Core Insights - AliExpress is shifting its strategic focus to compete with Amazon for top brands globally, inviting leading Chinese brands on Amazon to join its platform [1] - The platform will launch a Brand+ section featuring over 2,000 quality brands, offering enhanced visibility and price protection services in key markets like the US, Germany, and Spain [1] - The strategic shift is driven by external pressures such as rising global tariff barriers and the need for a more sustainable business model beyond low-cost supply chains [1] Financial Performance - Alibaba International Digital Commerce Group (AIDC) reported a 19% year-on-year revenue increase to 34.7 billion yuan for Q1 of FY2026, with adjusted EBITA losses narrowing significantly to 59 million yuan from 3.7 billion yuan [2] - AliExpress has seen a 70% increase in the number of brands joining the platform, with over 500 brands doubling their growth in the first half of the year [2] Market Strategy - AliExpress has defined its target markets, aiming to surpass Amazon in sales for top brands in Spain, Latin America, South Korea, and Poland during key shopping events like Double 11 and Black Friday [2] - Competitor JD.com is also enhancing its global brand strategy, planning to lead 1,000 Chinese brands into international markets with a focus on high-value categories like electronics and home appliances [2] Industry Trends - Shein has launched the "SHEIN Xcelerator" program to support brand globalization, targeting emerging designers and established brands, with initial success in revenue generation [3] - Industry experts suggest that brand development is essential for enhancing global recognition of Chinese quality and improving profitability, marking a shift from scale expansion to high-quality growth [3]

以下文章来源于晚点财经 ，作者晚点团队 晚点财经 . 用框架思维分析上市公司的增长逻辑与投资价值。 "出海四小龙" 各自在错位竞争。 文 丨 管艺雯 我们此前报道 ，为应对 4 月以来爆发的关税战，Temu 和 Shein 都在商品价格中明确标注 "Import Charges"（进口费用），并都在拓展美国以外的市场，美国在 Shein 全球 GMV 中的占比，已经不及 30%，Temu 则为 35%。 Temu 为 2025 年定下了超过 30% 的 GMV 增长目标，这源于它从去年才开始做欧洲等市场，今年的 增速会很快，据我们了解，Temu 也重新在美国市场恢复了市场投放。目前，Temu 的业务以本对本的 半托管模式为主，这种模式下，平台上出售的商品由卖家自行运到美国的仓库并承担关税。 但大多数公司很难做到 Temu 面向商家、员工、供应商几乎不留余地的极致效率，因此也无法实现 Temu 那样的极致低价。 据我们了解，全球关税战爆发后，速卖通内部就开始反思，低价路线的天花板太低，"如果没有差异化 很难做，最终大家都是在压价格。" 他们意识到，只有中国品牌商品还有溢价空间，加税之后的价格 在全球市场仍然有竞 ...

Group 1 - Alibaba's cross-border e-commerce platform AliExpress is preparing a high-profile brand overseas project, inviting cooperation from several Fortune 500 companies and top domestic and international brands, expected to launch before Double Eleven in 2025 [1] - AliExpress, launched in April 2010, is the only Alibaba platform targeting the global market, often referred to as the "international version of Taobao," focusing on overseas consumers and utilizing international express delivery for shipments [1] - The platform has already initiated its brand overseas strategy, launching the "Big Save 10 Billion Subsidy" plan in April 2024 to support the overseas expansion of Chinese brands, particularly emerging ones [1][2] Group 2 - In the first half of the year, China's cross-border e-commerce import and export total reached 1.32 trillion yuan, a year-on-year increase of 5.7%, indicating a significant structural change with improved brand premium capabilities and cultural export characteristics [2] - The internationalization of brands is not just about product output but also about the transmission of culture and values, emphasizing the need for deep integration of cultural connotations and product strength to enhance global recognition of Chinese brands [2] - The reality show "Paris Partners," featuring Chinese beauty entrepreneurs, aims to create a sustainable cultural output scene by combining variety content with popular culture, helping to gradually convert international consumer attention into interest in products and brands [4] Group 3 - The concept of "cultural export" is likened to building a bridge for dialogue, where pop-up stores serve as public spaces for expressing Chinese culture, beyond just being sales venues [5] - The essence of product export is also seen as a significant pathway for cultural export, with the power of culture providing lasting and profound competitiveness for products [5]

Emerging Markets Dynamics - Vietnam has officially joined the BRICS cooperation mechanism as a partner country, welcomed by the Brazilian government, which currently holds the rotating presidency of BRICS [1] - The BRICS partner countries now include Nigeria, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan, expanding the total number of BRICS members to 11 [1] Financial Cooperation - The People's Bank of China and the Central Bank of Turkey have renewed a bilateral currency swap agreement with a scale of 350 billion RMB (approximately 189 billion Turkish Lira), effective for three years [2] - A memorandum of cooperation was signed to establish a RMB clearing arrangement in Turkey, enhancing financial cooperation and facilitating cross-border trade and investment [2] Platform Developments - TikTok announced an investment expansion in the UK to approximately £140 million (around 1.36 billion RMB), including the establishment of a new office in London and an increase in employee numbers to 3,000 [3] - TikTok Shop in Southeast Asia has relaxed entry policies for businesses, removing e-commerce experience requirements, allowing individual sellers to enter the market more easily [4] - TikTok Shop has launched a "Hot Product Takeoff Plan" in the US and Europe, providing various support resources to help merchants boost sales during the summer season [5] Industry Observations - Vietnam's commercial air conditioning market is projected to reach $600 million in 2024, with a year-on-year growth of 14.9%, while the first quarter of 2025 is expected to see a market size of $123 million, growing by 13.9% [9] - In Indonesia, the commercial air conditioning market is expected to reach $218 million in the first quarter of 2025, reflecting a year-on-year growth of 7.2% [10] - The Chinese mobile gaming industry accounted for 36.6% of global revenue in May 2025, with 33 Chinese companies making it to the top 100 global mobile game publishers [11] Shipping and Logistics - In the first five months of the year, Chinese shipbuilders secured 274 new ship orders, accounting for approximately 49% of the global market share, while global new ship orders have dropped to a near four-year low [12][13] - The demand for OLED display panels is expected to grow significantly, with a projected annual growth rate of 69% in 2025, driven by strong demand in the gaming sector [14] Policy Changes - Starting July 1, Vietnam will require e-commerce platforms to withhold and pay taxes on behalf of sellers, including VAT and personal income tax, with specific rates outlined for different types of transactions [21]

Investment Rating - The investment rating for Alibaba-W (09988) is "Buy" with a target price set for the next six months [5][13]. Core Insights - Alibaba's revenue for FY25Q4 reached 236.5 billion yuan, with adjusted EBITDA of 41.8 billion yuan and a net profit of 30 billion yuan, indicating strong performance across its business segments [1]. - The Taobao Tmall Group generated 101.4 billion yuan in revenue, exceeding Bloomberg's consensus by 3.6%, driven by a 12% year-on-year increase in customer management revenue due to improved take rates [2]. - The cloud business reported 30.1 billion yuan in revenue, with an 18% year-on-year growth, primarily due to the rapid adoption of AI-related products, which have maintained triple-digit year-on-year growth for seven consecutive quarters [2]. - The AIDC segment achieved 33.6 billion yuan in revenue, with a 22% year-on-year increase, supported by strong cross-border business performance [3]. - Shareholder returns included a buyback of 6 billion USD for 51 million shares in FY25, and a total of 11.97 billion shares repurchased for 11.9 billion USD, resulting in a net reduction of 995 million shares [4]. Summary by Sections Taobao Tmall Group - Revenue for FY25Q4 was 101.4 billion yuan, with adjusted EBITDA of 41.7 billion yuan. Customer management revenue increased by 12% year-on-year, benefiting from improved take rates and ongoing investments in user growth and service optimization [2]. Cloud Business - Revenue for FY25Q4 was 30.1 billion yuan, with adjusted EBITDA of 2.4 billion yuan. The cloud segment's revenue grew by 18% year-on-year, driven by the increasing adoption of AI products across various industries [2]. AIDC - Revenue for FY25Q4 was 33.6 billion yuan, with adjusted EBITDA of -3.6 billion yuan. The segment's revenue grew by 22% year-on-year, focusing on operational efficiency and strategic market expansion [3]. Other Businesses - Cainiao generated 21.6 billion yuan in revenue with adjusted EBITDA of -610 million yuan. Local life services reported 16.1 billion yuan in revenue with adjusted EBITDA of -2.3 billion yuan [3]. Shareholder Returns - In FY25, Alibaba repurchased shares worth 11.9 billion USD, leading to a net reduction in shares outstanding. The board approved a total dividend of 0.25 USD per share, amounting to approximately 4.6 billion USD [4]. Investment Outlook - The report anticipates revenue growth for FY 2026-2028 to be 1,035.3 billion, 1,105.7 billion, and 1,179.8 billion yuan respectively, with net profit projections of 180.7 billion, 185.9 billion, and 195.7 billion yuan [5].