Alibaba’s core e-commerce business is old hat these days, even though its massive scale would make anyone else green with envy. Its newer businesses are better fodder for the investment community, since those could well provide the company with future growth engines once its e-commerce inevitably starts to mature.

Two of those were being discussed at Alibaba’s two-day investor event taking place this Monday and Tuesday in Hangzhou, including its Southeast Asian e-commerce platform Lazada and its domestic high-tech concept chain of Hema supermarkets, also known as Freshippo.

Lazada caught the attention of analysts from research house Jefferies with both stories, led by more than 100% year-on-year growth in order volume for the Singapore-based e-commerce operator over three consecutive quarters, according to a research note from Thomas Chong and Ken Chong, writing about discussion at the briefings on Monday.

That’s not bad going for a company navigating the complexity of the region’s e-commerce sector, which is home to 64 million small- and medium-sized enterprises, more than 240 different languages, and millions of cash-on-delivery customers, the analysts noted. Despite those travails, Lazada, which Alibaba purchased in a series of transactions for a combined $4 billion, has so far notched up more than 50 million annual active customers, the analysts wrote. It also boasted more than 100% year-on-year growth in daily active users in the quarter ended June 2019.

The company was similarly pumping out good vibes from its Hema chain of supermarkets. The retailer, which has been adding stores at a brisk clip, saw its combined adjusted EBITDA of stores open for 12 months or more turn positive, an indication those more established stores might have become profitable at the operating level.

Hema, which had some 171 stores in China as of August and boasts some 20 million active consumers, saw same-store sales growth rise 13% year-on-year while operating costs fell 30% from August 2018 to 2019, according to the note.

The investor extravaganza ends on Tuesday.

Contact reporter Matthew Walsh (matthewwalsh@caixin.com)