At least in the field of Commerce and retail, Ali's "excess" return compared with the external environment has almost disappeared. In Alibaba's financial report for the third natural quarter of this year (the second quarter of fiscal year 2022), the revenue was RMB 2007 billion, with a year-on-year increase of 29%. If the impact of the merger of Gaoxin retail is excluded, Alibaba's revenue growth in this quarter is only 16%, the lowest since its listing in 2014. From the perspective of revenue structure, "domestic demand, globalization and cloud computing" are the three Alibaba corporate strategies. Domestic demand (that is, domestic business sector) has the lowest contribution to Alibaba's revenue growth, with a year-on-year growth rate of 31%, lower than 41% of global business and 33% of cloud computing business. Ali also took the initiative to lower its total revenue forecast for fiscal year 2022. In the first natural quarter of this year (the fourth quarter of fiscal year 21), Ali expected a total revenue of 930 billion yuan in the new fiscal year, with a corresponding growth rate of 29%. In this quarter, Ali reduced the growth rate to 20% - 23%. CFO Wu Wei explained at the performance call that the lower expectation is because the current development momentum of social consumption in China is slower than that in the first quarter of this year. According to the data of the National Bureau of statistics, the retail sales of domestic goods increased by only 3.3% and 4.5% year-on-year respectively in August and September this year, which is in the lowest growth range in the past year. At the same time, she said that according to the guidelines, Alibaba's revenue growth in the second half of the fiscal year will be more than 10%. In addition, Ali officials also said that the lower expectation is to "make more drastic" investment in the future, mainly including investment in key strategic areas (such as taote, local life, community group purchase, lazada, etc.), and will bear more social responsibilities. In response to the analyst's question on "to what extent the weak growth of domestic demand is a macro factor and to what extent it is a competitive factor", Zhang Yong, chairman and CEO of the board of directors, responded that Ali is the largest market player of China's retail business, and Ali's performance is the performance of the overall market to some extent. On competition, Zhang Yong said that e-commerce is evolving. As long as you have traffic and users, because payment and logistics are socialized, anyone can carry out e-commerce business, "The advantage of Taobao lies in the user's mind. It is a position that serves purely for consumption. Today, other players in the market can only meet consumers from a specific angle, but Taobao can meet consumers from all angles." In this quarter, Alibaba's self operated business revenue, including Gaoxin retail, tmall supermarket, HEMA, direct import (Koala sea purchase) and intime, has accounted for 27% of the total revenue, while Alibaba's traditional core revenue source - customer management fee (including advertising fee and commission revenue) - accounted for 36%, but the year-on-year growth rate of the former was 111%, much higher than 3% of the latter. The year-on-year growth rate of customer management fee revenue remained at 14% in the last quarter and decreased to 3% in the current quarter, mainly due to Alibaba's business support measures. Since this year, Taobao tmall platform has successively launched more than 30 business support measures such as business consultant and free business operation tools. Alibaba said it has reduced the operating cost for businesses by at least 15 billion yuan. Previously, latepost exclusively reported that tmall supermarket and its import and export business group had been upgraded to B2C retail business group, and its self operated business had risen to the highest weight in Ali's history. This also made the attribute of "jingdonghua" more and more obvious in Ali's domestic business sector. Alibaba's revenue is, to some extent, the expenditure of other enterprises (businesses). In today's macro adverse wind environment, more and more enterprises are shrinking and developing. This is not good news for Alibaba's original retail business. To some extent, increasing the proportion of self-employed has taken into account commercial and political considerations, and the effect will have to wait and see. JD also released its third quarter financial report tonight, with a net income of 218.7 billion yuan, a year-on-year increase of 25.5%, of which the income of non electrified goods accounted for more than 40% of JD's product income, mainly due to the growth of JD's omni-channel and fashion home categories. According to the data provided by jd.com, in the first three quarters of this year, jd.com achieved a year-on-year increase of nearly 100% in all channel turnover; after the state strictly controlled antitrust, the "one out of two" between e-commerce platforms could not be implemented, which was good for jd.com. In this quarter, the number of third-party merchants settled in Jingdong main station was three times that of the total in the first half of the year, of which the number of new merchants settled in the fashion home category increased the most. During the double 11 this year, the overall number of new products of Jingdong clothing was 15 times that of the same period last year. Xu Lei, who was just promoted to President of JD group in September, also talked about the macro environment of weak consumption in the performance teleconference. He claimed that JD was relatively less affected because the main consumer groups of JD - characterized by urbanization, household consumption, certainty and Planning - accounted for a higher proportion. In contrast, "It can not be ruled out that under the trend of weak consumption, it will have a greater impact on some random shopping companies.". For the two major e-commerce companies that issued quarterly reports on the same day, the capital market gave different attitudes. As of press time, Ali once fell by more than 10% and JD rose by more than 7%. (Xinhua News Agency)