In the puzzled eyes of everyone, the battle for the boss of China's e-commerce, Pinduoduo is about to counterattack. While most of us don't admit it, the capital markets established this in the first place.
In February 2024, Pinduoduo had a market capitalization of $175.3 billion, while Alibaba had a market capitalization of $186.9 billion. In terms of market capitalization, Pinduoduo is only one step away from Alibaba.
And this, still under the premise that Alibaba offered a huge ** repurchase plan of 65 billion US dollars, 65 billion US dollars, almost more than 1 3 of Alibaba's market capitalization.
Let's take a look at Alibaba's financial report for the fourth quarter of 2023: revenue of 2603500 million yuan, a year-on-year increase of 5%, net profit of 1071.7 billion yuan, down 77% year-on-year. The revenue attributable to Taotian Group was 1290700 million yuan.
Now let's take a look at Pinduoduo's data: among them, the revenue in the first quarter was 3763.7 billion, a year-on-year increase of 5818%；Revenue in the second quarter was 5228.1 billion, a year-on-year increase of 6629%；Revenue in the third quarter was 6884.1 billion, a year-on-year increase of 9389%。The fourth-quarter earnings report has not yet been released, if the first quarter is 3763.7 billion yuan on a basis point, of which 688 in the third quarterThe revenue of 4.1 billion yuan has increased by 83%, so based on the second quarter, even if the growth rate of 83% is still taken, the revenue will exceed 95.6 billion yuan, which is significantly narrowed from the 129 billion yuan gap of Taotian Group, which may be an increase of two quarters.
You must know that Pinduoduo's growth data is quite strong, while Alibaba, especially Taotian Group's revenue data in the past two years, has hardly increased. At present, Pinduoduo's overseas business platform Temu is expanding its territory around the world, which is also its biggest variable compared to Alibaba. Pinduoduo, which is lightly traveling, is soaring on the road to surpassing Alibaba.
Alibaba is not only a strong competitor to Pinduoduo, but also the impact of live-streaming e-commerce such as Douyin and Kuaishou is also one of the factors contributing to Alibaba's weak growth. Alibaba's change is still too slow.
Some people say that in addition to Taotian Group, Alibaba also has 1312With a revenue of 800 million yuan, the gap between Pinduoduo and it is still very obvious. Although Alibaba's offline businesses such as Freshippo, Yintai and RT-Mart have contributed a huge amount to revenue, this is not the case in the eyes of capital, and has become a stumbling block to its expansion.
We can imagine that without Freshippo, RT-Mart, Yintai Commerce, etc., Alibaba's e-commerce performance growth would not be so weak. When Alibaba decided to develop online and offline synergistically, it was a critical period for the rise of live broadcast e-commerce Douyin and Kuaishou. At that time, Alibaba was focusing on the expansion of offline business, and the way of heavy asset investment may be wrong now.
This is also the logic of Alibaba's rumored desire to dispose of businesses such as Hema and Yintai Commerce, and Alibaba's management may have been aware of this for a long time.
In the e-commerce business line, except for Xianyu, Alibaba has few bright spots. Now, the well-built moat rookie wrap has also declared its independence. In addition to maximizing the capital value of Cainiao Group, the main reason is that the logistics sector has little support for the competitiveness of various e-commerce platforms.
And Pinduoduo's slashing, tens of billions of subsidies, refund-only and other gameplay have also formed its unique moat. In the battle for China's e-commerce boss, Pinduoduo may eventually live like Alibaba.
In the ecology of traffic payment, the loss of ** sellers is inevitable. For Alibaba, it may be too late to change.
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