????營收

????在阿里巴巴的招股書中，它的各項數(shù)據(jù)聽起來都非常巨大：它的2.79億網(wǎng)購用戶買走的毛商品價值高達(dá)2480億美元，去年它的移動銷售額上漲了100%，這些都是令人驚嘆的數(shù)字。

????在招股書的第94頁，阿里巴巴記錄了最近一年的年收入：85億美元。

????這個數(shù)據(jù)只是小勝Facebook（見下圖）。亞馬遜最近一個財年的營收幾乎是阿里巴巴的9倍。（沃爾瑪雖然沒有出現(xiàn)在下表中，但它的年營收高達(dá)2457億美元，令表中的所有企業(yè)相形見絀，）。

????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.)

????不過這種對比并不算嚴(yán)格的橫向?qū)Ρ取０⒗锇桶偷臉I(yè)務(wù)模式更像eBay，也就是說，它更像是一個協(xié)調(diào)買家和賣家的中間人。阿里巴巴本身并不儲存或管理任何產(chǎn)品。阿里巴巴所說的毛商品價值，其實指的是在它旗下所有網(wǎng)站上交易的商品和服務(wù)的總額。

????阿里巴巴的營收是它從每筆銷售中抽頭的部分。而沃爾瑪近2500億美元的營收，則是指它賣出的所有商品的總額，其中包含它的固定利潤。

????這說明給阿里巴巴估值非常復(fù)雜。雖然《財富》（Fortune）雜志的肖恩?塔利指出，阿里巴巴必須要以火箭般的速度增長，才能為其IPO價格正名，但是也有其他人士認(rèn)為，阿里巴巴每股66美元的發(fā)行價其實是挺便宜的。還有一些人如賣空者卡森?布洛克，則直接批評阿里巴巴的業(yè)務(wù)模式。

????不管阿里巴巴的IPO最終如何登場，下周至少還是有一位大贏家——雅虎（Yahoo）。雅虎擁有阿里巴巴22%的股權(quán)，即便阿里巴巴的發(fā)行價落在價格區(qū)間的低端，這筆股份的價格也至少有314億美元。一旦阿里巴巴的股票正式發(fā)售，這筆股權(quán)的價值可能還要高得多得多。（財富中文網(wǎng)）

????譯者：樸成奎

????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.