Hello, everyone. Welcome to Alibaba Investor Day 2017. I'm your host, Rob Lin, Investor Relation Head of Alibaba. Before I get started with the event, let me just quickly cover the safe harbor. Today's discussion will contain forward-looking statements. These forward-looking statements involve risks, uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risk uncertainties, please refer to our latest annual reports on Form 20-F and other documents filed with the SEC. Any forward-looking statements we make at the events are based on assumptions as of today. We do not undertake any obligations to update these events statements except as required under applicable law.
Please note that certain financial measures that we use at this event, such as adjusted EBITDA, non-GAAP net income, non-GAAP diluted EPS, and free cash flow, are expressed on a non-GAAP basis. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our latest earnings release. Let's welcome our first presenter, Daniel Zhang, CEO of Alibaba.
Ladies and gentlemen, welcome to Alibaba. This is our second year to host this investor day. I'm the first representer. On behalf of around 50,000 Alibaba employee, I'm a little bit nervous because with so many analysts. On behalf of our 50,000 employee, welcome all to Alibaba again. For the first-comer, for the first time, visitors, wish you have a very good day at Alibaba in Hangzhou. Let me start with our big picture. Today, in the last, in the next two days, we will give you a very detailed introduction of our business, our strategy, and of course, our number.
By starting of our long process, I would just share with you first the history of evolution in Alibaba. As you know, Alibaba was born in 1999. This is our 18th year. In the last 18 years, Actually, our business evolved very, very rapidly. When we born, actually at that time, as was the first Internet bubble, we leveraged the power of Internet, which is transparency, to empower our sellers, China SMEs, to sell through our platform to the other markets. We called Meet at Alibaba. It's about buyer and seller meet on our platform and find business opportunities. Over time, we moved to the second stage, which is in 2003, with starting off our Taobao and later Tmall business.
We start to help buyer and seller not only to find trading opportunity, but also to transact on our platform. We help hundreds of millions of consumers today to shop on Alibaba. As we show in the video, starting from 2009, we set up a new business, which is Cloud. Today, with the development our Cloud business, we get a chance to help our partners to work on Alibaba, to work at Alibaba. In the recent years, we made very big progress, we made very big investments in digital entertainment. We want to build a new platform to enable, again, hundreds of millions of consumers to live at Alibaba. That's the evolution of our business.
We always, with this evolution, we always follow our heart at day one, which is make it easy to do business anywhere. Alibaba today has so many businesses. How to look at Alibaba? Who am I? Who are we? Here, I just want to use one big picture to show Alibaba is an economy. Today, as I said, we have so many customers, 500 million customers around us. We have close to 10 million small businesses working our platform, transacting our platform every day. We are now moving to new areas like digital entertainment. Together with all the partners, all the participants in the ecosystems, buyers, sellers, service providers, content providers, today, all together, we constitute a real economy.
You know that last year in this real economy, Alibaba, in terms of the size of the economy today, our core commerce platform contribute over close to $ 550 billion GMV in the past fiscal year. If you look at the components of this economy, actually you see a very clear picture and very big synergy across each of the platforms, each of the business sections. Obviously, when you look at picture, you can see that we start from the physical products. We start from China, we start from China wholesale and retail platforms. We over time, we move to cross-border export and cross-border imports. Over time, we move to new area, which is digital entertainment, because we want to give our consumers more chances to consume more categories, more products in more categories.
Today, also we via our investment in Koubei, in Ele.me, in other companies, we also get a chance to move to local services. We believe it's very important to people's daily life. What we do is not only to build new business in the economy, but most important thing Alibaba is doing is to build the infrastructure for all the participants to do business easier in this economy. That's why we put four horizontal lines in the big picture. The first is our payment and financial services. We provide these services through our affiliate company, Ant Financial. We also have our logistics service provided by another affiliate company, Cainiao.
By our Alibaba marketing platform, we provide our merchants, our sellers, our partners, a marketing platform, not only to sell the product, but also to market their brand, to promote their brand, to manage their consumers. At the very bottom, which is the foundation, which is the physical infrastructure of all the economy, which is cloud. This is one big picture of Alibaba. If we use one sentence to describe Alibaba, actually, Alibaba is a economy, but driven by big data. Today, when you see each elements, each pillars of the infrastructure, and each elements of the business, we can see totally different picture. The common thing is that we use the data to drive the business. We also view those all these business cases, all this business, as cases to generate data.
We also try to use the data and leverage our data technology to not only collect data, store data, but also manufacturing to mine the data to get the real value from the data mining and the data analytics and computing. To use the value of this data to refuel the operation of the entire economy, to refuel the operation of our participants' operation. In one sentence, Alibaba is a data company. All the data are from these business cases, but all the data are used for this business case. Because of the data, our economy, our ecosystem can continue to be prospective. Next. When we look at the big picture of Alibaba business, obviously today we have a core business, still our core commerce.
Taobao actually is a very important platform for our core commerce business. Taobao as a business also experienced a very rapid evolution during the past more than 10 years. I remember during the IPO, three years ago, we talk about people that we talk to people that Taobao is experiencing a mobile transition. Today, what I can share with you is that Taobao has already accomplished a successful mobile transition. We deliver all we mentioned in the last two, three years to the market, and actually we do even more. Today, 85% of our transactions today are from mobile. Every day, people visit to our mobile app over, average speaking, over seven times.
Today, Taobao first completed mobile transition, but most important thing is that Taobao is not, again, is not only as a marketplace. Today, Taobao, because of the mobile transition, Taobao has transformed from a marketplace to a social commerce platform. Because of the social, because of the fun of discovery, because of the experience of exploration. That's why people wanna come back again and spend so much time with us on our leading Taobao mobile app. On top of the mobile transition, the second very important thing, which is the heart of Taobao today, is intelligence. When we talk big data, when we talk the value of the cloud computing, actually, before we share all these benefits with the participants in our economy, we have to be the first beneficiary to use all this data.
Today, what I can share with you is that today, all of our products, our applications are data-driven. Because of the data-driven, because of the intelligence of the mobile app, we can give the right person the right product at the right context, at the right user interface. Because of this, we can develop more formats and user interface to give people different experience. Just example, in the PC time, when people go to a shopping destination, the most important thing is search and navigation. Today, in Taobao, actually, search and navigation is still there. We have a lot more applications to enable people to discover the thing they never expected.
For example, actually later, our team, Taobao team leader will share with you the experience of live streaming, of the news feeds, of the recommendation, of the short video. Actually, today, all these applications are in Taobao. All these applications are contained a very important consumption context, which give people a lot of fun of discovery, of exploration. Today, we have so many, actually, we have over 500 million monthly active users use our Taobao mobile app. Actually, today, we have millions of small businesses, big businesses. They are all in our retail platforms.
Today, what we are doing right now is to how to leverage, after we experience a very successful mobile transition, after we successfully run our operation, based on the data and user data and make our mobile app to be intelligent. Today, what we do is that how to leverage the insight we have about customers to further, to upgrade our, the business, not only from the sales side, but also to help our merchant, our seller, to upgrade their business from supply side, from manufacturing side, from design side. That's what we call the smart manufacturing, smart product design. We strong believe the end of the world is not like C2C or B2C. It's all about consumer-driven C2B. How to achieve C2B goal is all about data. It's about consumer insight.
Because of the insight, because of the data, we can not only to help people to sell efficiently, to do marketing efficiently, but also help them to manufacturing efficiently and to do product design efficiently. Internet and digital data technology will empower the whole transformation, total transformation of the business. The other very important thing we are doing right now is to how to fully leverage our user base and 0.5 billion user base in our economy, and how to give them more selections, more experience. That's why we are working very hard on our loyalty, customer loyalty program to give people not only the selection, but enhance their stickiness in our economy. Next. Tmall is famous for a B2C platform. Everybody tells Tmall is a B2C platform.
Today, what I wanna say is that Tmall is not only as a B2C sales platform. Today, what we position Tmall is an engine to empower our business partners to experience a successful digital transformation. Today, China is experiencing a trend of quality consumption. We have a growing group of middle-class families and how to give high-quality products to the consumers, to the middle families in China. Today, in Tmall, as we disclosed in the last earnings release, today, we have 30, we have 75% of top 100 Forbes consumer brands, they are all in Tmall. Tmall already become their first choice to be on internet in China. What we think is that we can do more for our partners on Tmall.
We can not only help them sell more, but also help them to manage their customers smartly in the customer's entire life cycle. Of course, we do believe we still have a very big potential in Tmall's growth. We are committed to continue our investment in our B2C market in Tmall, to continue acquire the new customers in the top tier, in the low tier, even in the rural areas. On the other hand, continue our leadership and influence in the key account partners to help them to enhance to grow their sales, to help them to do their entire business more efficiently on our retail platforms. Next. Just now, I show you that in our core commerce platforms, Taobao, Tmall, each of them experienced a very rapid evolution during the past few years.
Today, we see an even bigger picture, which is New Retail. Actually, after Jack's announcement, sharing of the New Retail view, actually, in the whole market, people all talk about New Retail. What is New Retail? In Alibaba, what we wanna do is that we have advantage. We have so many merchants already online. We already serve them to do a online business. Beyond the service online, how we can do more to help this business to transform to a totally digital operation? Today, we start with a very important thing, which is digitalizing the five key components in the retail operations, which we believe is fundamentally important in the New Retail strategy. First is customers. How to help the brand partners?
How to help our retailers to digitalize their customers' footprints, not only online, but also in the brick-and-mortar chains? Second is how to help our partners to get their listings, get their product listings to be digitalized, and the inventory stocks can be shared both online and offline. Third one is orders. For brick-and-mortar stores, how to help our partners to digitalize their orders to be an electronic order? Of course, the next one is payment. Because of Alipay, we get a chance to help our brick-and-mortar chains to digitalize their payment. The last one, of course, if we can do all these four, then we get a chance to help them to digitalize the loyalty program operation.
We can see if an offline store can do all these five things to be digitized, actually, the outcome of the retail operation will be no difference with the online operation. We then further get a chance to see how to reformat, how to restructuring the components of the product listings of the retail format of the customers. Today, actually, we do have some experiments and innovations in certain categories via our strategic investments. We have some, we are doing some experiments in fashion categories via our investment in Intime. We also work very curiously with Suning to see how to do the omni-channel strategy in the consumer electronic categories.
Via our investment in Sanjiang, in our in-house development, Hema, we are trying to see how to redefine the supermarket, hypermarket model in a totally different way. Having said that, we are still on the way, but we strongly believe that at the end of the day, online, offline, with the digitalization of all these five components of retail operations, online, offline will be on the same page, will give people seamless experience. Next. On top of new retail, actually, we see another very interesting client demand, which is how to help them to do marketing effectively and efficiently. Today, in Alibaba, we have a very successful closed loop marketing and retail platforms, which is in Taobao and Tmall.
With our expansion to digital entertainment platform, we see an even bigger picture and even bigger potential, which is we can help our merchants on our retail platforms to manage their customers cross-platform in the entire Alibaba economy. All the data could be collected and could be analyzed under unified identity. Because of this, we can give our partners, our marketers, a very strong position, a tool to manage the footprints, to track the footprints, to manage the footprints of their customers cross-platform. We even work with third-party media and partners to leverage the data we have to help them to improve the ROI of the media activity. That's why here we show you the synergy between our e-commerce platform and our digital entertainment platform.
We believe this synergy will become more and more stronger in the coming years. Today, everybody is talking about digitalization. Everybody is talking about digital operation. When I talk to a lot of marketing people, I said, t oday you say you switch all of your marketing budget to digital marketing, but is there any difference when you do the traditional media? Can you track, can you manage, can you have the customer insight because of the digital marketing? What I share with them is that today, with the help of Alibaba, with involvement of our entire economy, we say we can. We can help you to achieve all this in the entire customer's life cycle. Next. Just now I mentioned the key components in our core commerce platform.
Now I wanna share with you in one picture what we have done, what we are doing, and we are going to do. As you can see, our core commerce platform now evolve from a pure sales marketplace to a e-marketing platform. Now we are doing a lot of exercise to execute our omni-channel strategy to make our merchants connect their online, offline, and to give people unique and seamless experience. What we are doing right now is that on top of these two, sales, marketing, omni-channel, we also want to help them to develop a new distribution channel. For example, here with our Village Taobao program, with our LST, is a low-tier city distribution, uberize the distribution network.
We try to help our merchants, our retail platform, to enter into this new distribution channel and help them to improve their efficiency of the distribution. Most important thing is help them to get the data of the end customer in this new distribution channel. Of course, we have new channels like AliExpress, Lazada, which also give the merchants in China a new way via our platform to enter into a new market. Of course, on top of all these sales, marketing, distribution channel, which are all on sales side, now we are doing a lot of exercise with Cainiao, our affiliate company, to develop a data-driven smart supply chain management solution to help people not only to manage customer efficiently, but also to manage their inventory efficiently. That's the one big picture of our core commerce.
Our core commerce is transformed from making connections to redefine retail. Next. Now let's move to another very important business, Alibaba Cloud. People talk a lot about Alibaba Cloud, and a lot of people see big potential of Alibaba Cloud. What I wanna share with you here is the synergy we see in Alibaba economy, how we again to leverage our existing business, our core business in core commerce to leverage, to empower our merchants in our core commerce to help them to transform to digital operation and empower their digital operation in our Alibaba Cloud. You know, today, we have so many merchants on our retail platforms. They are doing retail sales. They are doing customer management. They are doing customer service. They are managing their inventories. They are trying to get the financial services.
Today, our cloud business are evolving from a infrastructure service to a SaaS-based application and service to all our participants in our core commerce. We do believe this is a very unique synergies we have in Alibaba big family. Also because of this, we get a very concrete chance to help our merchants not only doing their business, not only transaction, doing sales, doing transaction on our platform, but really working at Alibaba. Next. Let's move to the new platform we are building up in the recent years, which is digital and media, digital media and entertainment platform. As I said, actually, why we want to build the digital entertainment and media platform? We have a couple of reasons. First, we view this as an expansion of the consumption category.
We strongly believe that over time, with the development of economy and the growing number of middle-class family, people need more and more digital contents on top of the physical products. That's why we want to invest in digital contents and give people more selections in their consumption. Second, we do see very strong synergy between the retail platform and the digital media platform because of the demand, strong demand about the smart marketing, about digital marketing of our merchant, our partners. Here in our digital media platform, what we do is that first we have a lot of portfolio business in our digital media and entertainment platform. We have UC as a focus on video. We have, sorry, we have UC focus on mobile browser, focus on mobile search and news feeds. We have Youku.
They are working on the providing the video service to customers. We have Alibaba Pictures. Their job is to across the value chain of the movie, financing, movie production, movie marketing, movie distribution, ticket sales, and even to merchandise business. We also recently we acquired Damai. It's a very good business in the live event, a ticketing business. We do see very strong synergy in all these portfolios in digital media platform. Behind this, what we are doing now is try to build up a content generation ecosystem to generate content in different formats, to video, to news feeds, to short video, to live events, to movies. We are building up a content generation platform, content generation ecosystem.
On the other hand, we will continue to invest to enhance our position as a content distribution platform. Of course, between these two, we are also working very hard to improve our monetization capability in the digital media platform. Again, when we look at the commercial value of this digital platform, it's not only from the digital business. It also, you can see very obviously the synergy from our marketplaces, from our retail marketplaces. From this, you can see the synergy from the demand of our merchants as a marketer across the retail marketplaces and digital media platforms.
In doing this, what we are trying to do is for the first time in the world, we are trying to build a portfolio across retail marketing, but more importantly is to cross the entire customer's life cycle when they are in different apps, when they enjoy the different services. That's the big picture of our digital entertainment and media platform. Next. Here is another very important topic, which is globalization. In the last year's Investor Day, I shared with you Alibaba has three long-term strategies. First is globalization. Second is about rural China. Third of the big data cloud computing. Our strategy remains unchanged. In globalization, in the past one year, we made substantial progress. Today, when we talk about globalization.
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To serve 2 billion consumers over the world.
That's the big picture of Alibaba. That's what I wanna share with you at the beginning of this Investor Day. Thank you.
Thank you, Daniel. Now we welcome Ms. Maggie Wu, CFO.
About the same time, last year, we had our first Investor Day conference, and we received many positive feedbacks. We had a great event, very successful, Investor Day. 1 feedback I received is, Maggie, why don't you just give us that guidance number earlier?" We could peacefully hear through the rest of the presentation. I'm not sure whether you're gonna be peaceful after my presentation, but I'm gonna go earlier. I'll cover five a reas today. Reporting cards. My daughter is gonna graduate from her primary school this summer, and she gonna turn in her school report card. Do we. This is about three years since our IPO, so we're gonna report back to you on some of the key progress we've made.
It's not only the results of the business development, but also the healthiness of our business. Number 2, evolving value proposition to customers. This is a continuous topic from last year. Number 3, we're gonna renaming 2 of our metrics, so I'll talk about that. Number 4, I'll give financial guidance. Number 5, valuation framework. I think it would be fun for us to revisit some of the burning questions that we had during all these years. I still remember that during the IPO roadshow, what people asked most are 2 questions, right? Number 1 is the GMV growth. How sustainable is this China retail marketplace GMV growth gonna be? We answered that by showing you all these reports. Our GMV grow at a 37% CAGR for fiscal 2013-2017.
We reached $547 billion as our GMV, which puts us ahead of Walmart and become, if you compare the GDPs among 200 countries in the world, we're number, like, 22. We represent 11% of China retail sales. We're gonna remain our longer-term goal and change, which is, what I talked about, like, two, three years ago. We aim to achieve $1 trillion as our GMV by year 2020, fiscal year 2020. Okay. Maybe some of you still remember that how worried you were, how concerned you were during our IPO roadshow. The question you asked is that, how are you gonna grow your mobile business? What's the take rate gonna be? Will that exceed PC? Right?
By that time, we only have around 160 million MAUs, and only 7% of our revenue coming from mobile. The last fiscal year, we reported 507 million MAUs by the end of March 2017, and 79% of our GMV coming from mobile. 80% of our revenue coming from mobile. We totally turned this business into the world's number one, the largest mobile economy, in three years' time. Talk about the take rate. We did experience some dip during our mobile transition on the take rate. After all these three years, our blended take rate came back to ever high, which is 3.03%. Then the mobile take rate surpassed the PC.
I remember this is a must-asked question in every single roadshow meeting, and people ask, why you believe that your mobile take rate gonna exceed PCs? What I said is that it's simply because mobile provide broader user base, higher user engagement, and more data. Okay. Number three, what's Alibaba Cloud's growth potential gonna be, and will it be profitable anytime soon? Last quarter was the eighth consecutive quarter we reported three digits of cloud revenue growth. It's interesting, we did this comparison with AWS. When they were at our size, of course, they didn't report much, disclose much, as they always do. The growth rate of the AWS revenue was not as high as AliCloud.
The cloud EBITDA margin, you could see that the negative margin getting narrowed over these years, and it almost get to the break-even point. Of course, at this stage, profitability is still not the priority of our cloud business. We're gonna continue to quickly expand the cloud market leadership in the following quarters. People also ask about why is SBC as a percent of revenue so high, and what's the dilution impact from SBC? Staff composition, share base composition is important for us to recruit and maintain good people. In our case, it's actually kind of unique that when you look at the SBC as a percent of revenue, it is show quite high, going as high as 27%, and then last quarter we reported 11%.
That's because this unique thing that the JH employees do not only receive the grants from Alibaba Group, but also the grants from Ant Financial, which accounting-wise is gonna be mark to market. It's not a real cost to us because there's no cash outflow, there's no dilution to our share base. If you take that part out, the blue line shows you the, you know, the SBC as a percent of revenue for the related to the Alibaba stock. SBC dilution for the past two fiscal years was stayed within the range we told people, which is 1%, you know. We had 0.9%, 0.7% dilution in the past four years.
We're very happy to announce that, you know, we had this share repurchase plan, what we announced in 2015, and then it did show accretive effect on this share base. The overall net SBC dilution accretive share repurchase, we had a creation of 0.8%, 0.3% for the past two years. We recently announced another $6 billion share repurchase program approved by our board. We're gonna be smartly deploy our capital and continue to manage that SBC dilution. This is interesting. Every meeting, people ask me about the margin, right? How your investment gonna impact your margin, especially the core commerce margin.
What I said is that we're willing to take a couple percentage of our margin or our profit level we generated to reinvest into the business. If we see this metrics as KPIs, this is one KPI that I failed, that our margin is still very high. By 2017 fiscal, we had reported 62% of the EBITDA margin for our core commerce. Last year, the number was 63%. I should say somehow it indicates that we might have not invested enough into our, you know, growing business. I'll talk more about that later. That's the report card. Last year, I remember how many of you were nervous about me announcing that we're gonna stop reporting quarterly GMV.
Instead, we're gonna give annual GMV reports. I talked to You know, people ask why, and the people nervous about how to build a model, et cetera. I talked to one of my investor friends, who has a five-year-old boy, right? I said that when your boy is five year old, you measure his growth by measuring his stature, right? The height of the boy. When he's already 18 years old, you can't just measure his stature every quarter, right? That's annoying. You gotta measure the growth, the inner growth, the healthiness, you know, and all of that. Believe it or not, our revenue growth and GMV growth are decoupling. While you see 22% of GMV growth, our revenue for China retail marketplace are growing 43%. Why is that?
You know, it's because of the broader value proposition we provide to our merchants and brands, customers. We are not just simply a distribution platform, nor a marketing, you know, platform. We provide mixed value, broader value, and also transform the way business is being conducted in China. When you look at the GMV and the revenue, people just naturally calculate the take rate. Take rate is such a, you know, puzzle thing that when our take rate is at a lower level, people worried about how high can you grow that take rate. When we grow the take rate higher, people worried about, you know, does that mean it hurts merchants ROI, right? We have to answer both questions.
The good thing about our revenue is that the model we have right now at Alibaba, which contributes more than 60% of our revenue, is a market-driven model. It's not we're holding a gun against merchants head, or we're adjusting up the price, commission, et cetera, to make the revenue grow. It's all determined by the merchants and brands, how much do you want to pay, right? They bid for every single click they're willing to pay. How do they calculate their ROI? The decision was done, right? Okay, the left-hand side is the old take rate, which only accounts for, you know, the GMV value provided, the transaction value. Nowadays, when you look at all of these other values, you know, the marketing value, the customer service.
When we receive this one-click payment from the merchants and brands, that one click not only leads this potential buyer to transaction, but also shows value in the entire consumer life. We bring them, make them aware the products and services merchants have, and then they started showing interest by bookmark the storefronts , they bookmark the products, and putting things in shopping cart. We converted them into buyers. After purchase, they could still stay with the merchants because all of these data are transparent and we provide to the merchants and brands through the repeated purchase and the loyalty program, et cetera. That's a much broader value. People will ask about, Okay, so you're not measuring this statute for five years.
Boy, what are the inner, you know, measurements you have? I could give you know, 20 or 30 of them, but now I share with you four. When you look at the user and user engagement on our platform, every day we have more than 180 million DAUs, which means 180 million+ consumers come to our mobile Taobao every day. More than 40 million of them are coming to not directly go to purchase, but just review and look at these contents. They're here to look at the contents, even watch movies. We have a Taobao Erlou, right? The second floor, Taobao Theater, you can watch movie during midnight. These young people just come and spend time here.
The data shows that 80%+ year-on-year growth on number of users, the number of times they share the product and the contents. The contents also driven the user from just watching content and then go directly to the product page views. That growth is 140%. The daily unique product page view growing more than 60%. What that is that when you go to mobile Taobao, it's not only you flip on this page and it, all of these products show up counted as, you know, like five products show up counted as five. Only if the consumer click on that product listing, it's counted as the unique product page view. That number already go over to 6 billion a day. Huge number, and it's still growing 60%.
45% plus year-on-year daily average buy-buyer adding to the shopping cart. By sharing couple of these engagement metrics, I hope that it gives you a sense of this, you know, the stickiness of users on our platform, the broader value propositions. You know, when these brands and merchants spending, they thought it's marketing dollar, but it's not only marketing dollar. It, you know, gives them a chance to enable them to manage the consumer assets during the entire consumer lifetime. This shows, give you some example of the contents I was talking about, right? 120%+ year-on-year growth on daily content page views. People who use mobile Taobao could be very familiar with this. Okay, I also want to talk about the cohort you normally ask about.
I wanna share with you three cohorts. One is the number of orders this consumer place on marketplace. The statistic shows that longer consumer is on our platforms, more orders they place. When you look at the bottom line, it shows the consumer registry year. For example, consumer who registered with us in year 2016, they're a year one consumer, right? The average order they put during a year time is 38%. For the year five consumer, number of orders he placed averagely is 123 orders. That compares to our nearest peer. You probably can calculate from others' reports. We're 10 times more. The average number of orders per consumers on our platform is 85. For year five, you could tell that people purchase more than twice a week.
Longer consumers on the platform, more categories they purchased. It also shows the trend, that growing trend with the aging of the consumers and also the expanded categories they visited. ARPU. You could calculate the average blended ARPU in our platform is around $1,000, right? We have reported 454 million active consumers, that's the average spending level. If you look into breakdowns, the year one consumer spending level is a lot lower, CNY 3 ,000 per year, the year five could go as high as CNY 12,000. The longer, you know, there are also higher spending level after the five years.
It's important to understand what the broader value proposition we're talking about because that explains not only the revenue growth but also the robustness and the potential of this business. You probably still remember the merchants P&L. I showed you last year that we're helping the merchants on almost every single line of their spendings, the cost and expenditures. We continue to do that. Okay, metrics. We are renaming two of our metrics. Annual active buyer, we're gonna change it to annual active consumer. That's because in early days our why we call it buyer is mostly related to their purchase of the physical goods. Nowadays, we see more and more people are consuming contents, right? The services, the lifestyle kind of products on our platform.
By changing that name, it gives us, you know, later on the same kind of terminology to describe the growth of our other businesses, like our entertainment business. We're gonna change online marketing revenue, which is the biggest part of our revenue, to consumer management revenue. Like we said, you know, basically, customer management revenue. That customer is the merchants and brands customer who are the consumers. We made it possible or enabled these merchants and brands manage the consumer during their entire lifecycle from they become awareness, and then they turn into interested in products and the stores, and then purchase, repurchase, loyalty, et cetera. This represents the real business value we provide to our customers. Financial guidance.
Last year, we guided 48% year-over-year revenue growth in June, then we adjusted up to 53% by the end of the year. We turn out to show the growth of 56%. The reason behind that, of course, is the robust, you know, the value we provide to the merchants. If you go look into the deeper, that, 8 percentage points additional growth are mainly coming from our core business, China retail business. When you think about it, the clicks, number of clicks, growing, conversions are growing. Why is that? That's because we have more relevant contents, right? Behind that is the data technology we keep improving.
By the time we gave that 48% guidance, we did not really factor in all of these development and growth in the contents and also in the technology, data technology we have made, for example, like personalization. It grow very fast and even exceeded our own expectation. 2018 annual revenue guidance. We're expecting 45%-49% revenue growth. That is, you know, like I said, it's not anything that we can adjust price to make it happen. It's gonna be all voted by feet of the merchants and consumers.
We have that confidence that based on, you know, the data, the technology we have, the whole integrated business we have built, we're gonna achieve that. When you look at all of these years' revenue growth, last year we showed 56%, but actually, there was a not apple-to-apple comparison because Youku, Lazada was a newly acquired business. Last year we started to consolidate in April 2016. The year before, there was no comparison number. If you took that out, last year's growth was somewhere between 44%-45%. By having such a big base, larger base, we continue to accelerate our revenue growth. After giving you the revenue, you will have margin question in mind, right? That's the natural flow.
We growing our business like in a wine industry that Joe talked about, that we have that vintage period, right? Normally it takes, like, seven years for us to grow the business into, you know, start to see the harvest. This shows the different businesses that in different stages. On the left-hand side, these are new business. Even with our core business, there are new elements that we're growing, right? The New Retail, the rural, the supermarket, international elements. These are businesses in incubation time. They're less than three years. We see this traction businesses, like AliExpress, Alibaba. You might not notice that our last quarter's result was the first time we report our annual active consumer worldwide.
AliExpress together with Lazada already represents more than 80 million of annual active consumers all over the world. You could compare with, you know, Amazon Prime and their worldwide buyers. It's a very significant achievement, but that business only accounts for, like, 1%-2% of our revenue. Just give you a context that you can compare. AliCloud is already in its seventh, eighth year. We have this Taobao Tmall and Alibaba.com business generating strong cash flows to support the growth. Okay. What do I mean by showing this? By showing this, I would like to remind people that this is a company always invest for longer term, invest for future. We're not talking about the next quarter margin, I never give a, you know, percentage-wise margin guidance.
I think I should share with you because the question in your mind, all friends are investors and analysts, you must already calculate it, right? The revenue guidance I give, 45-49 percentage point, is pretty much 10 percentage point higher than the consensus number. That represents a big amount, right? Last year, we reported CNY 158 billion revenue. 10% gives you CNY 15 billion-CNY 16 billion. That's about $2 billion. Would that go directly to your profitability? Not necessarily. Assuming, assuming the growth mainly coming from the core business, which in the past year, shows, like around 60% of the margin, that gives us around CNY 10 billion. Where can you know, where are you gonna invest that money?
We are willing to invest that money into expansion of consumer base, keep improving the consumer experience, quality consumption. To make it very clear, we're gonna invest that to gain the B2C market share. Again, this is a successful track record for how we grow the business. At the beginning, the before seven years, it's all at the low point. No revenue, no high growth. Then gradually, it gonna contribute. It's not, you know, talking about how much we are invest. We are not gonna open the playbook right now. The areas I talked about is gonna be a focus of our reinvestment into the core business.
It might not necessarily spend all up the, you know, that big number, but I want to reassure you that, you know, our determination and the and the confidence of extending the market leadership and and decision of the investment. By the end of the day, I hope that I, you know, I wouldn't miss the, this goal too much. Last year, we had 62% margin. I think we do have operating leverage while we're having these investment plans. I would want to talk about the valuation framework. People might not fully appreciate it that we are the business leader, not only in commerce or the cloud. We are the business leader in so many businesses areas.
We're not only the number one in the e-commerce, the Taobao already the single largest mobile economy in the world. Tmall is number one market share in the B2C in China. We also have, you know, this AliExpress, Lazada already number one e-commerce, you know, in SEA countries and Russia, number three in Spain. Our Xianyu is a secondhand e-commerce apps are already number one measured by MAUs in China. AliCloud, of course, number one cloud service provider in China. Youku, the online video platform in China, also has this leadership. UC number one browser. Shenma is the number two mobile search in China. We have AutoNavi, which is the number two map apps measured by MAUs in China.
Number one, the DingTalk office communication apps. Tao Piao Piao, which sits with Alibaba Pictures, is even the number two movie ticketing service measured by MAU in China, right? All of this. The Ant Financial you know about Alipay. This, you know, kind of, the troops are going to all of these areas become into the top leaders. This shows you know, the fourth segment we talked about and reported to you. We repeated the financial results here. At the same time, we're also showing the comparable companies at the bottom. For each business, we have these great names that, you know, we're honored to be comparable to them too. At the right-hand side, there is a Strategic Investment where Joe gonna talk about investment tomorrow.
By showing these ones, the Ant, the Cainiao, the Suning, Kuaidi Dache, all of these and the delivery companies, that market value is already gone over $50 billion. Just give you some reference in case you need to prepare the valuation. Robust profitability and cash flow. Non-GAAP net income CAGR, 43%, very strong. Free cash flow, great ability to generate cash flow. We had generated over $10 billion cash flow in the past year, and FCF CAGR was 37%. Net cash, we had $8 billion net cash serve as this dry powder in case we need it. That's pretty much conclude my presentation. I'm not sure whether you still remain peaceful, but I feel excited.
The whole team feels very excited. Thank you very much.
Maggie, if I can just ask you to stand put. I'm sure after that guidance, we don't need questions. I still have to invite our CEO, Daniel, on stage, as well as Joe, if you'd like to do a Q&A with us. Unfortunately, this year is not raising your hand, so we have a system back in the stage, getting all of your questions into a pool. Now we're gonna start live streaming here.
Okay. Thank you.