<p>对于 <strong>阿里巴巴集团</strong>(BABA 0.19%) 的投资者来说，过去几年相当艰难。自 2020 年以来，股价表现远逊于市场。然而，销售额却持续增长。回顾公司的财务历史，呈现出一个奇特的画面。不难理解为什么一些投资者认为这家曾经的成长明星如今变成了价值股。</p>
<h2>并非所有事情在 2020 年达到顶峰</h2>
<p>在 COVID-19 疫情最严重的时候，电子商务销售激增，直接惠及了阿里巴巴等主要零售商的销售和净收入。例如，在那一年，公司在双十一活动中创造了惊人的 740 亿美元销售额，几乎是前一年 380 亿美元的两倍。</p>
<p>然而，在随后的几年中，公司面临反垄断调查，导致被罚款 28 亿美元。同时，创始人马云因其直言不讳而受到监管机构和中国党官员的更多关注。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c9333a5d033b44f8ed9f36c66dfe12f8.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="553" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c9333a5d033b44f8ed9f36c66dfe12f8.png"/></p>
<p>BABA 数据来源于 YCharts。</p>
<p>尽管自 2020 年以来的增长无疑乏善可陈，但阿里巴巴的销售额仍在持续增长。其净收入仅比 2020 年的高点低 26%。与此同时，股价则比疫情高点低超过 60%。这使得公司的市盈率降至仅 15.6，约为标准普尔 500 指数整体交易水平的一半。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAxNzEvZ2V0dHlpbWFnZXMtMTQ0NzQ4NDk1MC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAxNzEvZ2V0dHlpbWFnZXMtMTQ0NzQ4NDk1MC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>阿里巴巴的未来如何？预计今年销售额将增长 6%，明年预计再增长 8%。与此同时，预计每股收益今年将达到 62.47 美元，明年增长至 75.19 美元。显然，分析师对公司的财务状况仍然相当乐观。</p>
<p>在阿里巴巴的股价在 2020 年达到顶峰后，公司增长前景急剧重置。但考虑到股价仅为每股收益的 15.6 倍，尽管预计销售和收益将上升，股票似乎对那些希望将被打压的股票加入投资组合的逆向投资者具有吸引力。</p>

阿里巴巴-W

阿里巴巴

2 倍做多阿里巴巴 ETF - KraneShares

BABO

2 倍做多 BABA ETF - GraniteShares

<p>阿里巴巴集团（BABA）自 2020 年以来面临重大挑战，其股价比疫情高点低超过 60%，尽管销售持续增长。该公司在 2020 年双十一活动中创造了 740 亿美元的收入，但此后遭遇了反垄断问题和监管审查。分析师预计今年销售增长 6%，明年增长 8%，每股收益预计将从 62.47 美元上升至 75.19 美元。阿里巴巴的市盈率为 15.6，可能吸引寻求价值的逆向投资者</p>

<p>It's been a tough few years for <strong>Alibaba Group</strong>(BABA 0.19%) investors. Shares have heavily underperformed the market since 2020. Yet sales have continued to rise. Looking back at the company's financial history reveals a peculiar picture. It's not hard to see why some investors think this former growth darling is now a value stock.</p>
<div class="lb-trans"><p>对于 <strong>阿里巴巴集团</strong>(BABA 0.19%) 的投资者来说，过去几年相当艰难。自 2020 年以来，股价表现远逊于市场。然而，销售额却持续增长。回顾公司的财务历史，呈现出一个奇特的画面。不难理解为什么一些投资者认为这家曾经的成长明星如今变成了价值股。</p>
</div><h2>Not everything peaked in 2020 for Alibaba</h2>
<div class="lb-trans"><h2>并非所有事情在 2020 年达到顶峰</h2>
</div><p>During the COVID-19 pandemic's height, e-commerce sales spiked, directly benefiting the sales and net income for major retailers like Alibaba. That year, for example, the company generated a staggering $74 billion in sales during its Singles Day event -- nearly double the $38 billion brought in the year before.</p>
<div class="lb-trans"><p>在 COVID-19 疫情最严重的时候，电子商务销售激增，直接惠及了阿里巴巴等主要零售商的销售和净收入。例如，在那一年，公司在双十一活动中创造了惊人的 740 亿美元销售额，几乎是前一年 380 亿美元的两倍。</p>
</div><p>In the years that followed, however, the company faced antitrust investigations, leading to a $2.8 billion fine. Meanwhile, outspoken founder Jack Ma garnered increased scrutiny from regulators and Chinese party officials.</p>
<div class="lb-trans"><p>然而，在随后的几年中，公司面临反垄断调查，导致被罚款 28 亿美元。同时，创始人马云因其直言不讳而受到监管机构和中国党官员的更多关注。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c9333a5d033b44f8ed9f36c66dfe12f8.png" alt="" original-src="https://media.ycharts.com/charts/c9333a5d033b44f8ed9f36c66dfe12f8.png"/></p>
<p>BABA data by YCharts.</p>
<div class="lb-trans"><p>BABA 数据来源于 YCharts。</p>
</div><p>While growth since 2020 has undoubtedly been tepid, Alibaba's sales have continued to grow. Its net income is only 26% below its 2020 highs. The stock price, meanwhile, is more than 60% below its pandemic highs. That has brought the company's price-to-earnings ratio down to just 15.6 -- roughly half what the S&amp;P 500 trades at overall.</p>
<div class="lb-trans"><p>尽管自 2020 年以来的增长无疑乏善可陈，但阿里巴巴的销售额仍在持续增长。其净收入仅比 2020 年的高点低 26%。与此同时，股价则比疫情高点低超过 60%。这使得公司的市盈率降至仅 15.6，约为标准普尔 500 指数整体交易水平的一半。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAxNzEvZ2V0dHlpbWFnZXMtMTQ0NzQ4NDk1MC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830171%2Fgettyimages-1447484950-1200x800-5b2df79.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>What's the future for Alibaba? Sales are expected to grow by 6% this year, with another 8% growth expected the following year. Earnings per share, meanwhile, are expected to hit $62.47 this year, growing to $75.19 next year. Clearly, analysts remain fairly optimistic about the company's financial situation.</p>
<div class="lb-trans"><p>阿里巴巴的未来如何？预计今年销售额将增长 6%，明年预计再增长 8%。与此同时，预计每股收益今年将达到 62.47 美元，明年增长至 75.19 美元。显然，分析师对公司的财务状况仍然相当乐观。</p>
</div><p>After Alibaba's stock price peaked in 2020, the company's growth prospects reset sharply. But with shares trading at just 15.6 times earnings despite expectations for rising sales and earnings, shares seem appealing for contrarian investors looking to add beaten-down stocks to their portfolio.</p>
<div class="lb-trans"><p>在阿里巴巴的股价在 2020 年达到顶峰后，公司增长前景急剧重置。但考虑到股价仅为每股收益的 15.6 倍，尽管预计销售和收益将上升，股票似乎对那些希望将被打压的股票加入投资组合的逆向投资者具有吸引力。</p>
</div>

What Is the Highest Alibaba Stock Has Ever Been?

- 阿里巴巴的股价自 2020 年以来表现不佳，但销售额持续增长。  
- 2020 年双十一销售额达 740 亿美元，较前一年几乎翻倍。  
- 分析师预计未来两年销售将分别增长 6% 和 8%。  

阿里巴巴股票曾达到的历史最高价是多少？