证券时报·2025-06-12 08:26Core Viewpoint - The article discusses a lengthy internal letter from Yuan An, a former product research head at Alibaba, analyzing the company's development trajectory, existing issues, and their causes, highlighting a sense of decline since 2017 [3][4]. Group 1: Company Performance and Challenges - Yuan An attributes Alibaba's past success to favorable market conditions, Jack Ma's strategic vision, and a strong value system, but notes a decline in morale and focus on core values over the years [3][4]. - He identifies a slowdown in overall internet growth, failed acquisitions, and a lack of successful internal innovation as factors contributing to Alibaba's loss of growth momentum [3][4]. - Yuan An mentions that most of Alibaba's acquisitions, such as Koubei, Ele.me, and Lazada, have lost their leading positions post-integration, with some acquisitions resulting in losses [3][4]. Group 2: Internal Issues - The letter outlines significant internal issues, including a reliance on external talent that lacks understanding of Alibaba's culture, increased competition among employees, and a lack of collaboration [6][7]. - Yuan An criticizes the company's unclear strategy, bureaucratic tendencies, and a culture that has shifted from collaboration to individual competition, leading to a decline in core values [6][7]. - He expresses concern over the inflation of employee ranks, unclear reward systems, and a short-term mindset among staff, which he believes undermines the company's performance [6][7]. Group 3: Cultural and Structural Recommendations - Yuan An emphasizes the need to restore Alibaba's original values and teamwork spirit, suggesting reforms in HR systems, management structures, and transparency in job levels [7]. - He advocates for a "surgical" approach to address these issues, indicating that the company must adapt to the new era of AI and e-commerce [7]. - The letter concludes with a hopeful message for Alibaba's future, urging the company to embrace change and innovation [8]. Group 4: Leadership Response - Jack Ma personally responded to Yuan An's letter, acknowledging the challenges and changes Alibaba is undergoing, and expressing hope for the company's future [9][10]. - Other leaders, including Chairman Cai Chongxin and CEO Wu Yongming, have also reflected on the company's issues, indicating a recognition of the "big company disease" and a commitment to returning to a startup mentality [10].