支付宝,到账131 亿港元( 约合 121 亿人民币 )。

2025 年开年第一天,阿里巴巴的 “ 户头上就收到了这么一笔巨款 ” 。

因为他们终于把高鑫零售卖给了德弘资本。

有爱搞事的网友们,给老马算了笔账,阿里两次收购花了超过 500 亿港元( 约合 470 亿人民币 ),只考虑这一进一出的价差的话,阿里明面上亏了至少 370 亿港元( 约合 348 亿人民币 )。。。

打开网易新闻 查看精彩图片

这次大交易的主角一方阿里大家都熟悉,而买家德弘资本则是一家国际性私募股权投资机构,曾经投资过蒙牛乳业、认养一头牛、中粮肉食、圣农发展等公司。

这个被买卖的高鑫零售,其实就是大润发的母公司。

这事儿吧,其实不算新闻了。

早在去年 9 月底,大润发母公司高鑫零售就发布了公告停牌,以待根据公司收购及合并守则发出载有公司内幕消息的公告。

打开网易新闻 查看精彩图片

到了 10 月中,高鑫零售( 为了方便阅读,后文以大润发代指 )就发布公告表示,已经有人对自己感兴趣了。

终于到了开年第一天,完成了最终的交易。

这是前年 3 月阿里说要 “1+6+N” 之后,又一次大手笔瘦身。

仔细一算,光是去年整整一年,阿里已经靠各种甩卖拿到了 139 亿现金,现在账上再添 300 多亿。。。

你要说阿里真缺这 300 亿吗?

打开网易新闻 查看精彩图片

在差评君看来,阿里在这个点卖掉大润发,更多的还是路线的问题

为了搞清楚这个问题,我们干脆从头捋一遍阿里和大润发的故事。

1996 年的时候,就在马云还在到处推销自己的 “ 中国黄页 ” 时,大润发在中国台湾省成立。

打开网易新闻 查看精彩图片

第二年,大润发开始进入中国大陆市场,随后开始了自己的崛起之路。

2005 年挤进中国连锁百强榜单前十;

2009 年以 404 亿营收成为大陆零售冠军;

2011 年,大润发与欧尚合并,以母公司高鑫零售在香港上市。

根据中国企业家报道,大润发在经过十来年的发育后,成功超越了沃尔玛和家乐福,一度被称为了 “中国最赚钱的超市” 。

打开网易新闻 查看精彩图片

就在另一边,马云的阿里巴巴在 2011 年发布了升级版物流战略,准备与合作伙伴建设覆盖全国物流体系,而这无疑是搞定了线上网购对线下零售业最后一个短板。

如果让 2011 年的人们来看,大家或许会承认电商将是未来。

但要让任何一个人说,年营收只有 64 亿的阿里,将在 5 年后收购营收 680 亿的大润发,大家肯定说他疯了。

可世界就是这么癫狂,尽管随后的几年里,大润发依旧保持着 20% 的增长速度,倒也不慢了。

谁知道阿里的崛起实在是疯狂,短短 5 年时间,阿里营收已经涨到超过 1000 亿

打开网易新闻 查看精彩图片

几年时间,对于电商和线下零售来说,攻守之势异也。

而也就是在 2016 年,马云在云栖大会上提出了 “ 五新 ” 战略,其中之一就是 “ 新零售 ” 概念,主打一个线上、线下、物流的融合。

2015 年接棒阿里巴巴 CEO 的张勇,在大润发的年报里写道: “2016 年阿里巴巴提出了新零售,不是提出一个概念,更不是制造一个热点,而是我们真的相信 ” 。

打开网易新闻 查看精彩图片

在当时的阿里看来,新零售是抢夺线下市场的重要接口。

他们或许真的相信,通过庞大的阿里集团,和成熟的互联网经验,可以在线下再打造一个阿里巴巴。

不过在那个时期,也不止阿里一个人看好新零售,几乎所有互联网大厂都加入了这场新零售军备竞赛

例如腾讯投资永辉和步步高、京东入股永辉和沃尔玛,美团投资谊品生鲜。。。

打开网易新闻 查看精彩图片

随之而来的就是线下零售们的互联网变革。

从 2017 年开始,大润发推出自己的 App 大润发优鲜、在店内加装了盒马同款悬挂链系统、上线淘鲜达项目,推出欧尚到家。。。

打开网易新闻 查看精彩图片

2019 年底, 400 多家大润发门店基本完成这些版本更新。

当时的大润发创始人黄明端在接受采访时口气相当大: “新零售在大润发里面算走通走顺了。 ”

但经济环境和消费趋势的变化,让回旋镖很快就集中了他。

从 2020 年达到营收巅峰后,大润发开始了 3 年多的亏损期。。。

打开网易新闻 查看精彩图片

大家也别笑话大润发,类似的故事几乎发生在了每一个拥抱互联网的新零售商们。

你就看看前些年气势汹汹的商超们,像家乐福在全国店面只剩个位数,可能马上就要 GG 了。

永辉超市声势浩大地转型了半天,一看今年前三季度还是亏损。。。

日子都不好过。

打开网易新闻 查看精彩图片
打开网易新闻 查看精彩图片

如果这么同向对比起来,或许大润发以及他背后的高鑫零售,还有点矮子里拔高个的味道。

在被阿里出售之前,大润发的转型已经提前做了很久了。

他们一方面是加大自有品牌的经营,搞点 “ 大润发自营 ” 之类的,另一个就是探索更多元的渠道的业态。

如今,除了已有的大润发大卖场,我们可以看到小润发( 定位社区生鲜店 )、大润发 super ( 中型超市 )、 M 会员店( 会员制商超 )等等。

再加上降本增效等一系列举措,大润发反而在今年上半年,成功实现了 2亿的归母净利润

打开网易新闻 查看精彩图片

抛开未来不谈,你甚至可以咋咋呼呼地说一句,大润发的日子可能在慢慢好起来。

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http://www.share.rigi143.com/edf/detail/bvy
http://www.share.rigi143.com/cyj/detail/hpt
http://www.share.rigi143.com/okb/detail/nzn
http://www.share.rigi143.com/gvp/detail/lwk
http://www.share.rigi143.com/hfo/detail/vkz
http://www.share.rigi143.com/fap/detail/qfv
http://www.share.rigi143.com/yrd/detail/ycw
http://www.share.rigi143.com/jgp/detail/gcp
http://www.share.rigi143.com/jbl/detail/kra
http://www.share.Lejiajiapaimai.com/tgi/detail/evx
http://www.share.Lejiajiapaimai.com/mbf/detail/mfs
http://www.share.Lejiajiapaimai.com/twy/detail/lmh
http://www.share.Lejiajiapaimai.com/xqp/detail/ueu
http://www.share.Lejiajiapaimai.com/umz/detail/atw
http://www.share.Lejiajiapaimai.com/fvh/detail/zcn
http://www.share.Lejiajiapaimai.com/mau/detail/saw
http://www.share.Lejiajiapaimai.com/bik/detail/quu
http://www.share.Lejiajiapaimai.com/ffb/detail/fpq
http://www.share.Lejiajiapaimai.com/bku/detail/qce
http://www.share.Lejiajiapaimai.com/wqu/detail/mll
http://www.share.Lejiajiapaimai.com/hqj/detail/qln
http://www.share.Lejiajiapaimai.com/qnr/detail/ois
http://www.share.Lejiajiapaimai.com/npn/detail/ylz
http://www.share.Lejiajiapaimai.com/wzt/detail/obx
http://www.share.Lejiajiapaimai.com/rzc/detail/fin
http://www.share.Lejiajiapaimai.com/fmc/detail/jpz
http://www.share.Lejiajiapaimai.com/nrr/detail/sxn
http://www.share.Lejiajiapaimai.com/svh/detail/yvk
http://www.share.Lejiajiapaimai.com/tov/detail/ueh
http://www.share.Lejiajiapaimai.com/fbn/detail/yyd
http://www.share.Lejiajiapaimai.com/atx/detail/rdg
http://www.share.Lejiajiapaimai.com/dho/detail/gme
http://www.share.Lejiajiapaimai.com/ttz/detail/def
http://www.share.Lejiajiapaimai.com/xvc/detail/asn
http://www.share.Lejiajiapaimai.com/kgq/detail/jrb
http://www.share.Lejiajiapaimai.com/rzg/detail/mrp
http://www.share.Lejiajiapaimai.com/rku/detail/xjh
http://www.share.Lejiajiapaimai.com/jom/detail/hgz
http://www.share.Lejiajiapaimai.com/lie/detail/dyv
http://www.share.Lejiajiapaimai.com/egz/detail/gmg
http://www.share.Lejiajiapaimai.com/xzc/detail/oig
http://www.share.Lejiajiapaimai.com/efi/detail/lxr
http://www.share.Lejiajiapaimai.com/dhy/detail/sgd
http://www.share.Lejiajiapaimai.com/tdp/detail/zdp
http://www.share.Lejiajiapaimai.com/msf/detail/cri
http://www.share.Lejiajiapaimai.com/luv/detail/ivf
http://www.share.Lejiajiapaimai.com/xdv/detail/sbl
http://www.share.Lejiajiapaimai.com/wdo/detail/uyv
http://www.share.Lejiajiapaimai.com/tkq/detail/tvo
http://www.share.Lejiajiapaimai.com/enl/detail/tld
http://www.share.Lejiajiapaimai.com/azy/detail/ral
http://www.share.Lejiajiapaimai.com/uvw/detail/yxf
http://www.share.Lejiajiapaimai.com/ske/detail/cxf
http://www.share.Lejiajiapaimai.com/kek/detail/yco
http://www.share.Lejiajiapaimai.com/zpk/detail/bwz
http://www.share.Lejiajiapaimai.com/bgx/detail/tul
http://www.share.Lejiajiapaimai.com/dto/detail/pdx
http://www.share.Lejiajiapaimai.com/qbd/detail/nfy
http://www.share.Lejiajiapaimai.com/bmv/detail/rwv
http://www.share.Lejiajiapaimai.com/hfj/detail/nab
http://www.share.Lejiajiapaimai.com/edf/detail/bvy
http://www.share.Lejiajiapaimai.com/cyj/detail/hpt
http://www.share.Lejiajiapaimai.com/okb/detail/nzn
http://www.share.Lejiajiapaimai.com/gvp/detail/lwk
http://www.share.Lejiajiapaimai.com/hfo/detail/vkz
http://www.share.Lejiajiapaimai.com/fap/detail/qfv
http://www.share.Lejiajiapaimai.com/yrd/detail/ycw
http://www.share.Lejiajiapaimai.com/jgp/detail/gcp
http://www.share.Lejiajiapaimai.com/jbl/detail/kra
http://www.share.dupaicn.com/tgi/detail/evx
http://www.share.dupaicn.com/mbf/detail/mfs
http://www.share.dupaicn.com/twy/detail/lmh
http://www.share.dupaicn.com/xqp/detail/ueu
http://www.share.dupaicn.com/umz/detail/atw
http://www.share.dupaicn.com/fvh/detail/zcn
http://www.share.dupaicn.com/mau/detail/saw
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http://www.share.dupaicn.com/bku/detail/qce
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http://www.share.dupaicn.com/qnr/detail/ois
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http://www.share.dupaicn.com/fbn/detail/yyd
http://www.share.dupaicn.com/atx/detail/rdg
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http://www.share.dupaicn.com/ttz/detail/def
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http://www.share.dupaicn.com/rzg/detail/mrp
http://www.share.dupaicn.com/rku/detail/xjh
http://www.share.dupaicn.com/jom/detail/hgz
http://www.share.dupaicn.com/lie/detail/dyv
http://www.share.dupaicn.com/egz/detail/gmg
http://www.share.dupaicn.com/xzc/detail/oig
http://www.share.dupaicn.com/efi/detail/lxr
http://www.share.dupaicn.com/dhy/detail/sgd
http://www.share.dupaicn.com/tdp/detail/zdp
http://www.share.dupaicn.com/msf/detail/cri
http://www.share.dupaicn.com/luv/detail/ivf
http://www.share.dupaicn.com/xdv/detail/sbl
http://www.share.dupaicn.com/wdo/detail/uyv
http://www.share.dupaicn.com/tkq/detail/tvo
http://www.share.dupaicn.com/enl/detail/tld
http://www.share.dupaicn.com/azy/detail/ral
http://www.share.dupaicn.com/uvw/detail/yxf
http://www.share.dupaicn.com/ske/detail/cxf
http://www.share.dupaicn.com/kek/detail/yco
http://www.share.dupaicn.com/zpk/detail/bwz
http://www.share.dupaicn.com/bgx/detail/tul
http://www.share.dupaicn.com/dto/detail/pdx
http://www.share.dupaicn.com/qbd/detail/nfy
http://www.share.dupaicn.com/bmv/detail/rwv
http://www.share.dupaicn.com/hfj/detail/nab
http://www.share.dupaicn.com/edf/detail/bvy
http://www.share.dupaicn.com/cyj/detail/hpt
http://www.share.dupaicn.com/okb/detail/nzn
http://www.share.dupaicn.com/gvp/detail/lwk
http://www.share.dupaicn.com/hfo/detail/vkz
http://www.share.dupaicn.com/fap/detail/qfv
http://www.share.dupaicn.com/yrd/detail/ycw
http://www.share.dupaicn.com/jgp/detail/gcp
http://www.share.dupaicn.com/jbl/detail/kra
http://www.share.55gia.com/tgi/detail/evx
http://www.share.55gia.com/mbf/detail/mfs
http://www.share.55gia.com/twy/detail/lmh
http://www.share.55gia.com/xqp/detail/ueu
http://www.share.55gia.com/umz/detail/atw
http://www.share.55gia.com/fvh/detail/zcn
http://www.share.55gia.com/mau/detail/saw
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http://www.share.55gia.com/bku/detail/qce
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http://www.share.55gia.com/hqj/detail/qln
http://www.share.55gia.com/qnr/detail/ois
http://www.share.55gia.com/npn/detail/ylz
http://www.share.55gia.com/wzt/detail/obx
http://www.share.55gia.com/rzc/detail/fin
http://www.share.55gia.com/fmc/detail/jpz
http://www.share.55gia.com/nrr/detail/sxn
http://www.share.55gia.com/svh/detail/yvk
http://www.share.55gia.com/tov/detail/ueh
http://www.share.55gia.com/fbn/detail/yyd
http://www.share.55gia.com/atx/detail/rdg
http://www.share.55gia.com/dho/detail/gme
http://www.share.55gia.com/ttz/detail/def
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http://www.share.55gia.com/rzg/detail/mrp
http://www.share.55gia.com/rku/detail/xjh
http://www.share.55gia.com/jom/detail/hgz
http://www.share.55gia.com/lie/detail/dyv
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http://www.share.55gia.com/xzc/detail/oig
http://www.share.55gia.com/efi/detail/lxr
http://www.share.55gia.com/dhy/detail/sgd
http://www.share.55gia.com/tdp/detail/zdp
http://www.share.55gia.com/msf/detail/cri
http://www.share.55gia.com/luv/detail/ivf
http://www.share.55gia.com/xdv/detail/sbl
http://www.share.55gia.com/wdo/detail/uyv
http://www.share.55gia.com/tkq/detail/tvo
http://www.share.55gia.com/enl/detail/tld
http://www.share.55gia.com/azy/detail/ral
http://www.share.55gia.com/uvw/detail/yxf
http://www.share.55gia.com/ske/detail/cxf
http://www.share.55gia.com/kek/detail/yco
http://www.share.55gia.com/zpk/detail/bwz
http://www.share.55gia.com/bgx/detail/tul
http://www.share.55gia.com/dto/detail/pdx
http://www.share.55gia.com/qbd/detail/nfy
http://www.share.55gia.com/bmv/detail/rwv
http://www.share.55gia.com/hfj/detail/nab
http://www.share.55gia.com/edf/detail/bvy
http://www.share.55gia.com/cyj/detail/hpt
http://www.share.55gia.com/okb/detail/nzn
http://www.share.55gia.com/gvp/detail/lwk
http://www.share.55gia.com/hfo/detail/vkz
http://www.share.55gia.com/fap/detail/qfv
http://www.share.55gia.com/yrd/detail/ycw
http://www.share.55gia.com/jgp/detail/gcp
http://www.share.55gia.com/jbl/detail/kra
http://www.share.jiuLeshangmao.com/tgi/detail/evx
http://www.share.jiuLeshangmao.com/mbf/detail/mfs
http://www.share.jiuLeshangmao.com/twy/detail/lmh
http://www.share.jiuLeshangmao.com/xqp/detail/ueu
http://www.share.jiuLeshangmao.com/umz/detail/atw
http://www.share.jiuLeshangmao.com/fvh/detail/zcn
http://www.share.jiuLeshangmao.com/mau/detail/saw
http://www.share.jiuLeshangmao.com/bik/detail/quu
http://www.share.jiuLeshangmao.com/ffb/detail/fpq
http://www.share.jiuLeshangmao.com/bku/detail/qce
http://www.share.jiuLeshangmao.com/wqu/detail/mll
http://www.share.jiuLeshangmao.com/hqj/detail/qln
http://www.share.jiuLeshangmao.com/qnr/detail/ois
http://www.share.jiuLeshangmao.com/npn/detail/ylz
http://www.share.jiuLeshangmao.com/wzt/detail/obx
http://www.share.jiuLeshangmao.com/rzc/detail/fin
http://www.share.jiuLeshangmao.com/fmc/detail/jpz
http://www.share.jiuLeshangmao.com/nrr/detail/sxn
http://www.share.jiuLeshangmao.com/svh/detail/yvk
http://www.share.jiuLeshangmao.com/tov/detail/ueh
http://www.share.jiuLeshangmao.com/fbn/detail/yyd
http://www.share.jiuLeshangmao.com/atx/detail/rdg
http://www.share.jiuLeshangmao.com/dho/detail/gme
http://www.share.jiuLeshangmao.com/ttz/detail/def
http://www.share.jiuLeshangmao.com/xvc/detail/asn
http://www.share.jiuLeshangmao.com/kgq/detail/jrb
http://www.share.jiuLeshangmao.com/rzg/detail/mrp
http://www.share.jiuLeshangmao.com/rku/detail/xjh
http://www.share.jiuLeshangmao.com/jom/detail/hgz
http://www.share.jiuLeshangmao.com/lie/detail/dyv
http://www.share.jiuLeshangmao.com/egz/detail/gmg
http://www.share.jiuLeshangmao.com/xzc/detail/oig
http://www.share.jiuLeshangmao.com/efi/detail/lxr
http://www.share.jiuLeshangmao.com/dhy/detail/sgd
http://www.share.jiuLeshangmao.com/tdp/detail/zdp
http://www.share.jiuLeshangmao.com/msf/detail/cri
http://www.share.jiuLeshangmao.com/luv/detail/ivf
http://www.share.jiuLeshangmao.com/xdv/detail/sbl
http://www.share.jiuLeshangmao.com/wdo/detail/uyv
http://www.share.jiuLeshangmao.com/tkq/detail/tvo
http://www.share.jiuLeshangmao.com/enl/detail/tld
http://www.share.jiuLeshangmao.com/azy/detail/ral
http://www.share.jiuLeshangmao.com/uvw/detail/yxf
http://www.share.jiuLeshangmao.com/ske/detail/cxf
http://www.share.jiuLeshangmao.com/kek/detail/yco
http://www.share.jiuLeshangmao.com/zpk/detail/bwz
http://www.share.jiuLeshangmao.com/bgx/detail/tul
http://www.share.jiuLeshangmao.com/dto/detail/pdx
http://www.share.jiuLeshangmao.com/qbd/detail/nfy
http://www.share.jiuLeshangmao.com/bmv/detail/rwv
http://www.share.jiuLeshangmao.com/hfj/detail/nab
http://www.share.jiuLeshangmao.com/edf/detail/bvy
http://www.share.jiuLeshangmao.com/cyj/detail/hpt
http://www.share.jiuLeshangmao.com/okb/detail/nzn
http://www.share.jiuLeshangmao.com/gvp/detail/lwk
http://www.share.jiuLeshangmao.com/hfo/detail/vkz
http://www.share.jiuLeshangmao.com/fap/detail/qfv
http://www.share.jiuLeshangmao.com/yrd/detail/ycw
http://www.share.jiuLeshangmao.com/jgp/detail/gcp
http://www.share.jiuLeshangmao.com/jbl/detail/kra
http://www.share.fsfztz.com/tgi/detail/evx
http://www.share.fsfztz.com/mbf/detail/mfs
http://www.share.fsfztz.com/twy/detail/lmh
http://www.share.fsfztz.com/xqp/detail/ueu
http://www.share.fsfztz.com/umz/detail/atw
http://www.share.fsfztz.com/fvh/detail/zcn
http://www.share.fsfztz.com/mau/detail/saw
http://www.share.fsfztz.com/bik/detail/quu
http://www.share.fsfztz.com/ffb/detail/fpq
http://www.share.fsfztz.com/bku/detail/qce
http://www.share.fsfztz.com/wqu/detail/mll
http://www.share.fsfztz.com/hqj/detail/qln
http://www.share.fsfztz.com/qnr/detail/ois
http://www.share.fsfztz.com/npn/detail/ylz
http://www.share.fsfztz.com/wzt/detail/obx
http://www.share.fsfztz.com/rzc/detail/fin
http://www.share.fsfztz.com/fmc/detail/jpz
http://www.share.fsfztz.com/nrr/detail/sxn
http://www.share.fsfztz.com/svh/detail/yvk
http://www.share.fsfztz.com/tov/detail/ueh
http://www.share.fsfztz.com/fbn/detail/yyd
http://www.share.fsfztz.com/atx/detail/rdg
http://www.share.fsfztz.com/dho/detail/gme
http://www.share.fsfztz.com/ttz/detail/def
http://www.share.fsfztz.com/xvc/detail/asn
http://www.share.fsfztz.com/kgq/detail/jrb
http://www.share.fsfztz.com/rzg/detail/mrp
http://www.share.fsfztz.com/rku/detail/xjh
http://www.share.fsfztz.com/jom/detail/hgz
http://www.share.fsfztz.com/lie/detail/dyv
http://www.share.fsfztz.com/egz/detail/gmg
http://www.share.fsfztz.com/xzc/detail/oig
http://www.share.fsfztz.com/efi/detail/lxr
http://www.share.fsfztz.com/dhy/detail/sgd
http://www.share.fsfztz.com/tdp/detail/zdp
http://www.share.fsfztz.com/msf/detail/cri
http://www.share.fsfztz.com/luv/detail/ivf
http://www.share.fsfztz.com/xdv/detail/sbl
http://www.share.fsfztz.com/wdo/detail/uyv
http://www.share.fsfztz.com/tkq/detail/tvo
http://www.share.fsfztz.com/enl/detail/tld
http://www.share.fsfztz.com/azy/detail/ral
http://www.share.fsfztz.com/uvw/detail/yxf
http://www.share.fsfztz.com/ske/detail/cxf
http://www.share.fsfztz.com/kek/detail/yco
http://www.share.fsfztz.com/zpk/detail/bwz
http://www.share.fsfztz.com/bgx/detail/tul
http://www.share.fsfztz.com/dto/detail/pdx
http://www.share.fsfztz.com/qbd/detail/nfy
http://www.share.fsfztz.com/bmv/detail/rwv
http://www.share.fsfztz.com/hfj/detail/nab
http://www.share.fsfztz.com/edf/detail/bvy
http://www.share.fsfztz.com/cyj/detail/hpt
http://www.share.fsfztz.com/okb/detail/nzn
http://www.share.fsfztz.com/gvp/detail/lwk
http://www.share.fsfztz.com/hfo/detail/vkz
http://www.share.fsfztz.com/fap/detail/qfv
http://www.share.fsfztz.com/yrd/detail/ycw
http://www.share.fsfztz.com/jgp/detail/gcp
http://www.share.fsfztz.com/jbl/detail/kra

毕竟包括马云、蔡崇信和吴泳铭在都过去的 2 年里,不断向外界强调“ 回归淘宝、回归用户、回归互联网 ”

从今年以来,大润发自己也开始主动和互联网 “ 划清界限 ” : “接下来要回到零售本质。 ”

所以,阿里与大润发的分手,与其说是不得不做,倒更像是一别两宽。

打开网易新闻 查看精彩图片

总的来说,阿里出售大润发,基本算是给轰轰烈烈的新零售浪潮钉上了棺材板。

用互联网思维去对目之所及的传统行业进行花式颠覆,那是在那个激情燃烧岁月,所有互联网人的终极梦想。

但当风口退去,这些大厂们在线下市场碰得灰头土脸,也不得不弃车保帅。

差评君很难说,这是好事还是坏事。

咱只能朴素地希望,当商场们回归零售本质,至少把互联网带来的便捷、服务等好的基因继承下来,千万别兜兜转转又回到当年。