Overview Key strengths Key risks The largest online direct retailer in China. Highly fragmented and competitive retail market in China. Well-regarded national logistics network. Low EBITDA margin compared to peers. Robust cash balance and commitment to net cash position. High capital expenditures for growth and new initiatives. Strong liquidity with good access to capital markets. The company fared better than its peers during recent lockdowns in China. That is partially attributed to its wholly owned and operated order fulfillment operations. For example, its fulfilled gross merchandize value (GMV) was in line with the market, down only 5% year-on-year in April 2022, whereas the online physical goods GMV of Alibaba Group Holdings Ltd.'s China retail marketplace (excluding unpaid orders) decreased by
