阿里减持三江购物，剥离银泰、高鑫后再砍一刀，传统零售被彻底 “断奶”？

Core Viewpoint - Alibaba's first reduction of its stake in Sanjiang Shopping indicates a clear signal of capital retreat from traditional retail, marking a new phase in its strategic contraction in this sector [1][3][10]. Shareholder Holdings Overview - As of the announcement date, Alibaba's subsidiary, Hangzhou Alibaba Zeta Information Technology Co., holds 175,257,088 shares in Sanjiang Shopping, accounting for 32% of the total share capital, making it the second-largest shareholder [2]. Reduction Plan Details - Alibaba plans to reduce its holdings by up to 16,430,352 shares, representing 3% of the total share capital, with an estimated cash-out of approximately 194 million yuan based on the closing price on April 22 [1][3][11]. Financial Performance of Sanjiang Shopping - In its 2024 annual report, Sanjiang Shopping reported total revenue of 3.875 billion yuan, a slight decrease of 0.53% year-on-year, while net profit attributable to shareholders increased by 3.51% to 143 million yuan [4][6]. Historical Context of the Partnership - Alibaba's investment in Sanjiang Shopping in 2016 was seen as a key move following the introduction of the "New Retail" concept, aiming to leverage online and offline synergies [7][8]. Challenges Faced by Sanjiang Shopping - Sanjiang Shopping has struggled with revenue stagnation, with total revenue hovering around 4 billion yuan from 2016 to 2023, and net profit showing significant fluctuations [9][12]. Industry Trends and Shifts - The reduction of Alibaba's stake reflects broader changes in the retail industry, including a shift from aggressive expansion to refined operations, with a focus on core business areas [10][14]. Future Prospects for Sanjiang Shopping - Post-reduction, Sanjiang Shopping may explore localized strategies, leveraging its cold chain logistics and community services to adapt to changing consumer demands [13][15].