阿里IPO你不得不看的3张图表

    营收

    在阿里巴巴的招股书中，它的各项数据听起来都非常巨大：它的2.79亿网购用户买走的毛商品价值高达2480亿美元，去年它的移动销售额上涨了100%，这些都是令人惊叹的数字。

    在招股书的第94页，阿里巴巴记录了最近一年的年收入：85亿美元。

    这个数据只是小胜Facebook（见下图）。亚马逊最近一个财年的营收几乎是阿里巴巴的9倍。（沃尔玛虽然没有出现在下表中，但它的年营收高达2457亿美元，令表中的所有企业相形见绌，）。

    Revenue

    Alibaba’s stats sound huge in its prospectus: its 279 million shoppers bought $248 billion in gross merchandise volume sold. Its mobile sales expanded 100% last year. Those are impressive figures.

    Much further down, on page 94, Alibaba records its most recent annual revenue: $8.5 billion.

    That beats out only Facebook (see chart below). Amazon brought in almost 9 times that much in its most recent fiscal year. (Wal-Mart’s figures, not shown on the chart, dwarfed everyone at $245.7 billion.)

    不过这种对比并不算严格的横向对比。阿里巴巴的业务模式更像eBay，也就是说，它更像是一个协调买家和卖家的中间人。阿里巴巴本身并不储存或管理任何产品。阿里巴巴所说的毛商品价值，其实指的是在它旗下所有网站上交易的商品和服务的总额。

    阿里巴巴的营收是它从每笔销售中抽头的部分。而沃尔玛近2500亿美元的营收，则是指它卖出的所有商品的总额，其中包含它的固定利润。

    这说明给阿里巴巴估值非常复杂。虽然《财富》（Fortune）杂志的肖恩•塔利指出，阿里巴巴必须要以火箭般的速度增长，才能为其IPO价格正名，但是也有其他人士认为，阿里巴巴每股66美元的发行价其实是挺便宜的。还有一些人如卖空者卡森•布洛克，则直接批评阿里巴巴的业务模式。

    不管阿里巴巴的IPO最终如何登场，下周至少还是有一位大赢家——雅虎（Yahoo）。雅虎拥有阿里巴巴22%的股权，即便阿里巴巴的发行价落在价格区间的低端，这笔股份的价格也至少有314亿美元。一旦阿里巴巴的股票正式发售，这笔股权的价值可能还要高得多得多。（财富中文网）

    译者：朴成奎

    The comparison is not exactly apples-to-apples. Alibaba’s business model is similar to that of Ebay, in that it is a middleman coordinating sellers and buyers. Alibaba doesn’t house and manage any products itself. Gross merchandise volume, the metric the company likes to highlight, is the total sum of goods and services transacted on all its sites.

    Alibaba’s revenue is the cut it takes out of each sale. In comparison, Wal-Mart’s nearly $250 billion in revenue represents the total value of all the goods purchased along with its built-in margins.

    This shows how complicated it is to value Alibaba. While Fortune’s Shawn Tully points out that Alibaba would have to grow at breakneck speed to justify its IPO price, others are arguing that Alibaba at $66 a share is cheap. And others, such as short seller Carson Block, are outright critical of Alibaba’s business model.

    No matter how the IPO shakes out, there will be at least one big winner next week: Yahoo . The company’s 22% stake in Alibaba is worth at least $31.4 billion, at the low-end of the IPO range, and will likely be worth much more once the stock hits the market.