BABA(US:BABA) 3 6 Ke·2025-06-23 03:57Core Viewpoint - The 618 shopping festival has concluded quietly this year, with major e-commerce platforms refraining from announcing GMV growth rates, reflecting a shift towards focusing on consumer and merchant service rather than competition [1][2]. Group 1: Tmall's Performance - Tmall's president, Liu Bo, stated that Tmall's GMV, excluding refunds, grew by 10% year-on-year, with a double-digit increase in purchasing users [2][3]. - This announcement is notable as it is the only official GMV growth figure released among major e-commerce platforms, raising questions about whether Tmall's performance is exceptionally good or if it aims to boost market confidence due to underwhelming results [2][3]. - The term "actually" used by Liu Bo suggests a backdrop of market fatigue regarding Tmall's growth expectations, indicating a shift in sentiment [2][4]. Group 2: Implications for Taobao - The focus on Tmall's growth raises concerns about Taobao's performance, as the lack of mention of Taobao's GMV suggests it may not have experienced growth during the 618 festival [5][6]. - The historical significance of Taobao as a major GMV contributor to Alibaba is highlighted, with Tmall's growth being insufficient to mask Taobao's potential underperformance [5][6]. - The absence of Taobao's performance data indicates a strategic shift away from supporting small and medium-sized merchants, which could have long-term implications for the platform's ecosystem [7][8]. Group 3: Strategic Shifts and Merchant Impact - Alibaba has tightened policies for small and medium-sized merchants, including the gradual withdrawal of software service fee discounts and increased advertising charges, reflecting a strategic pivot towards larger brands [8][9]. - The reported revenue growth of 9% for Tmall in Q4 2025, reaching 101.369 billion, is attributed to these changes, with a 12% increase in key customer management revenue [8][9]. - The rising costs for small merchants, including a complex fee structure, have led to dissatisfaction and could threaten the platform's long-term viability [10][11]. Group 4: Historical Context and Future Outlook - The historical context of Tmall's creation and its impact on Taobao's positioning is discussed, with past decisions leading to a focus on larger brands at the expense of small merchants [12][14]. - The current strategic oscillation between supporting Tmall and Taobao raises concerns about the sustainability of Alibaba's approach, particularly as small merchants struggle with increasing costs [19][20]. - The need for Alibaba to stabilize its dual-platform strategy and support small merchants is emphasized, as their success is crucial for the overall health of the e-commerce ecosystem [20][21].