阿里投資者日-阿里集團：財務及投資展望

1、September 23-24, 2019 Hangzhou, ChinaFinancial and Investment PerspectivesMaggie WU, CFO of Alibaba GroupFINANCIALUPDATESTRATEGICINVESTMENTVALUATION2FINANCIALUPDATEUnrivalled GrowthEfficiency GainsInvest for Future3Financial Highlights for Last Twelve Months(1)Notes:For the last twelve months (“LTM”

2、) ended June 30, 2019, unless stated otherwise.For the month ended June 30, 2019.Translations of RMB into US$ were made at RMB6.8650 to US$1.00.Please refer to 20-F for reconciliations between GAAP and non-GAAP measures.Users & Consumers755 mnMobile MAUs(2)674 mnAnnual Active Consumers (“AAC”)Revenu

3、eUS$59.8 bn(3)TotalCore Commerce47.3%YoY Revenue Growth46.2%YoY Revenue GrowthCloud Computing77.5%YoY Revenue GrowthProfitability & Cash FlowUS$16.8 bn (3)(4)Adjusted EBITAUS$15.2 bn(3)(4)Non-GAAP Free Cash Flow4Robust Revenue GrowthOutperforming Global Technology Peers46%Last Twelve Months Revenue

4、Growth(1)37%(2)29%7.1x5-Year Revenue Growth(3)6.3x4.8x22%21%20%14%3.1x2.3xxNotes:LTM ended June 30, 2019 for all companies according to public filings.5Revenue growth excluding the effects of consolidating acquired businesses, which primarily consists of Ele.me, Cainiao, Trendyol, Koubei and Alibaba

5、 Pictures.5-year revenue growth equals revenue in LTM ended June 30, 2019 divided by revenue in LTM ended June 30, 2014.Group TotalAdjusted EBITA (RMB bn)Marketplace-based Core CommerceAdjusted EBITA (RMB bn)（US$24.1bn)(1)Healthy Profitability3-year CAGR: 30%（US$15.9bn)(1)3-year CAGR: 41%161.6Strong

6、 Core48.669.297.0107.058.082.4122.9Notes:Translations of RMB into US$ were made at RMB6.7112 to US$1.00.Core commerce adjusted EBITA are presented for FY16 and FY17. We only started disclosing marketplace-based core commerce adjusted EBITA in FY18.FY16FY17FY18FY19FY16(2)FY17(2)FY18FY196B2C Market Le

7、adership34%26%30%29%33%34%ExpansionNotes:For the quarter ended on the respective dates.Source: National Bureau of Statistics of China (“NBS”).24%21%21%22%Jun 30, 2018Sep 30, 2018Dec 31, 2018Mar 31, 2019Jun 30, 2019Tmall Physical Goods GMV YoY Growth (Excluding Unpaid Orders)(1)China Online Physical

8、Goods Retail Sales YoY Growth(1)(2)7Significant Contribution to China Consumption GrowthDriver for China Consumption GrowthNote:1. Source: NBS. Include online and offline physical goods and offline virtual goods.China Retail Consumption(1) Growth in FY19: +RMB1,779 bnAlibaba China Retail Marketplace

9、s GMV Growth in FY19: +RMB907 bnFY18RMB37,071 bnRMB4,820 bnFY19RMB38,850 bnRMB5,727 bn50%8Consumers with Annual Spending RMB10,000High Value, High RetentionNote:1. Consumers with spending more than RMB10,000 in the prior LTM continued to spend during the respective periods as indicated.LTM ended Jun

10、e 30, 2018100 mn+Consumers98%+Retention Rate(1)LTM ended June 30, 2019130 mn+Consumers98%+Retention Rate(1)9Longer Consumers Stay, Higher Their SpendingFY19 Average Annual Spending per Consumer in Less Developed AreasRMB 10.6KRMB 6.7KRMB 2.3KConsumer Cohort1 Year3 Years5 Years10Greater Synergy Ensur

11、es User LoyaltyNotes:For the quarter ended June 30, 2019.For the month ended June 30, 2019.For the LTM ended June 30, 2019.User Referral38% Ele.me New ConsumersCome from Alipay App(1)Higher FrequencyUsers on 5 Platforms Are 3xMore Active than Single Platform Users(2)Higher Stickiness9xAverage Spendi

12、ng per 88VIP Memberof Overall Users(3)11Value Creation for China RetailMarketplaces MerchantsNote:1. For paying merchants in LTM ended June 30, 2019.Paying Merchants Retained on Our Platform(1)For More than 1 Year63% of Paying Merchants Achieved 20%+ YoY Sales Growth(1)50%12Value Creation throughout

13、 Merchants P&LRevenueCosts of Inventory & LogisticsDistribution CostsBranding & Marketing ExpensesRD & IT ExpensesOther Operating ExpensesFinancing Costs(1)短視頻3.5 mn Paying Merchants(2)28 mn(3)Notes:Not our consolidated business.Number of paying merchants for LTM ended June 30, 2019.Merchants who ha

14、ve used digital finance services provided by Ant Financial for LTM ended June 30, 2019.Active Merchants13Alibaba CloudEnterprise Market LeaderNotes:Source: IDC Public Cloud Service Tracker, March quarter 2019.Source: IDC, 2018H2.Includes companies listed on Shanghai Stock Exchange, Shenzhen Stock Ex

15、change and ChiNext.No.1 Public Cloud Provider by Market Share in China(1)25%43%5%7%7%12%Expanded China PaaS Cloud Market Share(2)23%42%5%6%Alibaba Cloud12%12% of China Listed Companies(3)on Alibaba Cloud59%49%August 2018August 201914FINANCIALUPDATEUnrivalled GrowthEfficiency GainsInvest for Future15

16、Efficiency Gains on Consumer AcquisitionSales and Marketing Spending for Each Dollar of Revenue(1)US$0.11US$0.09Note:Calculated by total sales and marketing expenses divided by total revenue as presented in the consolidated income statements.June Quarter 2018June Quarter 201916Moderate Headcount Gro

17、wthSignificant Revenue Growth (RMB bn)115Efficiency Gains on Productivity87K104KYoY Growth: 19%YoY Growth: 42%81June 30, 2018June 30, 2019June Quarter 2018June Quarter 201917Efficiency Gains on Content AcquisitionAcquisition of Licensed Copyrights and Other Intangible Assets(RMB bn)4.8Content Cost a

18、s % of Digital Media and Entertainment Revenue2.4June Quarter 2018June Quarter 2019June Quarter 2018June Quarter 2019The Longest Day inWolf Warrior IIStreet Dance of ChinaGreen BookChangan18June Quarter 2018RMB 47bnJune Quarter 2019Efficiency Gains Lead to Profitability ImprovementsRMB 37bnLoss from

19、International: LazadaLocal Consumer ServicesNew Retail & Direct ImportLogistics: CainiaoRMB 33bnCore Commerce Adjusted EBITA RMB 6bnLoss fromCloud ComputingDigital Mediaand EntertainmentInnovation Initiatives & OthersUnallocatedRMB 27bn+RMB10bn27% YoYMarketplace- based Core Commerce Adjusted EBITA R

20、MB 6bn+RMB8bnLoss fromLocal Consumer ServicesInternational: LazadaNew Retail & Direct ImportLogistics: CainiaoRMB 41bn 25% YoYCore Commerce Adjusted EBITA+RMB8bnLoss fromCloud ComputingDigital Mediaand EntertainmentInnovation Initiatives & OthersUnallocatedRMB 35bn 30% YoYRMB 6bnAdjusted EBITARMB 4b

21、nMarketplace- based Core Commerce Adjusted EBITAAdjusted EBITA19FINANCIALUPDATEUnrivalled GrowthEfficiency GainsInvest for Future20100 mnDAUs in Oct 2018Innovation Initiatives200 mnRegistered Users(4)Local Consumer Services40%GMV YoY Growth(2)Digital Media & Entertainment40%YoY Growth of Average Dai

22、ly Subscribers (1)Significant Growth and Progress in Major Investments10 mn Devices Sold within 18 Months since Launch Cainiao Logistics Services100%+Cainiao Post:Daily Package YoY Growth (3)Cainiao Guoguo:Package Volume YoY Growth(3)International Commerce Retail100%+Lazada DAUs YoY Growth(1)Notes:F

23、or June Quarter 2019.Represents local consumer services GMV YoY growth, including Ele.me, Xingxuan and Koubei, for the twelve months ended June 30, 2019 vs June 30, 2018.For the month ended June 30, 2019.21As of August 31, 2019.STRATEGICINVESTMENT22Our M&A and Investment StrategiesStrategic Investme

24、nt ContinuesGreater Emphasis on SynergiesPortfolio Review Disciplined Monitoring23Goals of Our M&A and Investments(1)Solidify Core BusinessMarket PositionGlobalizationIdentify New Technology Trends3darazNote:241. Selected investments since FY2018.Greater EmphasisSupply Chain & Products Synergy485Dig

25、italized Stores(1)+6.5%Percent of Online Revenue After Integration of Taoxianda(2)on SynergiesCase StudiesNotes:O2O Integration for Enhanced User ExperienceThriving e-Commerce Ecosystem56Malls Connected toDigital Operation System50mnAnnual ActiveConsumers in SE Asia(4)(3)Same City Online Site Starts

26、 to Offer Local Delivery and Installation Services128%YoY Order Growth(5)As of June 30, 2019.For the month ended August 31, 2019.As of August 31, 2019 for Easyhome.Annual Active Consumers of Lazada across Indonesia, Malaysia, theContinuous Technology Innovation10 x50%Philippines, Singapore, Thailand

27、 and Vietnam ended August 31, 2019.Order volume growth in June Quarter 2019.For August 2019.Ali-NPU Performance Improvement(6)Cost Reduced(6) 25Portfolio Review with Disciplined Monitoring50+Divestments since IPORMB18bnTotal Net Gains26VALUATION27Strategic InvestmentsCORE COMMERCECLOUD COMPUTINGDIGI

28、TAL MEDIA & ENTERTAINMENTINNOVATION INITIATIVES & OTHERSMARKETPLACE-BASED CORE COMMERCE(1)INTERNATIONALLOCAL SERVICESNEW RETAILLOGISTICS ADJUSTED EBITA(1) (USD MN)REVENUE(1) (USD MN)FY19: 24,078FY19: 2,914900(2)(For June Quarter 2019)137%YoY Growth(4)2,440(2)(3)(For June Quarter 2019)FY19: 2,218FY19

29、: 3,681FY19: 3,588FY19: 69531% YoY Growth38% YoY Growth134%YoY Growth120%YoY Growth(5)84% YoY Growth23% YoY Growth42% YoY GrowthVALUATION COMPARISON PEERS/ Valuation FrameworkNotes:Unless stated otherwise, translations of RMB into US$ were made at RMB6.7112 to US$1.00.Translations of RMB into US$ we

30、re made at RMB6.8650 to US$1.00.Represents “Others” revenue under China commerce retail, which is primarily generated by New Retail and direct sales businesses, mainly Freshippo, Tmall Supermarket, Tmall Direct Import and Intime.We started to consolidate Ele.me in May 2018 and Koubei in December 201

31、8.We started to consolidate Cainiao Network in mid-October 2017.Valuation: $83+bn(6)For strategic investments in public companies, valuation calculated by market values of Alibabas stake as of June 30, 2019; for strategic investments in private companies, valuation based on their fair value as of Ju

32、ne 30, 2019; for strategic investments made after June 30, 2019, valuation calculated by the investment cost. Translation of RMB into US$ were made at RMB6.8650 to US$1.00. Kaolawill be consolidated in September 2019.28ValuationConsumer Facing BusinessesEnterprise Facing BusinessesUS$4.0bnLTM Revenue(2)Strategic Inve