扬帆出海 作者丨以南 12月16日，据中东媒体Saudi Gazette（《沙特公报》）报道，沙特本土头部电商平台Noon已成功筹集5亿美元新资金，并计划推进首次公开募股（IPO）。而 早在今年9月，Noon创始人兼董事长穆罕默德·阿拉巴尔曾公开表示，公司目前已非常接近实现盈利，预计在未来两年内将完成沙特阿拉伯与阿联酋的双重上 市。 成立于2016年，由沙特公共投资基金（PIF）持股50%的重要子公司Noon，即将在明年迎来它的10岁诞辰。与此同时，中国跨境卖家在中东的布局，也正从 早期的试水探索，逐步走向更深入的阶段。 Lexie是一位00后创业者，运营着一家海外公关公司，同时也是自媒体人。今年4月，在中美关税环境持续变化的背景下，许多中国跨境品牌开始拓展中东业 务，嗅到市场变化的气息后，Lexie也前往沙特进行了一场商务考察。 在她的记录中，当地的"朝觐经济"在消费类市场中占据了最大的份额，但相关的纪念品及文化周边伴随着同质化严重的问题。在机场，每走几步就会遇到消 费电子卖家，但品类基本为手机相关的基础配件，耳机也是五年前的上新款。这些切身的观察，也促使她重新思考着中东跨境电商的可能性。 中美关税风波让更 ...

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]

Core Viewpoint - The article discusses the competitive landscape of the "Four Little Dragons" of overseas e-commerce, namely Shein, Temu, TikTok Shop, and Alibaba's AliExpress, highlighting their strategic shifts and focus on brand differentiation in response to market challenges [4][6]. Group 1: Strategic Shifts - The "Four Little Dragons" have refocused on their core strengths: AliExpress aims to learn from Amazon and enhance brand offerings, Temu emphasizes low prices, Shein focuses on deep fashion, and TikTok Shop continues to leverage short video and live streaming content [4]. - AliExpress plans to launch a Brand+ section featuring over 2,000 competitively priced quality brands, providing increased exposure and price protection services in key markets like the US, Germany, and France [5][6]. Group 2: Market Positioning - AliExpress's initial goal is to surpass Amazon in transaction volume for top brands in specific markets, although no clear timeline has been set for this objective [5]. - Temu has set a GMV growth target of over 30% by 2025, focusing on expanding into European markets and resuming marketing efforts in the US [6][8]. Group 3: Competitive Challenges - The global tariff increases have prompted a reevaluation of low-price strategies, with AliExpress recognizing the need for differentiation to avoid price wars [6][7]. - Shein is concentrating on more profitable fashion categories, while both AliExpress and Shein are adopting localized strategies to collaborate with local businesses [7]. Group 4: Brand Development - AliExpress is targeting top Chinese brands on Amazon, inviting them to shift their focus to its platform, with a strategy to offer lower operational costs and better service experiences compared to Amazon [7][8]. - The platform has seen significant growth in brand partnerships, with a reported 70% increase in brand entries by mid-2025, indicating a strong focus on brand development [8][9]. Group 5: Success Stories - Several Chinese brands on AliExpress have shown impressive sales growth, such as Laresar vacuum cleaners with 250,000 units sold, and Magcubic projectors with over 2 million units shipped annually [9].

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].