wen | jiediancaijing yideng 

meiniannianmo，doushicaiyuanchaodegaofashiqi。zhishimeixiangdaolianlingshoudae，doutaobuguobei“youhua”demingyun。

12yue17riwujian，alibabazaigangjiaosuofabugonggaocheng，gongsiyulingyimingshaoshugudongtongyijiangyintai100%deguquanchushouji“youyageerjituanheyintaiguanlituanduichengyuanzuchengdegoumaifangcaituan”。

zheiyijudongbujinyiweizhealijuedingfangqi“xinlingshou”zhongdebaihuobankuai，yuxiangbanshiniandeyintaishangyefendaoyangbiao，yejiangyageercongmuhoutuidaoletaiqian，qiagu12rigujiayiduzhixianlasheng，chuangxiajiunianbanlaixingao。

zaizheibijiaoyizhong，alichushouyintaidesuodekuanxiangzongeyuewei74yiyuan，tayejiangyinchushouyintaierludeyue93yiyuankuisun。kuisunjinbaiyiyeyaochushou，kejianalixiangcongbaihuoxingyechoushendejuexin。

neime，aliweiherucijiqieboliyintai？yageeryoukanzhongleyintaishenme？dimideshitibaihuoyoujiangyinglainaxiebianju？

01 十年相伴，仍逃不过被“优化”

zaizheshangdalaoquanzhong，alibabachuangshirenmayunyuyintaibaihuochuangshirenshenguojunsijiaoshendu，shenguojunyeshizuizaotouzicainiaoderenzhiyi。youlezheiyangdejichu，yeweialiheyintairihoudehezuodaxialejichu。

2014nian，alibabazhengshiruguyintaibaihuo，yi53.7yiyuangangbiduiqijinxingzhanlvetouzi；2015nian6yue，yintaibaihuoyualiquanmianronghe，shuangfangyouduidenghezuozhuanweiyoualizhudao；2017nian，aliyi177yiyuandegaojiasiyouhuayintai，yintaibaihuobianchenglexianzaidealiyintai。

bishi，zaimayunxinzhong，yuyintaidehezuoshi“weizhongguolingshouyebiangejinxingdeyicitansuo”。zaialijianshe“xinlingshou”bantudeshuniannei，shirenalibabajituandongshijuzhuxijianshouxizhixingguanzhangyongyebiaoshi，yintaishangyejianghuishialijianduizhongdeyisouzhulijian，danfuxianshangxianxialingshoubaihuozhuanxingshengjipingtaideshiming。

erzaialidezhulixia，yintaideshuzihuazhuanxinghejishilingshoumoshiyedeyikuaisuluodi，bujinzaixianshangshixianlemiaojieapp、“yintaibaihuointime”weixinxiaochengxu、“yintaibaihuo”zhifubaoxiaochengxudengquanqudaoxiaoshou，haijianlilezhongguoshougebaihuoyefufeihuiyuantixiintime365，tuichule“dingshida”fuwu，qiqixiabachengmendianzuikuai1xiaoshidingshida。

keyishuo，zaishuangfangjiehede“miyueqi”，yintaishangyeyiqifengfudelingshoujingyanheshichangdiwei，weialibabatigonglejinruzhonggaoduanlingshoushichangdejihui；eralizeyiqiqiangdadehulianwangjishuheyonghujichu，bangzhuyintaishangyexunsuwanchengleshuzihuazhuanxingheheshangyemoshichuangxin。

xushizheishinianlaidexiangfuxiangchengtaiguorongqia，cairangfendaoyangbiaodezheiyitianxiandegewaizhumu。

jinguanalibabajituanweizaigonggaozhongtouluchushouyintaibaihuodeyuanyin，danqunian11yue，alibabajituanceowuyongmingcengpilu，weilaishinian，alidezhongyaoyouxianjiweisangefangxiang：jishuqudongdehulianwangpingtaiyewu，aiqudongdekejiyewu，yijiquanqiuhuadeshangyewangluo。

jinnian2yue，alidongshihuizhuxicaichongxinyezaicaibaohuiyishangmingquebiaoshi：“womendezichanfuzhaibiaoshanghaiyouyixiechuantongdeshitilingshouyewu，zheixieyebushiwomenhexinjujiaodeyewu，yincituichuyefeichangheli。”

zheizhongzhuanbianbeihou，shizhongguohulianwangxingyeyigaobiegaozengzhangjieduan，zhujianmairucunliangshichang，hulianwangpingtaiyecongduoyuanhuakuozhangzhuanxiangjujiaoshoulian。duialilaishuo，“xinlingshou”zhanlvexuyaobeizhongxinshenshi，zijibixujizhongjinglizaiyikejifunenglingshoudeyewuzhuxian，yiyingduizhengzaidaolaideaishidai。

jiyuci，zhongyunying、zhongguanli、zhongzichandebaihuoyetaixianranyijingbufuheqidangxiazhuiqiujingjiandexuqiu。tongshi，chuleyintai，zhengge2024nian，eleme、hema、darunfadengcengjingde“xinlingshou”biaogan，douxiangjichuanchuguojiangbeichushoudechuanyan。ciwai，alihaizaichushoubzhan、zhiwenjituan、xiaopengqichedenggufen。

zhideyitideshi，alibabayujichushouyintaishangyededabaojiayuewei 74 yiyuan，zheicijiangjiachushoujiangchanshengyue 93 yiyuankuisun。

biaomianshangkanshibikuibenmaimai，danshijishang，yintaizhiyualibuzhishizichanmaimai、caiwutouzi，gengduodeshiyewutuozhan、zhanlvetouzi，yincibunengjiandandianzhaomaishihualeduoshaoqian，maileshoudaoduoshaoqianlaijisuanyingkui。

yaozhidao，wulunshi2014nianyintaiweitianmaodailaileshangqiangezhimingfushipinpai，jiangtianmaocongwurenruzhudecanjuzhengjiuhuilai，haishizai2017 nianzhulishangchangzhifubaoshouyintixidejianli，tuidonglingshoupinpaijiangdingdingyinrugongzuoliu，zheishinianlai，yintaibaihuojialidailaidezhijiehejianjielirungujiyeshiqianyijibiele。

jinguandangxia，yintaishangyeyishiqulezaialishangyebantuzhongdezhongyaodiwei，bei“laodongjia”fangqi。danduiyualilaishuo，yintaijueduishiyigebukuidexiangmu；erduiyu“jiepan”deyageerlaishuo，yintaikeyisuandeshangshiyige“xiangbobo”。

02 宁波“股神”，终于要回归主业

jinnian9yue11ri，zai2024zhongguo500qiangqiyegaofengluntanshangzuixinfabude“zhongguoqiye500qiang”bangdanzhong，yageerjituanweijuzhongguominyingqiye500qiangdi36wei。jinguanyageerbiaomianshangkanshiguoneilongtoufuzhuangjituan，danshijishangqizaifangdichanhetouziyewushangdeshouhuo，zaoyichaoguofuzhuangyewu。

juyageercaibaoxianshi，2021nianzhi2023nianshixianshourufenbiewei136.07yiyuan、148.21yiyuanhe137.49yiyuan，qizhongdichangongxiandeshouruwei66.65yiyuan、85.5yiyuanhe60.92yiyuan，zhanbifenbiewei48.98%、57.69%he44.31%。

eryihebinglirunbiaozhong，yageerpiludetouzishouyishuziweizhun，2002niandao2022nian，qitouzishouyizongjiwei467.56yiyuan，fangdao129jiagongmujijinweitouzizhezhuanqulirundezongshuzhongnenggoupaijinqian16。

xushiyishidaolezijide“buwuzhengye”，jinnianlai，yageerjianshaolezaifangdichanfangmiandetouru，tongshizengjiazaishishangchanyedetouru，cihouzhengtigoujianqileshangwu、xiuxian、huwai、yundong、chaoshedengquanchangjingdepinpaijuzhen。

eryageergoujianpinpaijuzhendefangshiye“jiandancubao”，jiushimaimaimai：

● 2021nian，yageershougoumeiguochaopaiundefeated 40%guquan，bingchenglidazhonghuaquhezigongsi，jinyibutuozhanlenianqingxiaofeizheshichang；tongnian，youtouzilenuoweihuwaipinpaihelly hansen，fuzegaipinpaizaidazhonghuadiqudeyunyingheshengchan；

● 2022nian9yue，yageeryutiaozhanzhezibengongtongtouzilemeiguogaoduanshejishishishangpinpaialexander wang，buchonglenvzhuangyewubantu；

● jinqi，yageerjihuayi2yiouyuanshougoufaguogaoduantongzhuangpinpaibonpoint，zheijiangshiyageershoucijinrutongzhuangjishechipinlingyu。

zaiquniandebannianbaoyejihuishang，yageerdongshizhangliruchengtanyan，weilaijiangshousuofangchankaifadetouru，bingqiangdiao，kanhaofuzhuangyeweilaidefazhanqianjing。cihou，liruchengduociduiwaihanhua，zhiyanyao“huiguifuzhuangzhuye”。

ruci，yageernengkanshangyintaibaihuo，yejiubunanlijiele。

shouxian，yintaiyiranshilingshoubaihuoyede“youdengsheng”。

2023nianshujuxianshi，yintaijingyingzhe59gebaihuodianhegouwuzhongxin，xiaoshouedadao315yiyuan，qizhongxianshangxiaoshouzhandao25%。erjuyingshangdashujubuwanquantongji，muqian，yintaibaihuozaiquanguo8sheng26chengyongyou66gexiangmu，baokuo61geyikaiyexiangmuhe5geweikaiyexiangmu，gongji589.82wan㎡。qiyingyemianji、jingyingyejiheyewuchuangxinnenglijieweijuzhongguolingshouyeqianlie。

naxiayintai，yageerkeyigenghaodizhenghelingshouyudichanyewu，tuokuanqizaishangyeyunyingfangmiandebuju，shixianchanyeliandexietong。kuangqie，dangnianmayunmairuyintaihuale177geyi，eryageerchaodizhiyongle74geyi，zenmesuandoubukuide。

qici，yintaidekejijiyinheshuzichuangxinshiyageerxuyaode。

congyageerbujushangyedichandedongzuolaikan，bulunshizaiquanguojiasukaishequanxinxingxiangdadian“yageershishangtiyanguan”，haishihetianmulilianshoudazaoxiaoerjingdekechixushenghuozongheti“hai550”，douxianluyageershituyonggengxinyingdeshangyeyunyingmoshihuiyingshichangxuqiudebianhua。

eraliliujiyageerdeyintai，shiyigeyijingjibenwanchengshuzihuazhuanxingdehulianwangbaihuogongsi。

liru，yintaiyigoujianqixianxiashangchang+miaojieapp+zhifubaoxiaochengxu+weixinxiaochengxu+zhibo+shequn+daogoudeduoyuanqudao；yintaishangyekaituoxinshangchang，juchengzhixuyigeyuejiukeyishixianyintaijingyingmoshideqiehuan，bingzhangwoyuanshangchangdeyonghuhuaxiang；yikaoxinshangchangshangyecaozuoxitong—mos，yintaibaihuokeshixianyipanhuomaiquanguo，yijiandanpinduanshijianmaichuguowanjiandeshenkucun。

keyishuo，yageerzhengshikanzhongleyintaidekejijiyinyijishangyeshuzichuangxin，xiwangliyongqiweizijideshangyexiangmudailaixindexiangxiang。

ciwai，yageeryexuyaoyintaidequdaonengli。

qianmiantiguole，yageeryizhiqiangdiaoyao“jujiaozhuye”，chaozheduopinpaideshengtaihuafazhan，zheijiuxuyaozengjiazheixiepinpaidepuguang、zhanxian、xiaoshou，jiyugukedehudongjihui，cainengbazhenghedehaiwaipinpaishengtaigenghaoluodizhongguoshichang。eryintaishangyezaiquanguoyongyouzhongduodexianxiashitimendian，qiexianshangxiaoshouqudaoyeshifenchengshu，shuzihuahuiyuangengshitupo 4000 wan。

yinci，zuoweipinpaishangdeyageertongguoshougouqudaoshangyintai，bujinkeyijiangzishendeshishangchanpingenggaoxiaodituixiangshichang，chudagengguangfandexiaofeiqunti，haiyouzhuyuzhengheshishangchanyedeshangxiayouziyuan，goujianqiyigegengjiawanshandechanyelian。

zongeryanzhi，zairujinbaihuoshangchanglingyujiaoweidimidebeijingxia，alixuanzejiliuyongtui，bolizheigechuantonglingshouyetai，eryageerzexuanzeniliuershang，qushixianshangyemoshideyanzhanyuchuangxin。shouwobutongsaidaodepinpaidiejiaxianxiaqudao，yageerhuoxuhuibialibabagengnengjishitibaihuodailaijingxi。

03 实体百货，再添“雅戈尔+银泰”模式？

congzichanjileijiaodulaikan，weishougouyintaizhichu74yiyuanduimuqiandeyageereryanhuoxubusuankunnan，danbaihuoxingyechengyaquezheshiweiqirihoufazhanzengtianlebushaonandu。

jinxienian，suizheguoneizhengtixiaofeipiruan，jiashangdianshangdechongji，yijibaihuoshangchangzishenquefachuangxin，henduodachengshidezhimingshangchangfenfenguanmendaobi，jishineixiexingcunxialaideshangchang，henduoyedoushimentinglengluo。

juzhongguobaihuoshangyexiehuifabude《2023-2024zhongguobaihuolingshouyefazhanbaogao》xianshi，70.1%deyangbenqiyefankui2023niankeliuliangweichaoguo2019nian，quannianbaihuodianlingshouezhizengzhang8.8%。

yinci，zaibaihuoxingyejitichengyadebeijingxia，ciqianbuyiyunyingliansuoshangyexiangmujianzhangdeyageer，maixiayintaihou，kongpayaomianlinyunyingnenglidekaoyan、cunliangzichandepanhuo、tishengjingyingxiaoyidengzhuduotiaozhan。erduiyintaibaihuolaishuo，congalishidaidaoyageershidai，kongpayeshiyigezhongyaodezhuanzhedian。

zheiliwomenbufangcongyageerheyintaishangyedeyoushitedianchufa，fenxiyixiaweilaide“yageer+yintai”moshikeyicongnaxiefangmianxunzhaoshichangtupokou。

biru，shitidianxuyaotuchuzishendepinpaixingxiangheteseshangpin，dazaodujiachanpinxianhuozheyuzhimingpinpaihezuotuichuxianliangbanshangpin，yixiyinzhuiqiudutehepinzhidexiaofeizhe。ershouwozhongduoguoneiwaizhimingpinpaideyageer，wuyiweiyintaibaihuodazaodujiachanpintigonglepangdadeziyuanchi。

eryageerzekeyitongguoyintaibaihuodepingtai，genghaodizhanshihetuiguangqixiabutongdingwei、butongfenggedepinpai，manzubutongxiaofeizhedeshishangxuqiu。tongshijieheyintaibaihuodedashujuziyuan，shenrulejiexiaofeizhexihaoheshichangqushi，youhuachanpinsheji、yingxiaocelvedenghuanjie，congerzaibuduanbianhuadeshichanghuanjingzhongyingdegengduofazhanjiyu。

zaibiru，zaizhuzhongtiyanshixiaofei，dazaodutedegouwuhuanjing、tigonggexinghuadefuwushang，yintaibaihuoyijingxingchengle“6dafuwu+3daquanyi”detixihuayunzuo，fugailexianshangxianxiashuangzhongtiyan，dapolechuantongbaihuofuwumoshi；yageerzezainuligaizaocunliangshangyeti，fuyuqixindejiazhiguanheyetaidingwei，xiyinzhenianqingyidaiduiyugexinghuaxuqiubiaoda。

liangzhexiangjiehehou，“ruanyingjianshi”dexinshishangchangjiangbuzaizhishiyigegouwukongjian，gengshiyigetigongquwei、tiexin、shejiao、shenzhilinggandeshenghuochangsuo。

ciwai，zhuzhongshangchangdezhengtijiegousheji，baituolujingyilai，tigaokeguangxing；baochizaichangjing、huodongfangmiangengxin，bingjiangkoubeiyingxiaozuoweixianshangneirongchuanbodezhongdian，yekechengweibaihuoshangchangdachuchayihuayoushidezheshoudian。

zongzhi，jinguanshitibaihuolingyurujinjiaoweidimi，danmoshichuangxinyubiangedeshitouyijiujilie。youshanmu、pangdonglai、mingchuangyoupindengqiyezhuyuzaiqian，“yageer+yintai”dehuaxuefanyingrengzhideqidai。weilai，chixuyanjiuxiaofeizhe、buduanwanshanxinyetai，caishibaihuoshangchangbubeixiaofeizhesuopaoqidebuerfaze。