wen | wumiancaijing haitangxie

编辑 | 陈涧

阿里正在抛弃过往。

12yue17ri，alibabajituanfabugonggaocheng，jiangchushouyintaibaihuo，jiagejinwei74yiyuan。

yintaicengshialixinlingshouzhanlvezuidaduzhuzhiyi，bujinzale200yizhenjinbaiyin，haizengyuleshinianshijian，lianshoutansuoxinlingshou。

rujin，haoduqueyi“fenjia”shouchang，kuibenshuaimai。

danzhendekuilema？xinlingshoujihugaibianlealizhenggeshangyefangxiang，congyidianshangweizhu，bianchengcongxianshangfugaidaoxianxia、duoyuanyewuqudongfazhan。

jishizhisundealijianfuqianxing，xianjinliugengduo；“baihuoxinren”yageerdijiajiepan，congzukeyaoshenyibianchengfangdong。

shuoqilai，shoushangdezhiyouyintaibaihuo。

亏损93亿卖？

gonggaoxianshi，alibabayujiyinchushouyintaikuisunyuewei93yiyuan。

yi93yiyuankuisundedaijia，yuyintai“fenshou”，congzhangmianshangkan，zheishiyibikuibenmaimai。

阿里巴巴公告宣布出售银泰百货。

genjugusuan，alitouziyintaibaihuo，qianhouleijitouruleyue200yiyuan。

shinianqian，erzheyecengnongqingmiyiguo。

zai2005niandeyitanghangbanshang，shenguojunyumayunxiangshi，lianggezhejianglaoxiangxiangtanshenhuan，jiucimaixiahezuodezhongzi。

buguoyintaihealizhenzhengyiyishangdeqianshou，fashengzai2013nian，alichouhuadazaocainiaowangluo，yintaichuzi16yiyuan，chengweidierdagudong。

cinian3yue，alibabaxuanbuchuzi53yigangyuan，ruguyintaishangye，yi25%dechigubili，chengweijinciyuyintaichuangshirenshenguojundedierdagudong，alixinlingshouzhanlvedebujuyouciluozi。

2015nian，aliyoujixuzengchiyintaigupiao，zuizhongchengweigongsidiyidagudong，bingpaizhangyongchurenceo。

“yuyintaidehezuo，shiweizhongguolingshouyebiangejinxingdeyicitansuo。”duiyuyintai，mayunshizaibide。

zhangyonggengshimingquebiaoshi，yintaijiangzuoweialijituanjianduizhongdeyisouzhulijian，chengdanxianshangxianxialingshoubaihuozhuanxingshengjipingtaideshiming。

aliduixinlingshou、yintaidezhongshi，yezai2017niandadaoledingfeng。

zheiyinian，aliyi177yiyuansiyouhuayintai，yintaichedibeialishourunangzhong，touzichigubilizengjiazhi73.79%。

mayunhaizaigaizongshougouzhongjichulejigaoyijia。

2017niansiyouhuaqian，yintaizongshouruyuewei60yiyuan，zengsu4%，gudongyingzhanlirunwei13.2yiyuan，zengsujinwei0.2%，xianruzengzhangfalidezhuangtai。alideshougoujiawei10gangyuan/gu，jiaoyintaidangshideshoupanjiayijiayue42%。

bucengxiang，zheiduanzhangdashiniande“lianyin”yezoudaolejintou。

shijishang，cicijiaoyizaoyouduanni。

jinnian2yue，ju《xinshangwang》baodao，alizhengzaikaolvchushouyintaibaihuo，yiyujijiagongsiyousuojiechu，zheixiegongsizhongjiuyouyageer。

不得不止损

2019nian，alicenghanchu“weilaiwunianzaizaoyigeyintaibaihuo”dekouhao。

danwunianguohou，zheichangduiweilaidehaodubingweiruyuqibanshunlizhankai，fanerjiangqidangzuofeihexinyewuchushou，daijiashikuisunjinbaiyiyuan。

huaqianmaileyidakui？huoxuzaicishi，chulefangshou，aliyiranmeiyougenghaodexuanzele。

jishizhisun，guanchuanzhemayundezhenggeshanghaichenfushengya。

chuangyechuqi，fanyishebuzhuanqian，jiuzhuanxingzuolehuangye；huangyeyankanzheqianjingbuda，jiuqulebeijing，zuoqilejingmaowang；wangzhanqishiyemeiyouzhuandaoduoshao，yushijiudaizhezhenggetuanduilikailehezuofang，chuangbanleali。

mayundejishizhisunbujintixianzaichuangyechuqi：2022nian，beichaodefeifeiyangyangde“yintuishijian”，yijialixifenchaichengliudayewujituandejucuo。

jinnianlai，alizhengzaibuduantuichufeihexinzichan，jujiaozhuye。

zaiali2023nianjinxing1+6+nzuzhibiangehou，yixiefeihexinyewulvlvchuanchushouxiaoxi，ruhema、darunfa、elemedeng。

yucitongshi，aliyekaishijianchiyixiewaibugongsigupiao，biruxiaopengqiche、kuaigoudachedeng，bingbaaliwangluochiyoudefenzhongchuanmei、qianfangkeji、juranzhijiadengduojiagongsigufenzhuanruhangzhouhaoyue。

caibaoxianshi，jiezhi2024nian9yue30ride6geyue，alituichuduoxiangtouzisuodexianjinliuwei65.09yiyuan。

2yuedealicaibaodianhuahuishang，alibabajituanzhuxicaichongxinyecengdui“chushoufeihexinzichan”dewentihuifucheng，“muqianalidezichanfuzhaibiaoshangyiranyouyixiechuantongdeshitilingshouyewu，tamenbushihexindejujiaoyewu，alituichuyeshihelide。”

bijinghexindedianshangshichangyijubian，pinduoduoganchao，jingdongpinming，douyin、kuaishou、xiaohongshukuaimajiabian，xindexiaofeizhouqixiajingzhengtaishiyanjun。

pangdaruali，yebudebuzhongxinshenshixinlingshouzhanlve，jiangzhongxinzhuanxianghexinyewu，rudianshang、yunjisuan、rengongzhinenghewuliudeng。

“suizhedianshangxingyedejingzhengjiaju，alibabaxuyaogengjiazhuanzhuyuqihexinyewuhexinxinglingyu，yibaochijingzhengyoushi，chushouyintaibaihuokeyiweiqidailaigengduodexianjinliu。”wangjingshedianzishangwuyanjiuzhongxinzhurencaoleirushishuodao。

lingshoudianshangxingyezhuanjiazhuangshuaiyecheng，“alixianzaibudebukaiqishousuoshiqi，cainengzaijiliedexindianshangjingzhengzhongzhonghuizengzhangdeguidao。”

捡漏的雅戈尔

xiangbiali，yageerzexiangshizhaileguoshideneiwei。

zaizhongguoshitilingshoushishang，yintaibaihuoyizhiyouzhejuzuqingzhongdediwei。

2007nian，yintaibaihuozaixianggangshangshi，chengweineidishoujiafugangshangshidedaxingbaihuogongsi，zhijinyongyouchao60jiabaihuomendianjiduogedaikaixiangmu，qunianxiaoshouedadao315yiyuan。

yageerqueconglaimeiyouguoshangchaoxiangmu。genjuguanwang，chuangjianyu1979niandeyageerjituan，xiasheshishang、fangdichan、touzi、guomao、lvyoudengchanye，duoyi“guoneidiyijiazuoxifudefuzhuanggongsi”erwenming。

rujinnengyi74yidejiage，jiepanalizale200yicaijianqideziyuan，shishunande。

zibenshichangyejiyuleguantaidu。12yue17rizhongwushougouxiaoxizhengshigongbuqianhou，shangshigongsiyageergujiachuxianleliangbomingxiandefanglianglasheng，panzhongzuigaojiadadao9.96yuan/gu，chuangxia17nianyilaidexingao。

yageeryoukanshangleyintaibaihuodeshenme？

tashizheiyanghuiyingde：zhizai“qianglianbulian”wanshanshishangshengtaiquan，“yageerjituan（ningbo）youxiangongsiyizhiyilaizhuzhongshishanglingyudetouzihefazhan，qixiashangshigongsiyageershishanggufenyouxiangongsigengshizhiliyushishangchanyedeyunying。”

lingyifangmian，muqian，yageerzaiyintaibaihuogongshelilejin40jiamendian，zuowei“baozugong”deyintaibaihuo，duiyuyageerzheige“zuhu”ziranyouzheyidingdejiazhi。

ciqian，yageeryeduojinzhugedashangyezongheti，pushexianxiaxiaoshouqudao：congbashiniandaidemaoyebaihuo，daojiushiniandaideyintaibaihuo、zhongyangshangchang、wangfujingdeng，zaidao21shijichuyuyinzuo、tianhong、pangdonglai、wanda、huarunwanxiangdeng。

dangranle，zheikenengyezhishiyizhongchangmianhua。

xiaofeishichangjingqizhishujiaodidedangxia，yageerdeshishangzhuyetongyangmianlinzhezengzhangyali。

雅戈尔近年来业绩情况，图片来自财经

caibaoxianshi，yageershishangbankuai2024nianqiansanjiduyingshou45.9yiyuan，tongbixiajiang10.13%，jinglirun3.7yiyuan，tongbixiajiang43.53%。

银泰前景不明

danduiyuyintailaishuo，weilaijiubutaiminglangle。

liangduyizhu，zailiangcaochongzudejuwubaalishouxia，meiyouchuangchuyipiantian，rujinzaibaihuoxinxinrendezhangzhong，youruhecainengyilibudaohuanfaxinxiwang？

dangqian，shoudianshangchixuchongjiyijilingshouyetaidejiasubiange，baihuoshangchangyulengyishibuzhengdeshishi。

julianshangwanglingshouyanjiuzhongxintongji，2023nianquanguofanweineiyou21jiabaihuoshangchangtingyebidian，baokuotaipingyangbaihuo、yongwang、baisheng、jiebai、dayangbaihuodengcengjinghuobaoyishidezhimingbaihuo；2024nian，you30jiashangchangxuanbubidian。

百货商场不断传出倒闭消息，图片来自联商网

pinpinbidiandetongshi，baihuoqiyedeyejiyebuduanchengya。

lianshangwangshujuxianshi，jinnianshangbannian，44jiabaihuoshangshigongsiyingshou922.89yiyuan，tongqijianshao164.85yiyuan；jinglirun37.71yiyuan，tongqijianshao16.4yiyuan。

baihuohuangjinshinianyiguo，shengsicunwangdewentishibushidouhuibaizaitaimianshangtaolun，zhijinwudinglun。

baihuozouxiangshuailuo，yintaibaihuoziranjixunchulu，danqizhuyaofenbuzaiguoneiyierxianchengshi，yuhemaleisi，zhuyaoxiaofeirenqunshizhongchanjiyishangjieceng，rujinqueshijiageminganxingxiaofeizhujianzhanjuzhuliu，xiachenshichanghedijiadeweilituxian。

lingyifangmian，gensuiyageerhou，daiyoualiluoyindemiaojieapp、fufeihuiyuantixideng“shuziyichan”gaijixutuijinhaishifangqi，yougairuhexietongyageerdejingyingguanli，kangzhudangxiabaihuozhuanxingdezhentongqi？

xianshiwentiyilianchuan，yintaiyirannangaozhenwuyou。