On the evening of May 23, Alibaba Group released its 2024 annual report. It is the first anniversary of Alibaba's self-transformation. In the first jointly signed letter to shareholders, Cai Chongxin and Wu Yongming explained “who is Alibaba” in the new stage of development, why they have made “user-first, AI-driven” strategic trade-offs, and shared Ali's development strategy and how to invest in the future. The shareholders' letter stated that Alibaba has two core businesses: e-commerce and cloud computing. Among them, e-commerce includes not only Taotian Group, a platform serving Chinese consumers and merchants, but also Alibaba International Digital Business Group, a platform serving international consumers and merchants; the goal of cloud computing is to become a leading provider of public cloud infrastructure and platform technology in China. Based on its two core businesses, Alibaba has clarified its “user-first, AI-driven” development strategy. “User first” means that from business purpose to product concept, the “user” is the first priority to design business goals and product processes, with the aim of creating maximum value for consumers and merchants on the platform. “AI-driven” is about the future. “In the next ten years, no industry will be immune to disruptions brought about by AI,” the shareholder letter stated, “AI, as a driving force for breakthrough user experiences and business models, will bring huge opportunities.” Facing the future, Alibaba will continue to invest in two major areas: one is to accelerate the growth of its core business, and the other is to maintain leadership in basic technology and innovation, including AI. “Alibaba will always focus on the future.” Cai Chongxin and Wu Yongming frankly wrote in their shareholder letter that in the past 25 years, Alibaba has experienced continuous growth and has also shown some symptoms of “big company disease.” They also expressed their determination to actively tackle the “big company disease” and maintain an entrepreneurial spirit: “In the next 10 years, we will once again regard ourselves as a startup, stick to the original mission of 'making the world a business that is not difficult to do. ' We will uphold the long-term principle, making trade-offs for today and investing for tomorrow.” (Sina Technology)