菜鸟集团熊伟：全球化业务占比已过半，跨境物流还将再提速

Core Viewpoint - Cainiao's globalization narrative is shifting from being a support function for Alibaba's ecosystem to taking on a market-leading role, with over 50% of its business now coming from global operations rather than Alibaba [1][4]. Group 1: Globalization and Market Position - Cainiao's global business now accounts for more than 50% of its overall operations, indicating its evolution into an independent logistics service provider catering to a global market [1]. - The company has established a cross-border logistics network covering over 200 countries and regions, with a recent upgrade to its European G2G logistics solution supporting e-commerce express delivery across 35 European countries [2]. - The goal is to reduce cross-border logistics time from an average of 5 working days to 5 calendar days [3]. Group 2: Development Phases - Cainiao's development can be divided into three phases: - The 1.0 era (2013-2018) focused on technology-driven solutions connecting merchants and logistics [4]. - The 2.0 era (2018-2023) expanded into cross-border, warehousing, and delivery services [4]. - The current 3.0 era emphasizes globalization and marketization as essential for survival and growth [4]. Group 3: Investment Strategy - The company is investing heavily in a "heavy asset" model, with examples including the establishment of eHubs in Hong Kong and Liège, Belgium, which are part of a long-term strategic plan [5]. - Despite short-term challenges, this heavy asset approach is expected to provide scale advantages and more reliable services in terms of efficiency and cost [5]. - Cainiao has built its own last-mile delivery networks in nine countries and plans to deepen investments in regions like Europe and Southeast Asia [5]. Group 4: Market Trends and Challenges - Despite global trade tensions and fluctuating tariff policies, Cainiao remains committed to its globalization strategy, as the growth of overseas e-commerce markets is accelerating [6]. - The company notes that while cross-border direct shipping faces challenges, the penetration rate of e-commerce in many countries is still low, indicating significant growth potential [6]. - The logistics industry is seeing a shift in market demand towards efficiency and cost-effectiveness, with a notable increase in the demand for faster delivery options [7][9]. Group 5: Pricing and Competition - Cainiao's main cross-border products include a $5 delivery option within 10 days, which has gained a 70% market share, while the $10 option for 5-day delivery accounts for 20-30% [8]. - The company argues that the notion of a price war in overseas markets is misleading, as improvements in delivery speed significantly boost repurchase rates [9]. - The logistics sector is increasingly favoring established service providers over smaller ones, as the complexity of providing reliable global express services rises [9].