证券时报·2025-06-12 08:25Core Viewpoint - The article discusses a lengthy internal letter from Yuan An, the head of DingTalk's product research, reflecting on Alibaba's development, existing issues, and their causes, highlighting a sense of decline since 2017 [1][4]. Group 1: Alibaba's Historical Context - Yuan An attributes Alibaba's past success to favorable market conditions, Jack Ma's strategic vision, a strong value system, and effective institutional support [4][5]. - He expresses nostalgia for the early days when employees were respected for their kindness and the company's mission to help others [5]. Group 2: Current Challenges - The letter outlines a significant shift in both external public opinion and internal employee attitudes, with a focus on KPIs, salaries, and stock options rather than customer-centric values [6]. - Yuan An identifies several factors contributing to Alibaba's loss of growth momentum, including a slowdown in overall internet growth, failed acquisitions, and a lack of successful internal innovation [7][8]. Group 3: Internal Issues - The letter highlights issues in three main areas: people, finance, and operations, including a reliance on external talent that lacks understanding of Alibaba's culture, ineffective performance incentives, and increased competition among employees [9][10]. - It also points to broader company-level problems such as unclear strategy, conflicting objectives, and a culture of bureaucracy [11]. Group 4: Cultural Decline and Recommendations - Yuan An argues that the erosion of company culture has led to disarray among employees, with a decline in teamwork and integrity [12]. - He suggests a need for significant reforms, including restoring core values, restructuring HR systems, and addressing management issues, while also emphasizing the potential of AI in the future [12]. Group 5: Responses from Leadership - Jack Ma personally responded to Yuan An's letter, acknowledging the changes within Alibaba and expressing hope for the company's future [16][17]. - Other leaders, including Chairman Cai Chongxin and CEO Wu Yongming, have also reflected on the company's challenges and the need to return to a startup mentality [18].