzikongguren”dejiaose，alihaizaibuduanjiang“huaizichan”paoshouhuojianchi，yitishengjituanzichanzuhedejiazhi。gongkaiziliaoxianshi，2024cainianqianjiugeyue，aliyiwancheng17yimeiyuanfeihexinzichandetuichu。

alicengjingxiongxinzhuangzhide“xinlingshou”zhengtu，zanshiluoxialeweimu。zaizheige“shoushen”guochengzhong，yintaibiranbuhuishizuihouyigebeishouchudeyewu。

danrengyourenzaihuainianbishidebolanzhuangkuo、wanjianqifa，wuqianshuo，“neishishuyulingshouyebiangedeweidashidai。suiranxianzai，tade‘yichan’beichulile”。

（文中陈恒、吴倩、李璇为化名）