张小安

Easy to dobusiness anywhere

我想，大部分中國人对“马云”这个名字一点也不陌生。他一手创办的淘宝网改变了人们的购物方式。本期介绍的这封信是马云写给阿里巴巴股东的，一起来看看吧。

Dear Alibaba Shareholders，

Thank you for putting your trust in Alibabaand me four years ago.

I am writing this final letter to you asChairman of the Board of Alibaba. As I toldyou last month， I will be transitioning the roleof Chairman to our CEO Daniel Zhang inSeptember next year. However， as a partnerin the Alibaba Partnership， shareholder andfounder of the company， I will always behappy to engage in any discussion about thecompany at any time in the future.

As business evolves， the biggestchallenge of any company is to ensure smoothleadership succession and cultural continuity. I am very proud of and grateful for what Alibabahas achieved over the past 19 years. Becausewe established unique systems to ensure talentdevelopment and preservation of Alibabasculture and values， we now have a leadershipteam that is ready for the future. Daniel Zhangwill lead a team of young， talented people withoutstanding business acumen and leadershipqualities so that Alibaba will continue to bringpositive impact to the world.

As for myself， I will devote more timeand effort to education， philanthropy and theenvironment. While I will not allow myself to sitidle， this time， I will be able to spend time onchoosing interesting and meaningful causesthat I can be passionate about. Of course， I willforever belong to Alibaba， be grateful to Alibabaand be at Alibaba's side to support and cheerfor the company.

Alibaba will remain committed tosustainable growth for at least 102 years andour mission to“make it easy to do businessanywhere." We will take one step at a time forthis ideal： by the year 2036， we aim to serve 2billion global consumers， empower 10 millionprofitable businesses and create 100 millionjobs.

Recently， the global economy has founditself in a state of turmoil. Uncertainties abound in trade relations， consumer trends，stock markets and the manufacturing industry. US-China trade tensions create increased risk of instability. This is the thirdtime in Alibaba's 19-year history that we have encountered a setback in the global economy.But our past experience tells us there arehuge opportunities behind the anxiety and friction. The only question is how we shouldpivot. Monumental challenges give rise tomonumental opportunities， and Alibaba iswell-positioned because we are adept atweathering adversity.

When it gets difficult to do business， it isprecisely the time to fulfill our mission to makeit easy to do business anywhere.

Today's conventional business model andregulatory framework for global trade is facingenormous challenges. This has presented theperfect opportunity for us to make globalizationa priority. We have spent the past three yearsto develop a trading system that serves smalland medium enterprises and consumersaround the world. We've made progresstoward realizing our goals of “global buy”“global sell"“global pay"“global delivery" and“global travel." To ensure small and medium enterprises， young people and women havefair access to global trade， we are alsopromoting inclusiveness under the“4Ts"一trade， tourism， training and technology. I amexcited that we are able to deploy Alibabastechnology， experience and resources，thereby establishing and improving a new andinclusive global trade system for the future.

Nine years ago， Alibaba made acommitment to the development of proprietaryInternet and data technology. Since then，we have truly transformed into a technologycompany. Our strategic focus in data science，cloud computing， artificial intelligence andthe Internet of Things （IoT） have laid thefoundation for us to effect revolutionarychange. We aim to use our technology tocreate enormous value for the manufacturing，retail and financial sectors. For the past twoyears， we have realized value in the retailindustry through empowering 200，000 brick-and-mortar stores to implement online andoffline integration， making our New Retailvision possible.

The manufacturing sector is alsoundergoing changes. In the future， themanufacturing industry will be defined by theseamless integration of manufacturing andservices. The entire industry will be rebornthrough customized， tailor-made and data-driven production. Alibaba is not interested inbecoming a manufacturer. Instead， Alibabaaims to empower manufacturers by providingtechnology， such as artificial intelligence，blockchain and the IoT. By doing so， we helptens of millions of manufacturing enterprisestackle problems of the future. Both Alibaba andthe manufacturing industry will face challengestogether， but we will also share opportunitiesahead.

For the past 19 years， Alibaba has builta comprehensive and prosperous digitaleconomy that is as strong as any ecosystem.Now， with 30，000 engineers， operating talentand the constant rollout of innovative productsand services， I can feel Alibaba is embarkingon an unprecedented development trajectory.Against this backdrop，confidence in ourfuture and in ourselves has never been moreimportant.

I want to thank you- our shareholders-for your trust and support. Alibaba will not stopat opportunities that are already apparent. Wewill always invest for the future. Our focus onthe future n means that current turbulence andinstability will not likely impact us. We stronglybelieve that if we innovate to solve problemsand create real value in the process， marketopportunity and profitability will not escape us.

At this time next year， when I hand overmy executive responsibilities， my status will beas an Alibaba shareholder just like each oneof you. With anticipation， curiosity and pride，I look forward to joining you as we embark onour next journey together.

Jack Ma

Executive Chairman

Alibaba Group Holding Limited

尊敬的投资者：

感谢你们四年来对阿里巴巴，对我的信任。

这是我最后一次以阿里巴巴董事局主席身份给你们写信。不过，作为阿里巴巴合伙人，股东和创始人，将来的任何时候，我乐意和你们一起探讨任何问题。

此刻我充满骄傲和欣慰，对企业自身的进化来说，企业领导层和组织文化的传承一直是任何企业的最大挑战。阿里巴巴尽19年之力建立了独特的人才机制、文化体系和自己的价值观，因为这一切，我们才成为今天的我们;也因为这-切，我们才能在此刻拥有一支属于明天的领导团队。张勇正带领着阿里巴巴的年轻人们展示着他们卓越的商业才华和领导力，未来的阿里巴巴一定会让世界有更多惊喜。

至于我个人，我会投入更多的时间到教育、公益、环保;我一定不会也不能让自己空闲下来。不过，这次，我有足够的时间去挑选几件我自己感兴趣，有趣而且有意义有价值的事。当然，我永远属于阿里巴巴，我感恩阿里巴巴，阿里巴巴未来的每一个重要时刻，我仍然会陪伴它、支持它、为它鼓掌为它加油。

阿里巴巴将永远坚持做一家102年的企业，我们不会改变“让天下没有难做的生意”这个使命。为此，我们会一步一个脚印的走近它。在未来20年，我们将服务全世界20亿消费者，帮助1000万家中小企业盈利，创造1亿就业机会。

最近，全球经济正在遇到困难，贸易、消费、股市、制造业一切开始变得不确定，中美貿易摩擦也进一步增加了市场的慌乱，阿里巴巴在19年间，已经第三次经历这样的全球性的波折，过去的经历告诉我们，这些波折，焦虑，摩擦背后隐藏着巨大的机会，问题是如何改变自己。没有历史性挑战，何来历史性机遇？阿里巴巴是一家善于把握逆境的公司。

生意难做之时，正是我们兑现“让天下没有难做的生意”的使命之时。

今天I业时代的贸易模式和贸易规则遇到了巨大的问题，这恰恰是我们全球化的作为之机。我们在过去三年打造了一个服务于全球中小企业和消费者的贸易体系，正在实现全球买、全球卖、全球付、全球运、全球玩。推动“4T”（Trade、Tourism、Training、Technology）的全球普惠，让全球中小企业、年轻人和女性都能平等便利地参与全球贸易。利用阿里巴巴的技术，经验和资源，能参与建立完善未来全球新型普惠贸易体系，我们感到无比的兴奋。

9年前阿里巴巴已经转型为一家技术公司。我们在大数据、云计算、人工智能、物联网上的全面布局和准备，正是为中国乃至全球的制造业进行变革打下基础。我们用技术为制造业、零售业、金融业创造巨大价值，过去两年，这个价值已经在零售业显现，在中国，我们用技术让20万家零售业门店实现了线上和线下一体，打开了新零售之路。

制造业也在变革，未来的制造业，是制造业和服务业的完美结合，是个性化、定制化和数据化的生产，是整个行业的重生。阿里巴巴不是进军制造业，而是赋能制造业，利用人工智能、区块链和物联网等技术帮助制造业变革，帮助千千万万的制造业企业应对未来的挑战，这是我们和制造业共同的挑战，也是共同的机遇。

阿里巴巴19年来建立起来的丰富繁荣的经济体生态系统，我们近3万名的科技工程人员，我们强大的运营管理，人才和每天层出不穷的创新产品和服务，我觉得阿里巴巴正走在一条前所未有的发展道路上，我们需要的是更加坚定的相信未来，相信自己。

感谢股东们的信任和支持，阿里巴巴从来不为看得见的机会布局，永远只为未来投入。正是因为这样，眼前暂时的风浪和波折，难以伤害我们，因为我们相信，只要为了解决问题而创新，只要创造了真正的价值，-定不缺市场、不缺利润。

明年这个时候，我和你们一样，也是一名阿里巴巴股东。期待那一天，和你们一起，怀着期待、好奇和骄傲，和大家-起，坚持相信！

马云

阿里巴巴集团董事局主席