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现在我们就一起来学习
Today let's discuss the valuation of Alibaba

和了解阿里巴巴的估值问题
Alibaba is too familiar to the Chinese, right?

阿里巴巴对于中国人来说太熟悉了，对吧？
Because it is almost a flagship

因为它几乎就是我们互联网企业的
of our Internet companies

一个旗舰，是中国互联网企业的代名词
it is synonymous with a Chinese Internet company

但是，你所了解的阿里巴巴
But Do you know

到底是一家什么样的企业？
what kind of business is Alibaba?

你可能会想到淘宝网、天猫网、支付宝
These things are closely related to your life

蚂蚁金服等等
You might think of Taobao

这些跟你的生活已经密切联系在一起的网络或者是功能
T-mall，Alipay, Ant Financial, etc

.事实上阿里巴巴公司的使命
In fact, Alibaba claimed that its mission is to

是说他要“让天下没有难做的生意”
make the world have no difficult business

所以他们就是想方设法
so they are trying to innovate in various fields

在各个领域和各个环节去进行创新
and in all aspects

让他们的使命成为事实
to make their mission a reality

今天你再看阿里巴巴公司它所控股
Today, if you look at these companies

或者参股这些企业
that Alibaba holds or participates in

也就是我们称之为“阿里生态圈”的
which we call the “Ali Ecosphere”

这张图的话，你会发现
from this picuture

阿里巴巴已经不再是一个简单的电子商务企业了
you will find that Alibaba is no longer a simple one e-commerce companies

它已经变成了一个数据驱动的互联网企业
it has become a data-driven Internet company

比如说，它在社交数据、购物数据、出行数据
For example, it collects a lot of data in social data, shopping data

然后还有这个浏览网页的数据、物流数据
travel data, and the data of browsing page

还有其他的一些领域，都收集了大量的数据
logistics data and data in other fields

尤其是通过支付宝作为收集数据的入口
especially through Alipay as the entrance to this data collection

他们实现了把各种各样的业务
They realized these innovations that

跟数据进行紧密结合的这些创新
combine various kinds of business and data

使得今天中国人的生活
so that the life of Chinese people today

不仅是离不开支付宝
is not only inseparable from Alipay

离不开阿里巴巴
but also inseparable from Alibaba

而且我们也通过他们享受到很多
and we through them to enjoy the convenience

数据驱动型的互联网创新带来的便利
of many data-driven Internet innovations

所以今天的互联网企业也好
So, today's Internet business

互联网经济也好
and Internet economy

已经不简单的是一个所谓的电商
not just mean simple changes

这样简单的名词所带来的改变
that e-commerce brought us

它更多的意味着一种新的经济的形态
they mean a new economic form

我们把它称之为Digital Economy，数字型的经济
we called it Digital Economy

我们通过阿里巴巴的公司网站
From Alibaba's website

可以了解到，阿里巴巴是这样一家企业
we can learn that what it exactly is

首先它是一家平台型的企业
First of all, it is a platform-based enterprise

它的目标是通过赋能企业
Its goal is to change the way of sales

改变销售、营销和经营的方式
marketing and operation by empowering other company

为商家、品牌和其他企业提供
To provide all companies and brands

基础互联网基础设施以及营销平台
with basic Internet infrastructure and marketing platforms

然后使得所有这些买家和卖家可以在
then all of these buyers and sellers

阿里巴巴的平台上实现用户和客户的互动
can interact with on it

也就是我们现在称之为“双边市场”的概念
which we now call “bilateral markets”

其次，阿里巴巴是一家具有
Second, Alibaba is a company with

多元业务特点的企业
diverse business characteristics

它的业务可以分解为三个层面或圈层
Its business can be broken down into three levels or layers

核心业务，相关业务和外围业务
core business, related business and peripheral business

核心业务主要包括了电商、云计算，数字媒体
The core business mainly includes e-commerce, cloud computing

和娱乐以及创新项目，其他的业务
digital media and entertainment as well as innovative projects and other businesses

相关的业务主要是通过
The related business is mainly through the Alibaba subsidiary

阿里巴巴的子公司，菜鸟网络
the Alibaba subsidiary, the rookie network

以及它所投资的关联公司，比如说口碑，等等
and the affiliates it invests in, such as Koubei, etc.,

来参与物流和本地服务领域
to participate in logistics and local services

外围的企业主要是
Because of a strategic partnership

阿里巴巴跟蚂蚁金服集团有战略合作关系
between Alibaba and the Ant Financial Group

使得它所这个开创的金融服务集团
the peripheral enterprises are mainly through

主要通过第三方的网上支付平台支付宝来实现运营
the third-party online payment platform Alipay to operate

我们可以通过阿里巴巴的财务报告了解到
We can learn from Alibaba's financial report that

目前阿里的核心业务主要包括了四大板块
Ali's core business currently consists of four major sectors

这四个板块分别是：核心电商业务
These four sectors are core e-commerce business

主要是由国内外的零售批发电商平台
mainly composed of domestic and foreign retail

以及营销平台来构成
and wholesale e-commerce platform and marketing platform

第二块，就是它的云计算业务
The second one is its cloud computing business

主要是以阿里云为旗舰
mainly based on Alibaba Cloud

第三块，就是数字媒体和娱乐业务
The third one, digital media and entertainment business

主要包括像优酷土豆、uc浏览器等相关业务
it mainly includes services such as Youkutudou, UC Browser, etc.

第四块，是创新业务及其它
The fourth piece is the innovative business and others

包括了它的云OS、高德地图、钉钉等创新业务
including its cloud OS, Gaode maps, Dingding, etc.

通过财报我们了解到
Through the financial report

这个四块核心业务在阿里巴巴的营收中
we learned that these four core businesses contributed

贡献了85%以上
more than 85% of Alibaba's revenue

这也就意味着其他的业务
which means that

它的这个目前的业绩贡献还不是太高
other businesses aren’t strong enough

意味着这是未来阿里要继续生根
and it may mean this is the future areas for Ali

继续去开拓的新的领域
to take root and continue to explore

讲到阿里，几乎所有的人都会联想起来
When it comes to Ali，almost everyone will associate with

阿里巴巴的“创业十八罗汉”
Alibaba’s establishing eighteen partners

也就是最早在杭州
They are the first 18 people

跟随马云先生一起创业的这18个人
to start a business in Hangzhou with Ma Yun

那么根据这个伦敦的品牌价值咨询公司
According to the most valuable 300 Chinese brands in 2018

——Brand Finance公司公布的
published by Brand Finance

2018年最具价值的300个中国品牌
a London-based brand value consulting company

阿里巴巴就成为了中国最具价值的互联网品牌
Alibaba has become China's most valuable Internet brand

它的品牌价值高达3500亿人民币
with a brand value of RMB 350 billion

约549亿美元
That is $54.9 billion

我们了解阿里巴巴的创立过程
We learned about the creation process of Alibaba

实际上是作为一个背景
In fact, it is used as a background to

进一步来分析阿里巴巴作为一家互联网企业
further analyze the fluctuations and changes

它的市值经历了什么样的波动和变化
in the market value of Alibaba as an Internet company

我们都知道阿里巴巴是2014年9月18号
As we all know, Alibaba was listed on NASDAQ

在美国的纳斯达克上市
in the US on September 18, 2014

其实在那之前
Before that

它在香港的资本市场上市过一段时间
it was listed in Hong Kong's capital market for a period of time

然后2012年从香港退市
and then delisted from Hong Kong in 2012

经过两年的准备以后
After two years of preparation

选择冲刺了美国的资本市场
it chose to go to the US capital market

在它IPO当天
On the day of its IPO

阿里巴巴的发行价是68美元每股
Alibaba's issue price was 68 US dollars per share

而当天它的收盘价就高达93.9美元每股
and its closing price on that day was as high as 93.9 US dollars per share

也就是说，IPO首日股票涨势非常喜人
That is to say, on the first day of the IPO, the stock's gains are very gratifying

然后在接下来的几年里面
Then in the next few years

其实阿里巴巴也经历了“破发”
in fact, Alibaba also experienced a "break"

也就是股价跌破了它的发行价的一些波动
the stock price fell below its issue price

但是最近我们发现它的股价又持续地走高
But recently we found that its stock is continuing to rise

我们通过对资本市场的查询了解到
We learned through the inquiry of the capital market

2018年的8月10号阿里巴巴的收盘价是每股180.01美元
that on August 10, 2018, Alibaba's closing price was 180.01 US dollars per share

按照这个股价
According to this stock price

阿里巴巴的市值是4500多亿美元
Alibaba's market value is more than 450 billion US dollars

那么跟它高峰时候的5000多亿美元相比
lower than its peak time 500 billion US dollars

还是略有收缩，但是总体上来说
But in general, it still represents one of the flagship enterprises

它仍然代表了中国互联网企业市值规模最大
with the largest market capitalization

成长速度最高
the highest growth rate

企业的利润最有稳健的旗舰型的企业之一
and the most stable profits of Chinese Internet companies

在这个地方我们要一起思考两个问题
In fact, we have to think about two issues here

第一个问题就是阿里巴巴的
The first question is

IPO的价格是怎么样来制定的？
how is the price of Alibaba's IPO formulated?

68美元每股的价格是怎样被算出来的？
How is the price of $68 per share calculated?

事实上，每次在给我们本科生或者研究生
In fact, every time I give undergraduate or graduate students

讲阿里巴巴案例的时候
an Alibaba case

我都会跟大家一起来思考一个问题
I will ask a question about

就是一只股票、一个企业的价值
how the value of a stock or a company

最开始的时候是怎样被确定和计算出来的？
was determined and calculated at the beginning?

这个恰恰是我们这堂课
This is precisely the knowledge

希望跟你分享的知识、方法和工具
methods and tools that we hope to share with you in this class

第二个问题，就是如果你是一个投资者
The second question is if you are an investor

你有机会接触到美国的资本市场
and you have access to the US capital market

那么你会购买阿里巴巴的美股
would you buy Alibaba's US stocks

作为你的投资选择之一吗？
as one of your investment choices？

在这两个问题的驱动之下
Driven by these two questions

我们要进一步的梳理
we have to further sort out

阿里巴巴公司整个的融资历程
the entire financing process of Alibaba

其实，在去美国上市之前
In fact, before it went to the US

阿里巴巴已经经历了七轮的融资
Alibaba had experienced seven rounds of financing

当时的融资规模都还比较小
At that time, the financing scale was still relatively small

一直到2014年9月份
Until September 2014

它在美国纳斯达克上市之后
after its listing on NASDAQ

阿里实现了前所未有的快速增长
Ali achieved an unprecedented speed of increase

根据阿里巴巴最新发布的2018年3季度的财报
According to Alibaba's latest financial report for the third quarter of 2018

它的整体的业务已经实现了
its overall business has achieved an increase of

比上年同比60%以上的增长
more than 60% compared with the previous year

尤其是其中非常显眼的阿里云
especially the prominent Alibaba Cloud business

它的比上年同比增速是高达103%
which increased 103%

阿里的整个的常规的用户已经达到了6亿多人次
Ali's entire regular users have reached more than 600 million people

所以这些数据
so all these data strongly support

使阿里能够支撑得起四五千亿美元的市值
Ali’s the market value of 550 billion US dollars

能够让美国乃至全世界的消费者和投资者相信
it can be trusted by consumers and investors in the United States and around the world

这是一家可以源源不断地赚钱的
this is a company with high growth

具有高成长和高价值回报的互联网企业
and high-value returns

当我们把阿里巴巴作为一个引子
When we put Alibaba as an introduction

放在我们导论的章节中的时候
in our introductory chapter

我们希望大家一直带着一些问题来思考
we hope that you always think with some questions

因为这些问题其实也会贯穿我们整个课程的始终
because these problems will actually run through our entire curriculum

比如说第一个问题
For example, the first question is

阿里巴巴为什么要选择从香港退市
Why did Alibaba choose to withdraw from Hong Kong

然后再去美国上市？
and then go to the US to go public?

这个选择是不是对于我们国内那些
Whether this choice to some extent is an inspiration

没有上市的互联网企业都有某种程度的启示
for our domestic Internet companies that are not listed

第二个问题就是
The second question is

阿里巴巴公司持续增长的主要盈利源泉是什么？
What is the main source of profit for Alibaba's continued growth?

因为这个问题对这个问题的分析和讨论
This question involves many valuation models

涉及到我们后面的很多的估值模型和方法
and methods of our upcoming course

但是这并不妨碍我们从现在就开始
but this does not prevent us from

去尝试着思考和分析
trying to think and analyze

阿里巴巴到底是一家什么样的企业？
what kind of company Alibaba exactly is?

它的盈利增长的源泉到底源自何方？
Where does the source of its profitable growth come from?

而这些增长到底在什么方面
And in what ways does this growth

去影响它的企业的市值？
affect the market value of its companies?

好，这部分的内容就到此结束
Ok, this part ends here