阿里优酷2014财报对比分析
阿里巴巴并购优酷财务整合绩效评价
三、财务整合绩效评价
2、成本降低：通过整合采购、生产、销售等环节，阿里巴巴降低了成本。例 如，优酷土豆的视频内容采购成本得到了有效控制，同时阿里巴巴还通过优化物 流和仓储等环节降低了运营成本。
二、并购背景介绍
二、并购背景介绍
2015年10月，阿里巴巴宣布以每股6.6美元的价格收购优酷土豆。这次并购 使得阿里巴巴能够进一步扩大其在数字媒体领域的市场份额，并加强其在在线视 频领域的地位。优酷土豆作为中国最大的视频分享网站之一，拥有庞大的用户群 体和丰富的视频资源。
三、财务整合绩效评价
三、财务整合绩效评价
4、实现资源共享
4、实现资源共享
在并购优酷土豆后，阿里巴巴可以借助优酷土豆的内容资源和用户群体，进 一步扩大自身的业务范围。同时，优酷土豆也可以借助阿里巴巴的电商资源和大 数据技术，提高自身的运营效率和市场竞争力。这种资源共享可以实现双方的互 利共赢，推动中国互联网行业的发展。
4、实现资源共享
2、提升市场竞争力
通过并购优酷土豆，阿里巴巴在视频领域的市场份额大幅增加，进一步巩固 了其在互联网行业的领导地位。优酷土豆拥有大量的优质内容资源，能够为阿里 巴巴提供更多元化的内容支持。这使得阿里巴巴在与竞争对手的竞争中具备了更 强的竞争优势。
3、提高盈利能力
3、提高盈利能力
阿里巴巴通过并购优酷土豆，能够通过在线视频广告、会员付费等多种方式 进行盈利。同时，优酷土豆的广告平台和数据管理技术能力，可以为阿里巴巴的 广告业务提供更好的支持，进一步提高广告收入。
2014年度视频网站年终总结-4页word资料
2014年度视频网站年终总结视频网站的内容来源无外乎两种模式，一是从外部获取，二是自力更生。
但如今高质量的综艺节目、电视剧、电影等的网络版权费用基本都为天价――以网络独播剧为例，从2009年到2014年，版权价格从2万元一集涨到200万元，5年间涨了100倍。
而与此同时，电视平台也越来越不满足于仅靠版权费用赚“外快”――相较于视频网站对电视观众的分流和对广告主的攫取，版权“外快”显得微不足道。
于是，央视和湖南卫视率先宣布“独播不分销”战略，其他电视平台也都陆续收回了对众多热播内容的播放权，独播战略大行其道。
再者，广电总局对海外节目版权的引进实行紧缩政策，加强监管，导致内容引进模式式微。
“外援”缩紧，视频网站只能克服对原有内容来源的强依赖性，选择自力更生。
为了避开版权壁垒，各家视频网站便都押宝在了“自制”上。
搜狐CEO张朝阳在《?潘磕惺?4》开机发布会上将2014年定义为视频网站的“大自制元年”，将自制作为年度战略来抓。
实则，各大视频网站在自制方面也都铆足了劲，投入不断攀高：2014年搜狐针对自制的投入是2013年的2倍；优酷土豆在2014年投入3亿元做自制；乐视网对自制剧的预算投入占到每年10亿元内容投资的10%-15%，2015年增加到1/3左右。
一方面，这一年各大网站的网络自制剧突破了50部达到1200集的体量，自制节目突破100档大关；另一方面，巨额的成本投入、专业化的制作团队、明星导演和演员的加入，让网络自制内容彻底改头换面，摘掉了“低品质、粗制滥造”的标签。
可以说，“大自制元年”，实至名归。
优酷土豆2014年4月，优酷土豆集团与阿里巴巴集团宣布建立战略投资与合作伙伴关系；6月，根据CNNIC发布的《中国网民网络视频应用研究报告》显示，优酷土豆集团稳居中国视频行业第一；11月，优酷土豆集团在上海宣布与小米公司达成资本和业务方面的战略合作。
优酷土豆自合并成立之初就确立了第一的地位，在顺利度过合并期和优化期后，优酷土豆整合PC、移动端的数据，2014年其多屏月独立访问用户数和移动端日均视频播放量双双突破5亿，以70.4%的用户规模遥遥领先行业。
8点1氪：优酷土豆全年净亏损扩大53%
8点1氪：优酷土豆全年净亏损扩大53%sinCera · 1小时前8 点 1 氪：优酷土豆全年净亏损扩大 53%•优酷土豆四季度净营收为人民币 12.6 亿元，同比增长 40%；净亏损为人民币 3.181 亿元，同比扩大 1193%；毛利润为人民币 2.4 亿元，较去年减少 1430 万人民币。
•2014 年全年净营收为人民币 40 亿元，同比增长 33%；净亏损为人民币 8.886 亿元，同比扩大 53%；毛利润为人民币 7.81 亿元，同比增长 39%。
•优酷土豆公司预计2015 年第一季度净营收将介于人民币10.1 亿元至 10.3 亿元之间；预计广告净营收将介于人民币 8.7 亿元至 8.9 亿元之间。
携程全年归属于股东的净利润下滑 76%•携程网四季度净营收为人民币 19 亿元，同比增长 33%；归属于携程网股东的净亏损为人民币 2.24 亿元，同比下降 185%；毛利率为69%，同比降低4%；住宿预订量同比增长53%、交通票务预订量同比增长 102%。
•2014 年全年净营收为人民币 73 亿元，同比增长 36%；归属于携程网股东的净利润为人民币2.43 亿元，同比下降76%；毛利率为71%，同比降低3%；住宿预订量同比增长63%、交通票务预订量同比增长 90%。
•近期，携程将旗下包括主营酒店业大数据挖掘及增值服务的慧评网与酒店管理系统(PMS) 供应商中软好泰在内的子公司重组合并，向客栈旅馆及高星级酒店提供全套酒店管理系统解决方案。
艺龙以 7650 万元转让南京西祠 90% 股权•艺龙发布公告，宣布向毅达资本转让所持西祠胡同90% 的股权。
•此前艺龙持有南京西祠95.05% 股份，南京西祠员工持剩下的4.95% 的股份。
•财报数据显示，2014 年第四季度艺龙净亏损为 2.07 亿元，而上一年同期净亏损为 0.44 亿元。
Google 发布 Android Auto 应用•Android Auto 最早亮相于去年六月。
阿里巴巴2014年第四季度财务报表
Alibaba Group Announces December Quarter 2014 Results Hangzhou, China, January 29, 2015– Alibaba Group Holding Limited (NYSE: BABA) today announced its financial results for the quarter ended December 31, 2014.“We delivered a strong quarter with significant growth across our key operating metrics,” said Jonathan Lu, chief executive officer of Alibaba Group. “Gross merchandise volume across our China re tail marketplaces grew 49% year on year, and our annual active buyers increased to 334 million in 2014, an increase of 45% year on year. Our unrivaled leadership and momentum in mobile continued — we added 48 million active users sequentially and delivered over US$1 billion in mobile revenue during the quarter. Our business continues to perform well, and our results reflect the strength of our ecosystem and the strong foundation we have for sustainable growth.”“Alibaba performed very well this quarter, with revenue growing 40% year on year,” said Maggie Wu, chief financial officer of Alibaba Group. “We continue to execute our focused growth strategy, and the fundamental strength of our business gives us the confidence to invest in new initiatives to add new users, improve engagement and customer experience, expand our products and services and drive long-term shareholder value.”December Quarter Operational and Financial Highlights*Operational highlights:December 31,2013 September 30,2014December 31,2014% ChangeYoY QoQQuarterly GMV (1) (in RMB billions)529 556 787 49% 42% Quarterly Mobile GMV (1) (in RMBbillions)104 199 327 213% 64% Mobile GMV as a percentage of totalGMV(1)20% 36% 42%Annual Active Buyers(2) (in millions)231 307 334 45% 9% Mobile Monthly Active Users (MAUs)(3)(in millions) 136 217 265 95% 22% ______________* For definitions of terms used but not defined in this press release, please refer to the prospectus of our initial public offering.(1)For the three months ended on the respective dates.(2)For the twelve months ended on the respective dates.(3)For the month ended on the respective dates.Financial highlights:Three months ended December 31,2013 2014RMB RMB US$⑤YoY % Change(in millions, except percentages and per shareamounts)Revenue18,745 26,179 4,219 40% Mobile Revenue 1,171 6,420 1,035 448% Income from Operations 8,801 9,347 1,506 6%Non-GAAP EBITDA⑤⑤11,246 15,103 2,434 34%Non-GAAP EBITDA Margin⑤⑤60% 58% 58%Net Income 8,357 5,983 964 (28%)⑤⑤⑤Non-GAAP Net Income⑤⑤10,463 13,115 2,114 25% Diluted Earnings per Share/ADS(EPS) 3.55 2.29 0.37 (35%)⑤⑤⑤Non-GAAP Diluted EPS⑤⑤ 4.45 5.05 0.81 13%_______________⑤This release contains translation of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) for the convenience of the reader, unlessotherwise stated, all translations of RMB into US$ were made at RMB6.2046 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2014. The percentages stated in this release are calculated based on the RMB amounts.⑤⑤See the sections entitled “Non-GAAP Financial Measures” and “Reconciliati on of Non-GAAP Measures to the Nearest Comparable GAAPMeasures” for more information about the non-GAAP measures referred to within this release.⑤⑤⑤D ecrease primarily due to an increase in share-based compensation expense, a one-time charge for financing-related fees and an increase inincome tax expenses in the quarter ended December 31, 2014, as discussed in detail below.GMV –GMV transacted on our China retail marketplaces in the quarter ended December 31, 2014 wasRMB787 billion (US$127 billion), an increase of 49% compared to the same quarter of 2013, and compared to RMB556 billion in the quarter ended September 30, 2014, representing a net addition of RMB231 billion GMV in three months. GMV transacted on Taobao Marketplace in the quarter ended December 31, 2014 was RMB494 billion (US$80 billion), an increase of 43% compared to the same quarter of 2013. GMV transacted on Tmall in the quarter ended December 31, 2014 was RMB293 billion (US$47 billion), an increase of 60% compared to the same quarter of 2013. The GMV growth was primarily driven by an increase in the number of active buyers and also partially attributable to category expansion, for example, auction transactions. On November 11, 2014, our Singles Day promotion generated GMV settled through Alipay of RMB57 billion (US$9.2 billion) on our China and international retail marketplaces within a 24-hour period, an increase of 58% compared to the Singles Day in 2013.Mobile GMV –Mobile GMV in the quarter ended December 31, 2014 was RMB327 billion (US$53 billion), an increase of 213% compared to the same quarter of 2013. Mobile GMV accounted for 42% of total GMV transacted on our China retail marketplaces in this quarter, compared to 36% in the quarter ended September 30, 2014 and 20% in the same quarter of 2013. The growth was primarily driven by an increase in the monthly active users accessing our platforms through mobile devices and an increase in the level of their spending.Annual active buyers–Our China retail marketplaces had 334 million annual active buyers in the twelve months ended December 31, 2014, compared to 307 million in the twelve months ended September 30, 2014 and 231 million in the twelve months ended December 31, 2013, representing an increase of 45% compared to the same period in 2013. The growth in annual active buyers was driven by an increase in active buyers throughout China, with substantially faster growth from lower tier cities.Mobile MAUs–Mobile MAUs grew to 265 million in the month ended December 31, 2014, compared to 217 million in the month ended September 30, 2014, representing a record high net addition of 48 million MAUs in three months, and a 95% increase from 136 million in the month ended December 31, 2013. According to iResearch, our Mobile Taobao App continues to be the No. 1 e-commerce app in China, demonstrating our ability to attract mobile users with strong purchasing intent on a large scale.Revenue–Revenue increased by 40% to RMB26,179 million (US$4,219 million) in the quarter ended December 31, 2014, compared to RMB18,745 million in the same quarter of 2013. Revenue from the China commerce retail business increased by 32% to RMB21,275 million (US$3,429 million), compared toRMB16,149 million in the same quarter of 2013, mainly driven by the growth in commission revenue and online marketing services revenue. Mobile revenue from the China commerce retail business increased by 448% to RMB6,420 million (US$1,035 million) in the quarter ended December 31, 2014, compared to RMB1,171 million in the same quarter of 2013, primarily due to a greater proportion of GMV generated on mobile devices and an increase in the mobile monetization rate.Income from operations – Income from operations in the quarter ended December 31, 2014 was RMB9,347 million (US$1,506 million), an increase of 6% compared to RMB8,801 million in the same quarter of 2013. Operating income growth was lower than revenue growth primarily due to an increase in share-based compensation expense (as discussed in “Share-based compensation expense” below).Non-GAAP EBITDA–Non-GAAP EBITDA increased by 34% to RMB15,103 million (US$2,434 million) in the quarter ended December 31, 2014, compared to RMB11,246 million in the same quarter of 2013. Non-GAAP EBITDA margin was 58% in the quarter ended December 31, 2014, compared to 60% in the December quarter of 2013. The year-on-year decrease in non-GAAP EBITDA margin was primarily due to the consolidation of newly acquired businesses, mainly UCWeb Inc., or UCWeb, and AutoNavi Holding Limited, or AutoNavi, and investments in new business initiatives, such as our mobile operating system, local services and digital entertainment. The quarter-on-quarter increase in non-GAAP EBITDA margin from 51% in the quarter ended September 30, 2014 was primarily due to operating leverage in this seasonally strong quarter.Net income –Our net income in the quarter ended December 31, 2014 was RMB5,983 million (US$964 million), a decrease of 28% compared to RMB8,357 million in the same quarter of 2013. The decrease was primarily due to (i) an increase in share-based compensation expense (including the effect of “mark-to-market” accounting of share-based awards in an amount of RMB1,494 million (US$241 million)) (as discussed in “Share-based compensation expense” below), (ii) an RMB830 million (US$134 million) one-time charge for financing-related fees as a result of the early repayment of our US$8 billion bank borrowings (as discussed in “Interest expense” below), and (iii) an increase in income tax expenses, primarily due to the expiration of an enterprise income tax (“EIT”) exemption period for one of our major subsidiaries (as discussed in “Income tax expenses” below).Non-GAAP net income–Non-GAAP net income increased by 25% to RMB13,115 million (US$2,114 million) in the quarter ended December 31, 2014, compared to RMB10,463 million in the same quarter of 2013.Diluted EPS and non-GAAP diluted EPS –Diluted EPS in the quarter ended December 31, 2014 was RMB2.29 (US$0.37) on 2,588 million diluted shares outstanding, a decrease of 35% compared to RMB3.55 on 2,343 million diluted shares outstanding in the same quarter of 2013. Non-GAAP diluted EPS in the quarter ended December 31, 2014 was RMB5.05 (US$0.81) on 2,588 million diluted shares outstanding, an increase of 13% compared to RMB4.45 on 2,343 million diluted shares outstanding in the same quarter of 2013. The lower non-GAAP diluted EPS growth rate relative to non-GAAP net income growth rate was due to an increase in number of diluted shares outstanding in the quarter ended December 31, 2014 following the completion of our initial public offering in September 2014.December Quarter Financial ResultsRevenue –Revenue for the quarter ended December 31, 2014 was RMB26,179 million (US$4,219 million), an increase of 40% compared to RMB18,745 million in the same quarter of 2013. The increase was mainly driven by the continuing rapid growth of our China commerce retail business. The following table sets forth a breakdown of our revenue for the periods indicated.Three months ended December 31,2013 2014RMB% ofRevenue RMB US$% ofRevenueYoYChange (in millions, except percentages)China commerceRetail 16,149 86% 21,275 3,429 82% 32% Wholesale 612 3% 860 139 3% 41% Total China commerce 16,761 89% 22,135 3,568 85% 32% International commerceRetail 264 2% 554 89 2% 110% Wholesale 1,000 5% 1,209 195 5% 21% Total international commerce 1,264 7% 1,763 284 7% 39% Cloud computing and Internetinfrastructure 196 1% 362 58 1% 85% Others 524 3% 1,919 309 7% 266% Total 18,745 100% 26,179 4,219 100% 40% China commerce retail business –Revenue from our China commerce retail business in the quarter ended December 31, 2014 was RMB21,275 million (US$3,429 million), or 82% of total revenue, an increase of 32% compared to RMB16,149 million in the same quarter of 2013. The increase was mainly driven by the growth in commission revenue and online marketing services revenue. Commissionrevenue accounted for 37% of China commerce retail revenue in the quarter ended December 31, 2014, compared to 30% in the same quarter of 2013. Revenue growth during this period occurred in the context of and reflected an increase of 49% in GMV transacted on our China retail marketplaces, which was primarily driven by a 45% increase in the number of active buyers.The lower revenue growth relative to GMV growth was mainly a result of (i) the higher percentage of total GMV contributed by mobile GMV, which has a lower monetization rate compared to the non-mobile monetization rate, and (ii) lower pay-for-performance (“P4P”) monetization on the personal computer (“PC”) interface compared to the same quarter of 2013. The lower P4P monetization on PC was primarily caused by our continued efforts to improve user experience, which adversely affected cost per click. Our strong momentum in mobile and commitment to improving user experience may slow the growth rate of our online marketing services revenue in the near term, but we believe they will create significant value for both our users and our business in the longer term.Mobile revenue from the China commerce retail business in the quarter ended December 31, 2014 was RMB6,420 million (US$1,035 million), an increase of 448% compared to RMB1,171 million in the same quarter of 2013, representing 30% of our China commerce retail business revenue, compared to 29% in the quarter ended September 30, 2014 and 7% in the same quarter of 2013. The increase in mobilerevenue from the China commerce retail business was primarily due to a greater proportion of GMV generated on mobile devices and an increase in the mobile monetization rate.∙China commerce wholesale business –Revenue from our China commerce wholesale business in the quarter ended December 31, 2014 was RMB860 million (US$139 million), an increase of 41% compared to RMB612 million in the same quarter of 2013. The increase was due to an increase in average revenue from paying members and an increase in paying members.∙International commerce retail business –Revenue from our international commerce retail business in the quarter ended December 31, 2014 was RMB554 million (US$89 million), an increase of 110%compared to RMB264 million in the same quarter of 2013. The increase was primarily due to an increase in GMV transacted on AliExpress, partially attributable to AliExpress’ participation in our Singles Day promotion campaign on November 11, 2014 for the first time.∙International commerce wholesale business –Revenue from our international commerce wholesale business in the quarter ended December 31, 2014 was RMB1,209 million (US$195 million), an increase of 21% compared to RMB1,000 million in the same quarter of 2013. The main reason for this increase was an increase in the number of paying members and an increase in average revenue from payingmembers.∙Others –Other revenue in the quarter ended December 31, 2014 was RMB1,919 million (US$309 million), an increase of 266% compared to RMB524 million in the same quarter of 2013. This increase was primarily due to the consolidation of revenue from acquired business (mainly UCWeb and AutoNavi) and an increase in interest income generated by our SME loan business. When the restructuring of our relationship with Ant Financial closes, which we expect in the March 2015 quarter, we will no longer consolidate revenue generated by the SME loan business in our financial results.Cost of revenue –Cost of revenue in the quarter ended December 31, 2014 was RMB7,520 million(US$1,212 million), or 29% of revenue, compared to RMB4,171 million, or 22% of revenue, in the same quarter of 2013. The increase was primarily due to an increase in share-based compensation expense (as discussed in “Share-based compensation expense” below), an increase in costs associated with our new businesses initiatives, and an increase in payment processing fees resulting from an increase in GMV transacted on our retail marketplaces.Product development expenses – Product development expenses in the quarter ended December 31, 2014 were RMB3,083 million (US$497 million), or 12% of revenue, compared to RMB1,707 million, or 9% of revenue in the same quarter of 2013. The increase was primarily due to an increase in share-based compensation expense (as discussed in “Share-based compensation expense” below). The increase was partially offset by the decrease in royalty fees paid to Yahoo which terminated upon completion of our initial public offering in September 2014.Sales and marketing expenses –Sales and marketing expenses in the quarter ended December 31, 2014 were RMB3,021 million (US$487 million), or 12% of revenue, compared to RMB1,897 million, or 10% of revenue in the same quarter of 2013. The increase was primarily due to an increase in share-based compensation expense (as discussed in “Share-based compensation expense” below). The increase was alsodue to the consolidation of marketing expenses of acquired business (mainly UCWeb and AutoNavi), an increase in advertising and promotional spending mainly to strengthen marketing of our Taobao and Tmall brands, especially in lower tier cities, as well as to promote our new businesses initiatives (e.g., local services) during this quarter.General and administrative expenses – General and administrative expenses in the quarter ended December 31, 2014 were RMB2,419 million (US$390 million), or 9 % of revenue, compared to RMB2,046 million, or 11% of revenue in the same quarter of 2013. The decrease in general and administrative expenses as a percentage of revenue was primarily due to a one-time equity-settled donation expense of RMB1,269 million made in the quarter ended December 31, 2013 relating to the grant of options to purchase 50,000,000 of our ordinary shares to a non-profit organization, which was partially offset by an increase in share-based compensation expense in the quarter ended December 31, 2014 (as discussed in “Share-based compensation expense” below).Share-based compensation expense – Share-based compensation expense included in respective cost or expense items above in the quarter ended December 31, 2014 was RMB4,313 million (US$695 million), or 16% of revenue, an increase of 554% compared to RMB659 million, or 4% of revenue, in the same quarterof 2013. The increase was primarily caused by (1) performance-based and retention grants of share-based awards granted prior to our initial public offering in 2014, with vesting periods of four years for our employees and six years for senior management, (2) the “mark-to-market” accounting of (i) share-based awards we granted to the employees of Zhejiang Ant Small and Micro Financial Services Company Ltd., or Ant Financial, and (ii) Ant Financial’s share-based awards granted by a major shareholding entity of Ant Financial controlled by Jack Ma, our executive chairman, to our employees. The expense arising from such Ant Financial share-based awards granted to our employees represents a non-cash accounting charge to us that will not result in any equity dilution to our shareholders. Without the effect of such “mark-to-market” accounting, our share-based compensation expense would have been RMB2,819 million (US$454 million) in the quarter ended December 31, 2014, compared to RMB2,233 million in the quarter ended September 30, 2014. Pursuant to generally accepted accounting principles in the United States, we are required to perform such re-measurement at each period end. Accordingly, we expect that our share-based compensation expense will continue to be affected by changes in the fair value of our share-based awards as well as the fair value of Ant Financial’s share-based awards granted to our employees.Amortization of intangible assets – Amortization of intangible assets in the quarter ended December 31, 2014 was RMB614 million (US$99 million), a significant increase from RMB123 million in the same quarter of 2013. This increase was due to an increase in intangibles assets primarily as a result of our strategic acquisitions, mainly UCWeb and AutoNavi.Income from operations – Income from operations in the quarter ended December 31, 2014 was RMB9,347 million (US$1,506 million), an increase of 6% compared to RMB8,801 million in the same quarter of 2013. The lower growth of operating income relative to revenue growth in this quarter and the decrease in operating margin to 36% in the quarter ended December 31, 2014 from 47% in the same quarter of 2013 were primarily due to an increase in share-based compensation expense (as discussed in “Share-based compensation expense” above).Non-GAAP EBITDA – Non-GAAP EBITDA increased by 34% to RMB15,103 million (US$2,434 million) in the quarter ended December 31, 2014, compared to RMB11,246 million in the same quarter of 2013.Non-GAAP EBITDA margin was 58% in the quarter ended December 31, 2014, compared to 60% in the December quarter of 2013. The year-on-year decrease in non-GAAP EBITDA margin was primarily due to the consolidation of newly acquired businesses, mainly UCWeb and AutoNavi, and investments in new business initiatives, such as our mobile operating system, local services and digital entertainment. Thequarter-on-quarter increase in non-GAAP EBITDA margin from 51% in the quarter ended September 30, 2014 was primarily due to operating leverage in this seasonally strong quarter. A reconciliation of operating income to non-GAAP EBITDA is included at the end of this release.Interest and investment income, net – Interest and investment income, net in the quarter ended December 31, 2014 was RMB313 million (US$51 million), an increase of 6% compared to RMB296 million in the same quarter of 2013. The increase was primarily due to an increase in interest income as a result of higher cash balance during the period, which in turn was primarily due to the proceeds from our initial public offering in September 2014 and an increase in operating cash flow. This increase was partially offset by an increase in impairment charge of cost-method investments and losses recognized with respect to the periodic revaluation of convertible bonds we held in connection with our strategic investments in publicly traded entities.Interest expense –Interest expense in the quarter ended December 31, 2014 was RMB1,344 million(US$216 million), an increase of 247% compared to RMB387 million in the same quarter of 2013. The increase was primarily due to an RMB830 million (US$134 million) one-time charge for financing-related fees as a result of the early repayment of our US$8 billion bank borrowings with proceeds from our issuance of US$8 billion senior unsecured notes in this quarter.Other income, net –Other income, net in the quarter ended December 31, 2014 was RMB901 million (US$145 million), an increase of 64% compared to RMB548 million in the same quarter of 2013. The increase was primarily due to an increase of RMB101 million (US$16 million) in royalty fees and software technology service fees received from Ant Financial to RMB344 million (US$55 million) in the quarter ended December 31, 2014 from RMB243 million in the same quarter of 2013 as a result of an increase in pre-tax income of Ant Financial, as well as an increase in government grants received from central and local governments in connection with our contribution to technology development and investments in local business districts.Income tax expenses – Income tax expenses in the quarter ended December 31, 2014 were RMB2,429 million (US$392 million), an increase of 228% compared to RMB741 million in the same quarter of 2013. The increase was primarily due to the increase in taxable income from our operations in China. Our effective tax rate increased to 26% in the quarter ended December 31, 2014 from 8% in the same quarter of 2013. Excluding share-based compensation expense, impairment of goodwill, intangible assets and investments, and unrealized gain/loss on investments which are not deductible or assessable for income tax purposes, our effective tax rate would have been 17% in the quarter ended December 31, 2014, compared to 7% in the same quarter of 2013. The increase was primarily due to the expiration of an EIT exemption period for one of our major subsidiaries, upon which the subsidiary became subject to an EIT rate of 12.5% (or 50% of the statutory EIT rate) in calendar year 2014.Net income and non-GAAP net income –As a result of the foregoing, our net income in the quarter ended December 31, 2014 was RMB5,983 million (US$964 million), a decrease of 28% compared to RMB8,357 million in the same quarter of 2013. Excluding the effects of share-based compensation expense, impairment of goodwill and investment in equity investees, the one-time charge for financing-related fees, amortization of intangible assets and certain other items, non-GAAP net income in the quarter ended December 31, 2014 was RMB13,115 million (US$2,114 million), an increase of 25% compared to RMB10,463 million in the same quarter of 2013. A reconciliation of net income to non-GAAP net income is included at the end of this release.Net income attributable to ordinary shareholders – Net income attributable to ordinary shareholders in the quarter ended December 31, 2014 was RMB5,936 million (US$957million), a decrease of 28% compared to RMB8,266 million in the same quarter of 2013.Diluted EPS and non-GAAP diluted EPS –Diluted EPS in the quarter ended December 31, 2014 was RMB2.29 (US$0.37) on 2,588 million diluted shares outstanding, a decrease of 35% compared to RMB3.55 on 2,343 million diluted shares outstanding in the same quarter of 2013. Excluding the effects of share-based compensation expense, impairment of goodwill and investment in equity investees, the one-time charge for financing-related fees, amortization of intangible assets and certain other items, non-GAAP diluted EPS in the quarter ended December 31, 2014 was RMB5.05 (US$0.81), an increase of 13% compared to RMB4.45 in the same quarter of 2013. The lower non-GAAP diluted EPS relative to non-GAAP net income growth rate was due to an increase in the number of diluted shares outstanding in the quarter ended December 31, 2014 following the completion of our initial public offering. A reconciliation of diluted EPS to the non-GAAP diluted EPS is included at the end of this release.Cash –As of December 31, 2014, cash, cash equivalents and short-term investments were RMB130,741 million (US$21,071 million), compared to RMB43,632 million as of March 31, 2014.Cash flow from operating activities and free cash flow – Net cash provided by operating activities in the quarter ended December 31, 2014 was RMB19,408 million (US$3,128 million), an increase of 30% compared to RMB14,922 million in the same quarter of 2013. Capital expenditures in the quarter ended December 31, 2014 were RMB1,513 million (US$244 million), compared to RMB1,601 million in the same quarter of 2013. Capital expenditures in the quarter ended December 31, 2014 included cash outflow for acquisition of land use rights and construction in progress of RMB291 million (US$47 million). Free cash flow, a non-GAAP measurement of liquidity, in the quarter ended December 31, 2014 was RMB22,924 million (US$3,695 million), an increase of 34% compared to RMB17,163 million in the same quarter of 2013. A reconciliation of net cash provided by operating activities to free cash flow, a non-GAAP measure of liquidity, is included at the end of this release.Net cash used in investing activities – During the quarter ended December 31, 2014, net cash used in investing activities of RMB4,817 million (US$776 million) mainly included disbursements for short-term investments of RMB1,944 million (US$313 million), capital expenditure of RMB1,513 million (US$244 million) as well as investment and acquisition activities of RMB2,657 million (US$428 million) primarily in mobile and logistics related businesses.Employee number – As of December 31, 2014, we had a total of 34,081 employees, compared to 33,239 as of September 30, 2014 and 20,884 as of December 31, 2013.Webcast and Conference Call InformationA live webcast of the earnings conference call, which will be held shortly following the release of this announcement, can be accessed at /en/ir/earnings. An archived webcast will be available through the same link following the call. A replay of the conference call will be available for one week (dial-in number: +1 646-254-3697; conference ID: 65377381).Please visit Alibaba Group’s Investor Relations website at /en/ir/home on January 29, 2015 to view the earnings release and accompanying slides prior to the conference call.About Alibaba Group。
三大运营商2014年财报
三大运营商2014年财报近日，三大运营商分别公布了2014年财报。
三张成绩单并不靓丽，甚至有些惨淡。
过去一年中，通信行业外受OTT跨界竞争，内受营改增、网间结算调整的拖累，光景并不好。
内忧外患之下，运营商的营收和利润都受到严重抑制。
如何扭转颓势？运营商必须抓住流量这根救命稻草。
电信联通微增，移动下滑总览三大运营商的财报，2014年，中国移动营收6414亿元，同比增长1.8%，其中，通信服务收入5818亿元，同比下降1.5%。
净利润1093亿元，同比下降10.2%。
中国电信营收3244亿元，同比增长0.9%，通信服务收入2874亿元，同比增长3.1%，其中，移动业务收入1516亿元，同比增长0.3%，固网业务收入1728亿元，同比增长1.4%。
净利润177亿元，同比增长0.8%。
中国联通营收2847亿元，同比下降3.5%，通信服务收入2449亿元，同比增长2.6%，其中，移动业务收入1551亿元，同比增长2.6%；固网业务收入885亿元，同比增长2.3%。
净利润121亿元，同比增长15.8%。
仅从财务数字上看，2014年，运营商营收增长明显放缓，中国移动甚至出现负增长。
在利润方面，中国移动连续两年下滑，中国电信只微增长，中国联通的增长幅度也快速下滑。
语音收入锐减，数据难填平如此惨淡的财务表现，真的让人为通信行业捏把汗。
究其原因，运营商的业绩与通信行业大环境有关。
2014年，通信行业已经进入新常态：一方面，三大运营商的主要收入由语音转向数据。
运营商的数据业务受到OTT的激烈竞争，逐渐被管道化。
财报显示，2014年，中国移动语音业务收入3090亿元，减少467亿元，数据业务收入2531亿元，增加462亿元。
数据业务的增长未能填平语音业务的亏欠，这是中国移动营收减少的重要原因。
显然，在OTT的冲击下，中国移动没能给数据卖个好价钱。
与中国移动一样，其他两家运营商也面临语音业务下滑的状况。
中国电信固网语音业务收入336亿元，减少50亿元，移动语音业务收入547亿元，减少35亿元；中国联通的固定电话用户也由8764万户下降到8206万户，损失558万户。
2014年互联网视频分析报告
2014年互联网视频分
析报告
2014年7月
目录
一、网络视频前景广阔 (3)
1、网络视频行业总体市场规模保持上升，增速放缓 (3)
2、“宽带中国”战略提升互联网普及率 (4)
3、网络视频用户持续增长，使用率回升 (5)
4、网络视频行业收入构成 (6)
（1）广告 (7)
（2）版权分销 (9)
（3）付费 (10)
5、智能电视 (11)
二、行业成长驱动力：外延并购增厚业绩 (13)
1、并购对传媒企业的成长贡献度较高 (13)
2、电影与娱乐、广告营销子行业并购最为活跃 (15)
三、投资主线 (16)
1、网络视频行业盈利增长预期带来的投资机会 (16)
2、并购成为传媒行业业绩与股价增长的主要驱动力 (16)
四、重点公司简况 (17)
1、乐视网 (17)
2、华策影视 (18)
一、网络视频前景广阔
1、网络视频行业总体市场规模保持上升，增速放缓
随着互联网的普及与发展，网络在线视频因其内容的丰富、点播观看的便捷性被越来越多的人们所接受，从2009 年以来，市场规模不断上升，至2011 年规模增长率达到100%，2012 年起增速回落至47%左右，预计今后几年将保持40%左右的增速稳健发展，行业总体市场规模不断上升。
从季度增长来看，2014 年Q1，中国网络视频行业市场规模达36.8 亿元，同比增长67.3%，环比增长-17.5%，虽然在每年的第一季度规模均有所下降，但总体仍然保持平稳上升的态势。
2014年双十一电子商务数据分析
双十一全网品牌排行
美的成功的分析
也许正是看到了毫无底线的价格战背后存在着 隐忧，美的生活电器自进入电商领域以来，一 直在努力提倡回归商业和产品的价值本质，合 理运用价格调控手段，以此来构建更健康的电 商市场环境。 为此，美的生活电器在“美的品牌周”等众多电 商促销活动中，都没有用低价格作为噱头，而 是回归产品价值、服务价值，用高品质、高性 价比的产品，以及完善的配套服务和物流体系 ，提升消费者网购体验。这种“价值战”模式为 它在电商取得成功奠定了基础。 其实，在今年双十一前提出“五好小家电”政策 ，就是美的生活电器电商价值战思潮的一种体 现。因为，价格好、品质好、服务好、物流好 、体验好这五大方面，几乎涵盖了网购全流程 ，不但可以全面升级消费者网购体验，还可以 加强消费者对品牌的记忆深度，从而提升品牌 口碑和市场影响力，这些是价值战带来的比销 售业绩更有价值的财富。
其他电商
1号店
截至上午10点，1号店全站成交额周环比增长8倍；截至11点，全站成 交额周环比增长9倍。 1号店全站销售环比增长6倍，和去年同期相比销售额翻番；双11当天， 1号店全站流量突破2188万。 1号店移动端销售额是去年同期的9倍，浏览量和订单占比是去年同期 的7倍。
当当：
双十一天猫销售额变化表
时间 00:00:75 00:02:53 00:14:02 00:38:28 0:50 1:00 1:34 7:17 7:36 9:44 10:51 12:00 12:33 12:59 13:20 13:31 15:29 19:25 21:12 23:12 24:00:00 销售额（亿元） 手机成交占比 10 50 100 113 122 145 200 207 260 300 327 340 350 358 362 400 463 500 550 571 手机成交额 (亿元） 1
细数2014视频行业“一波三折”
细数2014视频行业“一波三折”回顾2013年年底的那段时光，各大视频网站的内容争夺战不断，《好声音》、《爸爸去哪儿》等成功综艺新一季讲花落谁家成了行业讨论的热点，版权独播费纪录被不断刷新，几大关键词也从各大营销会上频频出现，力求有所创新的未来战略中还是免不了围绕内容为中心而攻城略地。
在内容之争上，各大网站依旧热情高涨，2014年发生了这许多的变故与风波让身为局外人的笔者都不得不感叹这一年视频行业发展的确是一波三折。
一波：挥泪辞旧迎新，行业整合末班车长江后浪推前浪，一代新人胜旧人。
2014年在视频网站中，不得不提及令人扼腕的快播，这个曾经的屌丝福利集中营最终还是走下了神坛，终究是败给了版权，尽管此前也曾努力洗白，却也回天无力了。
如果说2013年年底的那次服务器查扣是前戏，那么随着王欣的被抓就彻底宣告着快播真的已经离开了我们，而留给竞争者更多的则是对内容的敬畏。
除了快播以外，版权的余威也波及了国内的字幕网站，国内最早创立、影响最大的字幕组人人影视以及中文字幕交流平台射手网也都相继上演着曲尽人散的戏码。
对比关站后的门可罗雀，“卖身”或许还更体面些，还有可能可以重振旗鼓重获转机，但这只是可能。
4年前，人人网8000万美元收购56网，而4年后的今天，56网被作价1290万美元卖给搜狐视频，这是继优酷并购土豆，爱奇艺并购PPS之后的行业内并购的又一个里程碑。
人人网的业绩单上可以看出，对于养活56网，人人网的社交红利还是实力不够。
犹记得年初的时候搜狐视频掌门人张朝阳还曾对媒体称，“搜狐视频没有并购计划，会专注媒体娱乐的发展。
”面对现实与企业发展的需要，打脸有时也是必要的。
就连以“逐梦者”自称的盛大也将酷6 41%股份卖了，由语音视频文字聊天工具iSpeak的创始人许旭东接盘，交易完成后盛大占股约30%。
对于东家变化，酷6又将迎来新一轮人事变动。
被卖身的消息一经公开，酷6的命运就更添了几分多舛。
一直以来，视频行业都是个让企业爱恨交织的领域，至今盈利者寥寥无几，即便是素有行业老大之称的优土虽年初称今年将实现盈利，却也被现实打了脸。
优酷土豆2014年第一季度财务报告
优酷土豆2014年第一季度财务报告北京时间5月23日早间，优酷土豆 (NYSE:YOKU)今天发布了截至3月31日的2014财年第一季度未经审计财报。
报告显示，优酷土豆第一季度净营收为人民币7.004亿元(1.127亿美元)，同比增长36%；净亏损为人民币2.247亿元(3,610万美元)，同比下降3%。
根据雅虎财经汇总的数据，华尔街10位分析师平均预计，按美国通用会计准则(GAAP)计算，优酷土豆第一季度每股美国存托凭证(ADS)净亏损人民币1.42元。
财报显示，优酷土豆第一季度每股净亏损1.34元，好于分析师预期。
另外，华尔街9位分析师平均预计，优酷土豆第一季度总营收将达人民币7.1274亿元。
财报显示，优酷土豆第一季度总营收7.004亿元，不及分析师预期。
2014财年第一季度业绩要点净营收为人民币7.004亿元(1.127亿美元)，较2013财年同期增长36%。
毛利润为人民币8,560万元(1,380万美元)，较2013财年同期增长501%。
2014财年第一季度非美国通用会计准则毛利润为人民币1.003亿元(1,610万美元)，较2013财年同期增长255%。
净亏损为人民币2.247亿元(3,610万美元)，较2013财年同期下降3%。
2014财年第一季度非美国通用会计准则净亏损为人民币1.483亿元(2,380万美元)，较2013财年同期降低19%。
每股美国存托凭证基本和摊薄亏损(每ADS相当于我们的18股A类普通股)于2014财年第一季度分别为人民币1.34元(0.22美元)和人民币1.34元(0.22美元)。
非美国通用会计准则每股美国存托凭证基本和摊薄亏损于2014财年第一季度为人民币0.88元(0.14美元)和人民币0.88元(0.14美元)。
截止2014年3月31日的现金、现金等值、受限资金或短期投资总额达人民币33亿元(5.254亿美元)。
2014财年第一季度，采购固定资产设备等有形资产达人民币2,820万元(450万美元)。
阿里巴巴45亿美金“迎娶”优酷土豆
阿里巴巴45亿美金“迎娶”优酷土豆作者：孙冰来源：《中国经济周刊》2015年第41期10月16日，已是周五下班时间，优酷土豆和阿里巴巴几乎同时发出公告：阿里巴巴集团（BABA. NYSE）已向优酷土豆公司（YOKU.NYSE）董事会发出非约束性要约，拟以每ADS （美国存托凭证）26.60美元的价格，现金收购除阿里巴巴集团已持有的优酷土豆股份外，该公司剩余的全部流通股。
也就是说，阿里巴巴在继去年战略入股优酷土豆之后，又将以预计超过45亿美元的“聘礼”，全资“迎娶”优酷土豆进门。
如一切顺利，优酷土豆将实现“私有化”。
另有预测称，优酷土豆很有可能将回归国内资本市场。
在经历了多个版本、数月时间的传闻之后，国内最大的视频网站优酷土豆终于还是“嫁”了。
马云的“聘礼”与古永锵的“嫁妆”阿里巴巴向优酷土豆发出的私有化要约价格，要比优酷土豆在该交易前的最后一个交易日（10月15日）的收盘价溢价30.2%，比其纽交所最近3个月交易量加权平均价格溢价44.5%。
优酷创始人古永锵透露，阿里巴巴的这一要约已经得到了优酷土豆创始股东的支持，而古永锵也将会继续担任优酷土豆主席以及首席执行官，领导优酷土豆的发展。
受这一消息的刺激，优酷土豆在10月16日股价大涨21.93%，收报24.91美元，市值达到48.6亿美元;阿里巴巴则微涨0.29%，收报71.99美元，市值1783亿美元。
阿里巴巴的出价看似慷慨，但实际上也算得上是一笔划算买卖，因为在过去一年里，由于国内视频公司在美估值普遍偏低，优酷土豆的股价一直停留在20美元左右，阿里的出价只是略高于均价。
“视频行业厂商目前竞争激烈，优酷土豆面临强大的竞争压力。
由于此次交易是现金收购，可以缓解优酷土豆的资金压力，并为优酷土豆在内容购买、内容制作方面的加速发展提供强有力的支持。
”易观智库分析师马世聪告诉《中国经济周刊》记者，此次交易也是中国互联网领域内最大的一笔现金交易。
阿里巴巴的“聘礼”不菲，但优酷土豆的“嫁妆”也不少。
酷6传媒2014年第一季度财务报告
酷6传媒2014年第一季度财务报告酷6传媒发布了截至3月31日的2014财年第一季度财报，总营收为281万美元(约合人民币1744万元)，与去年第四财季的325万美元相比下滑13.7%，与上年同期的307万美元相比下滑8.5%。
基于美国通用会计准则，净亏损441万美元(约合人民币2743万元)，而去年第四财季净亏损2678万美元，上年同期净亏损167万美元。
基于非美国通用会计准则，净亏损417万美元(约合人民币2594万元)，而去年第四财季净亏损2557万美元，上年同期净亏损232万美元。
第一财季业绩摘要：总营收为281万美元(约合人民币1744万元)，与去年第四财季的325万美元相比下滑13.7%，与上年同期的307万美元相比下滑8.5%。
基于美国通用会计准则，净亏损441万美元(约合人民币2743万元)，而去年第四财季净亏损2678万美元，上年同期净亏损167万美元。
基于非美国通用会计准则，净亏损417万美元(约合人民币2594万元)，而去年第四财季净亏损2557万美元，上年同期净亏损232万美元。
每股美国存托股基本和摊薄亏损均为0.09美元(约合人民币0.58元)，而去年第四财季均为0.57美元，上年同期均为0.04美元。
截至2014年3月31日，酷6传媒拥有现金和现金等价物445万美元(约合人民币2765万元)。
第一财季，用于运营活动的净现金为250万美元(约合人民币1555万元)，而去年第四财季为446万美元，上年同期为227万美元。
第一财季业绩分析：总营收为281万美元(约合人民币1744万元)，与去年第四财季的325万美元相比下滑13.7%，与上年同期的307万美元相比下滑8.5%。
2011年第二季度，酷6传媒开始使用“应用广告”(Application Advertisement)系统通过性能广告获取营收。
该部分广告营收主要通过一家附属广告代理机构(酷6传媒大股东盛大网络子公司)来实现。
2014年互联网巨头阿里巴巴分析报告
2014年互联网巨头阿里巴巴分析报告2014年9月目录一、阿里生态圈构建：贯通批零业务，打造闭环链条 (5)1、B2B时代：以批发业务为突破，供血零售业务 (6)（1）网购人群基数低，C端需求未形成 (6)（2）B2B行业需求刚性、政策支持 (7)（3）互联网IT技术尚处于发展初期 (7)2、C2C时代：免费模式+用户体验，打败eBay (8)3、B2C时代：淘宝导流，成就天猫 (10)4、大阿里时代：打通批零市场，构建CBBS电商生态圈 (11)二、阿里生态圈盈利：平台之王，流量变现 (13)1、规模经济+流量变现，典型的互联网巨头 (14)2、零售业务：品牌化转型盈利激增，成就最赚钱互联网公司 (17)（1）在线广告：大数据支持下的按效付费模式 (21)（2）交易佣金：提高商家入驻门槛，全面转型品质和品牌 (24)3、批发业务：从信息服务到交易服务，在线产业带助推平台复苏 (25)（1）打通批零市场，从信息服务向交易服务转型 (26)（2）在线产业带：批发市场的O2O融合 (28)三、阿里生态圈扩展：供应链+国际化+移动端 (29)1、供应链：电商渗透率持续提升，建菜鸟网络补物流短板 (31)（1）中国网购市场：规模在扩大，渗透率在提升，结构在变化 (32)（2）菜鸟物流计划：整合社会化资源，弥补供应链短板 (35)2、国际化：天猫国际请进来，跨境电商走出去 (37)（1）跨境电商空间大：批发与零售比翼，出口与进口齐飞 (38)（2）天猫国际：扩充海外广告主，打造海淘千亿市场正规军 (40)（3）全球速卖通：扩充海外广告位，迅速占领跨境零售市场龙头地位 (41)3、移动端&020：流量爆发，阿里All-in (43)（1）移动电商：移动流量爆发，阿里率先布局 (44)（2）O2O创新：提升用户黏性，扩大广告主资源 (46)4、千人千面，迎接大数据时代展示广告春天的来临 (49)（1）电商广告：千亿市场，阿里独尊 (51)（2）网络广告未来趋势 (53)①移动广告流量爆发 (53)②展示广告精准为王 (54)四、从IT时代到DT时代，建中国商业发展基础设施 (56)1、云计算：大数据分析基础，生态系统运转基石 (57)2、DT时代：数据化运营，提升社会效率，创造巨大价值 (61)3、阿里金融：大数据支持下的互联网金融创新 (63)五、盈利预测及估值 (67)1、盈利预测：未来三年收入CAGR=36.2%，利润CAGR=39.1% (67)（1）零售市场GMV预测 (68)（2）收入预测 (68)（3）毛利率和费用率预测 (69)（4）盈利预测 (70)2、估值：12个月合理市值中枢2240亿美元，对应FY16 年30XPE (71)六、阿里巴巴相关投资公司梳理 (72)1、阿里巴巴投资或合作的上市公司 (73)2、与阿里巴巴投资或发展领域相关的公司 (74)七、风险因素 (74)如果要评选一家全球最牛的互联网企业，阿里巴巴毫无疑问是这一殊荣的有力竞争者。
阿里巴巴并购优酷土豆的案例分析
单位代码03学号分类号F272密级毕业论文阿里巴巴并购优酷土豆的案例分析院（系）名称专业名称学生姓名指导教师X年X 月X 日阿里巴巴并购优酷土豆的案例分析摘要阿里巴巴集团是马云于90年代末浙江杭州创立的电商企业。
目前，阿里巴巴集团经营着颇多业务，另外也从其附属公司及服务中取得自身商业以及生态服务系统上的支援。
业务和关联公司的业务包括：淘宝网、天猫、阿里国际运营市场、阿里云、蚂蚁金服、菜鸟网络等众多网络相关服务。
因此，作为网络技术有限公司行业的巨头，将阿里巴巴并购优酷土豆这一颇具代表性的举措作为研究对象，得出的结论将对整个互联网行业带来一定的启示。
主要内容和分析总结如下：本论文将以研究本次阿里巴巴并购优酷土豆的风险为重点研究对象，如其中产生的并购前风险、融资与支付风险、不协调风险、财务风险等。
在本次并购时提出相对应的风险防范措施，如：谨慎并购、价值评估、选择合理的支付手段、适当申请法令庇护等方法来减轻本次并购带来的风险。
使得本论文为广大投资者、企业提供有价值的资料以及启示。
关键词：并购，互联网公司，风险Case analysis on the merger and acquisition of Youku potatoes byAlibabaAuthor:Tutor:AbstractAlibaba Network Technology Co., Ltd. (abbreviated as: Alibaba group) was founded in Hangzhou, Zhejiang, in 1999 by 18 people headed by Ma Yun. The Alibaba Group operates a number of businesses and also provides support from the business and services of the associated companies to operate the business ecosystem. Business and related businesses include: Taobao, Tmall, Juhuasuan, global express, Alibaba international trading market, 1688, Ali mother, Ali cloud, ant gold clothing, rookie network and so on. Therefore, as a giant of network technology limited company, taking the representative measure of Alibaba acquisition Youku potatoes as the research object, the conclusion will bring great inspiration to the entire Internet industry. The main contents and analysis are summarized as follows: This paper will focus on the research on the risk of this Alibaba's merger and acquisition of Youku potatoes. Pre merger risk, financing and payment risk, uncoordinated risk, financial risk and so on. At the time of the merger, we put forward the corresponding risk prevention measures, such as careful merger, value assessment, reasonable payment means, and appropriate application of legal asylum to mitigate the risks caused by the merger and acquisition. So that this paper will provide valuable information and inspiration for investors and enterprises.Key words: Merger &Acquisition，Internet company，Risk目录摘要 (I)Abstract (II)(一)选题背景及目的 (1)(二）国内外研究现状 (1)（三）研究方法 (2)（四）主要内容 (2)二、企业并购相关理论概述 (3)（一）企业并购的概念 (3)（二）并购产生的风险 (3)（三）并购的动因及分类 (6)（四）本案例并购双方公司简介 (7)三、本次阿里巴巴整合收购优酷土豆的动因与风险 (9)(一)阿里全资收购优酷土豆过程 (9)(二) 阿里并购优酷土豆的动机 (9)(三)优酷土豆与阿里巴巴整合的动机 (12)(四)本次整合收购的风险分析 (12)(五)阿里巴巴并购优酷土豆带来的财务风险 (14)四、阿里巴巴并购优酷土豆的风险防范措施 (19)（一）评测并购价值，降低信息不对称风险。
阿里巴巴全球化分析
一、事实上，近几年来，阿里巴巴集团一直在拓展国际市场，包括法国、澳大利亚、新加坡和意大利等国家在内，并与当地的政府和物流供应商签署了一些协议。
然而，如何整合这些资源并使之产生化学反应却是摆在阿里巴巴头上最大的难题。
国内收入占近八成记者在纽约采访了解到，当地人对阿里巴巴具体的业务了解得并不多。
一名中国留学生告诉记者，过去有段时间，包括优酷网、淘宝网在内的很多国内网站都打不开。
“大多数时候还是会在本土的一些网站上购买吧，但是在国内用惯了淘宝还是偶尔会上去看一下，物流并不是特别方便。
”尽管如此，也并不影响阿里巴巴在资本市场受到热捧。
9月19日，阿里巴巴上市首日报收于93.89美元，较发行价上涨38.07%，以收盘价计算，其市值达到2314亿美元，成为仅次于谷歌的全球第二大市值互联网公司。
至此，全球市值最高的四家互联网公司中，来自中国的公司阿里巴巴和腾讯占据了两席。
不过，这两家巨头面临的问题类似，即如何走出中国。
阿里巴巴相关人士在接受《每日经济新闻》记者采访时透露，阿里旗下共有两个跨境平台，一是阿里巴巴国际站，目前已发展成为全球最大的B2B电子商务平台；另外一个是被称为“国际版淘宝”的全球速卖通。
“天猫现在也正在向国际化发展，这是必然的趋势。
”全球速卖通主要做出口零售，淘宝海外主要面向能够读中文的国际消费者，天猫国际主要为国内提供原装进口商品。
不难发现，在频频与海外政府、商家合作的过程中，天猫更多的是引进海外商家入驻，对于如何促使国内商家走出去依然待解。
此外，作为阿里巴巴起步业务的B2B包括国际批发与中国批发，历经多年的高速增长已趋于平缓。
由于发展速度远不及天猫及淘宝，占营收份额逐年下降。
记者查阅阿里巴巴2014年第二季度财报发现，其国际批发和国际零售业务占其总营收的9.31%。
其中，国际电商零售业务占比提升较为明显，从1.39%提升至2.27%。
另一面来看，中国零售业务占据了80.14%的比例。
这意味着，阿里巴巴上市的核心资产毫无疑问仍是淘宝和天猫等零售平台。
优酷土豆高管解读一季度财报
优酷土豆高管解读一季度财报优酷土豆（纽交所：YOKU）今天公布了其截至3月31日的2014年第一季度未经审计的财务报告。
按照报告显示，2014年第一季度，优酷土豆净营收为7.004亿元人民币（约合1.127亿美元），同比增长36%；净亏损为2.247亿元人民币（约合3610万美元），比去年同期少亏损3%。
财报发布后，优酷土豆首席执行官古永锵、首席财务官刘德乐及高级财务副总裁徐舸出席了分析师电话会议解读财报，并就热点问题回答了分析师的提问。
以下为会议要点摘要：1.有关现金的使用，优酷土豆今年将重点抓住多屏幕和大用户群体中的变现机会，并考虑自行投资推出高品质的原创内容作品。
2.移动端收入贡献率已经超过三分之一，今年下半年，优酷土豆在移动端的发展方向包括：大数据的应用；特别针对移动端应用而推出的广告格式。
3.优酷土豆已经进入了三个联合制作的影视项目。
不分担制作成本，通过广告投放和内容推广的模式进入联合制作方的团队中，以这种方式来获取相应的股份份额。
以下为分析师提问环节：野村证券分析师王超：第一个问题是关于优酷和阿里巴巴的合作伙伴关系的。
能否谈一下优酷和阿里巴巴能够产生哪些协同效应？你们之间的合作规划是怎样的？第二个问题现金使用的。
在阿里巴巴入股之后，优酷账上的现金已经超过了100亿元。
请问公司将如何使用这些现金资源？古永锵：我先回答与阿里巴巴进行战略合作的问题。
我们之前也谈到，收入的多样化是我们在寻求新的商业机会时考虑的重要因素。
无论是对于已有的品牌广告业务还是大数据、电子商务和支付业务，我们都已经从已有的客户以及潜在的合作伙伴那里得到了反馈意见。
他们对如何开展精准推广活动、如何开展移动端商务业务都给出了相应的反馈意见。
我前面也提到过，消费者业务和中小企业业务也是我们今年的发展重点之一。
在消费者业务上，阿里巴巴的淘宝、天猫、支付宝等部门对于消费型电子商务和支付都拥有丰富的经验。
这些经验将会给予我们巨大的帮助。
阿里并购优酷土豆
• 2.完善阿里的娱乐版图；优酷土豆是中国在线视频行业的 老大，将成为阿里在文化产业和数字娱乐产业布局的重要 一环。投资优酷土豆，有助于阿里巴巴在数字娱乐领域进 行有力的布局。优酷土豆将与文化中国以及阿里巴巴旗下 数字娱乐业务产生很好的协同效应。
• 3.构建整条的传媒娱乐产业帝国；从2013年6月并购虾米 网开始，7月阿里宣布和华数传媒一起推出盒子，9月，阿 里巴巴集团宣布和创维合作正式推出酷开品牌的三款电视， 进一步强化在硬件领域的布局。进入2014年，先入股文化 中国传媒，又并购华数传媒，在到并购优土，阿里一系列 的动作无疑是在打造自己的传媒娱乐帝国。
并购动因
• 我认为，阿里从最初的电商平台，到2013年并购虾米网， 实现了混合并购，成功进入了娱乐业，此次并购优土，是 一次横向并购，主要出于以下几点考虑:
• 1.抢占客厅；在阿里频频布局的家庭互联网领域， 优酷土豆也将扮演重要角色。继PC端和移动端之 后，客厅将成为下一个互联网巨头们的必争之地。 视频无疑是家庭娱乐中最重要的内容，优酷土豆 丰富的版权视频内容及用户粘性，将帮助阿里构 建更富竞争力的家庭互联网生态
•
2、阅读一切好书如同和过去最杰出的 人谈话 。01:5 0:4201: 50:4201 :5012/ 14/2020 1:50:42 AM
•
3、越是没有本领的就越加自命不凡。 20.12.1 401:50: 4201:5 0Dec-20 14-Dec-20
•
4、越是无能的人，越喜欢挑剔别人的 错儿。 01:50:4 201:50: 4201:5 0Monday, December 14, 2020
4.实现经营协同效应；无论是并购虾米，还 是华数传媒，再到并购的优土，都属于娱 乐业，经营有很大的共性，有利于实现经 营协同效应。
易观分析：2014年第3季度阿里巴巴财报分析
2014年11月4日，阿里巴巴发布纽交所上市后首份财报。
1、移动交易规模增长强劲，老用户在移动端消费份额持续增长。
2014年第3季度，阿里巴巴中国零售实现GMV人民币5,556.7亿元，同比增长48.7%。
其中移动端GMV为人民币1,990.5亿元，仍保持强劲增长，同比增速虽有小幅回落仍达到263.1%。
移动端GMV占总GMV比达35.8%，较上季度有明显提升。
PC端GMV为人民币3,566.1亿元，同比增长12%，从趋势上看，随着用户行为向消费端转移，PC端增长已趋于稳定，同比增长维持在11%左右。
结合活跃用户规模及GMV来看，当前移动GMV的增加主要由于已有用户在移动端消费占比有所提升。
2、天猫与淘宝占总交易规模比相对稳定。
天猫与淘宝GMV结构与2014年第2季度基本持平，连续三个季度结构上未出现显著变化。
3、整体活跃用户数及移动活跃用户数稳步增长，人均消费略有下降。
阿里巴巴中国零售市场活跃用户数量稳步增长，绝对新增活跃用户数近几个季度基本持平。
从成本上来看，阿里巴巴加大对市场营销的投入，可以看出随着网购渗透率的增加，用户获取难度不断加大，阿里巴巴需提高市场投入维持现有客户粘性及获取新用户。
另外，从人均消费来看，2014年第3季度每活跃用户消费金额有小幅下降。
4、广告主投放行为已开始由PC端向移动端转移，移动端广告商业化能力有所提升但仍与PC端差距较大。
2014年第3季度，移动端变现能力有明显提升，从第2季度的1.49%增长至1.87%，但PC端变现率较上季度有所下降。
因为佣金收入在PC端及移动端变化不大，随着消费者消费行为向移动端转移，广告主投放开始向移动端转移。
天猫交易规模及份额在移动端占比较大，天猫增长带来交易佣金的增长仍是移动端变现率提升的主要驱动因素。
在广告方面，目前移动端的广告变现率与PC端相差较大，且广告主在移动端投放的上升会对PC端广告投放量产生一定负面影响，从模型测算出的结果也可以看出PC端的广告变现率已出现明显下降，整体广告收入增长乏力，拖累中国零售收入增长，使其在整体收入中占比较第2季度有大幅下降，从80.1%下降至75.9%。
【投资】一篇超实用的财务分析(玩转套路和逻辑,远胜教科书)
此文属于专业人士对的个人观点和分析，并非正式的新闻报道。
原文标题：《X视财报大剖析或巨亏20亿元》1、无形资产——水分多X视网：2013年、2014年和2015年，采购、制作版权内容的成本分别为12.8亿、14.6亿和23.9亿。
（这里的成本是X视投入的成本）优酷：2013年、2014年和2015（截至三季度）年，内容成本分别为14亿、18亿和23亿。
目前，优酷2015年年报未出，15年前三季度的内容成本是6.69亿、7.44亿和8.96亿，按照前三季度的数据，15年优酷的内容成本预计在32亿左右。
（这里的优酷内容成本，是报表里已经成本费用化的成本，是摊销金额，基于优酷13年至15年，内容投入一直在增长，实际投入的成本比摊销金额要高）X视网摊销：2013年、2014年和2015年，内容版权摊销分别为5.70亿、9.99亿和14.53亿。
13年至15年，优酷的内容投入成本比X视网稍高，但每年的摊销金额是X视网的两倍。
版权摊销：X视采用的是直线摊销，使用平均年限法，一部五年版权的电视剧，每年平均摊销20%。
优酷采用的是加速摊销，第一年摊销50%以上。
影视的时效性强，流量多在第一年，随着时间的推移，流量持续下降！直线摊销的模式，有点类似“庞氏骗局”，只要加大资金投入，每年的版权投入比以往年度大，这样可以把成本压力往后推。
一旦资金跟不上，后期的成本摊销压力剧增！优酷13年、14年和15年的内容投入都比X视网大，由于版权的时效性强，近期的版权价值大，优酷的实际内容资产应该比X视高。
但是，实际情况却不一样。
X视网2015年无形资产是48.79亿，影视版权是38.30亿。
优酷2015年9月，无形资产是15.37亿，14年是13.80亿。
版权资产这块相差了至少20亿，无形资产之间相差了30亿。
X视的版权资产水分很大，20多亿！2、研发支出——过度资本化通常情况下，企业自创商誉以及企业内部产生的无形资产，在报表里不确认为无形资产。