BABA(US:BABA) 商业洞察·2025-06-28 08:46Core Viewpoint - Alibaba is undergoing a significant organizational restructuring, focusing on streamlining processes and strategic alignment, particularly targeting its partnership structure [2][4]. Group 1: Partnership Changes - Alibaba's partnership team has reached its lowest number since its establishment, with 9 partners exiting, accounting for nearly one-third of the total [3][8]. - The core decision-making body, the Alibaba Partnership Committee, has seen a change in one of its five members, with Jiang Fan replacing Peng Lei [3][17]. - The current partnership consists mainly of frontline business leaders, with only 4 out of 17 partners being senior members not involved in day-to-day operations [4][12]. Group 2: Financial Performance - For the fiscal year 2025, Alibaba reported total revenue of 996.347 billion yuan, with a net profit increase of 77% to 125.976 billion yuan [6]. - The revenue growth rates for e-commerce and cloud services were 8.3% and 11%, respectively [6]. - Alibaba has exited several businesses, including Gao Xin Retail and Intime Retail, while achieving profitability in units like Gaode and Hema [6]. Group 3: Strategic Focus - The emphasis on e-commerce and AI + Cloud as the two main growth engines was reiterated in the shareholder letter, with a stronger focus on AI [6][21]. - The new management under CEO Wu Yongming aims to prioritize user experience and AI-driven strategies, with a clear division of core and non-core business investments [21][22]. - The restructuring aims to enhance operational efficiency and align resources more effectively within the e-commerce sector [24][27]. Group 4: Partnership System Importance - The partnership system is considered more critical than any single business decision, ensuring the continuity of Alibaba's culture and values [30][33]. - The selection of partners is based on a combination of tenure, cultural alignment, and contributions to the company, requiring a supermajority for approval [32][34]. - The partnership structure allows for significant control over the company's direction, independent of individual shareholdings [30][33].