Core Points - Alibaba has completed an exchange offer for its outstanding dollar-denominated senior unsecured notes due in November 2024 [1] - The exchange offer was initiated on September 4, 2025, for a total principal amount of up to $1 billion of 4.875% senior notes due in 2030, up to $1.15 billion of 5.250% senior notes due in 2035, and up to $500 million of 5.625% senior notes due in 2054 [1] - The outstanding notes were issued in a transaction exempt from registration under the U.S. Securities Act [1] Summary of Exchange Offer - The exchange offer was valid until October 2, 2025, at 5:00 PM New York City time, with the tendering period for guaranteed delivery expiring on October 7, 2025, at 5:00 PM [2] - As of the final tally by the exchange agent on October 7, 2025, holders submitted $995.7 million or 99.6% of the outstanding 4.875% senior notes due in 2030, $1.145 billion or 99.6% of the 5.250% senior notes due in 2035, and $496 million or 99.2% of the 5.625% senior notes due in 2054 for exchange [2] - The submitted notes have been canceled [2]

交换要约的有效期至纽约市时间2025年10月2日下午5:00时正届满，通过保证交割程序的投标的有效期 于2025年10月7日纽约市时间下午5:00时正届满。根据交换要约交换代理人的最终清点结果，截至纽约 市时间2025年10月7日下午5:00时正，持有(i)9.957亿美元或99.6%的未到期的于2030年到期的4.875%优 先票据、(ii)11.45亿美元或99.6%的未到期的于2035年到期的5.25%优先票据、(iii)4.96亿美元或99.2%的 未到期的于2054年到期的5.625%优先票据的持有人已提交其未到期票据进行交换(合称"已提交票据")。 该等已提交票据已被注销。 智通财经APP讯，阿里巴巴-W(09988)发布公告，其已完成2024年11月发行的未到期以美元计价优先无 担保票据的交换要约。 2025年9月4日，阿里巴巴启动交换要约，以(i)其本金总额不超过10亿美元于2030年到期的4.875%优先 票据，(ii)其本金总额不超过11.5亿美元于2035年到期的5.250%优先票据，(iii)其本金总额不超过5亿美 元于2054年到期的5.625%优先票据，该等票据已根据1933年美国 ...

Alibaba Group Holding Limited 阿里巴巴集團控股有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：9988（港幣櫃台）及89988（人民幣櫃台）） 自願性公告 及 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 我們只有單一類別的股份，每一股份對應一份表決權。由於阿里巴巴合夥的董事提名權在 《香港聯交所證券上市規則》（「香港上市規則」）項下被歸類為不同投票權架構（「不同投票權架 構」），我們被視為一家有不同投票權架構的公司。股東及有意投資者應注意投資具有不同投 票權架構的公司的潛在風險。我們的美國存託股份（每股美國存託股份代表八股普通股）於紐 約證券交易所上市，股份代號為BABA。 1 交換要約的有效期至紐約市時間2025年10月2日下午5:00時正屆滿，通過保證交 割程序的投標的有效期於2025年10月7日紐約市時間下午5:00時正屆滿。根據交 換要約交換代理人的最終清點結果，截至 ...

Core Insights - Alibaba's commitment to artificial intelligence is driving its growth narrative, with AI-related product revenues showing triple-digit growth for eight consecutive quarters, indicating strong demand and a solid position in AI-powered cloud services [1][9] - The company is implementing a significant investment plan of 380 billion yuan ($53 billion) through 2027 to expand its AI infrastructure, emphasizing AI as a key driver of future performance [1] AI Innovations - At the Apsara Conference in September 2025, Alibaba introduced next-generation AI models, including Qwen3, Qwen3-Max, and Qwen3-Next, aimed at enhancing its cloud AI leadership [2] - The company also showcased Wan 2.5, an advanced visual-generation model, and upgraded agent development platforms to facilitate enterprise adoption of AI technologies [2] Global Expansion - Alibaba is expanding its global presence by establishing new data centers in Brazil, France, and the Netherlands, with plans for further expansion in Mexico and Japan [3] - A collaboration with Nvidia is focused on advancing "Physical AI," which aims to achieve breakthroughs in robotics and autonomous systems [3] Financial Projections - The Zacks Consensus Estimate projects consolidated revenues to grow by 5% in fiscal 2026 and 12% in fiscal 2027, reflecting investor confidence in Alibaba's AI-led strategy [4] - If the current pace of implementation continues, Alibaba's AI initiatives could lead to significant top-line growth in the coming years [4] Competitive Landscape - Baidu is intensifying competition with Alibaba through rapid innovation, including upgraded AI models and a comprehensive AI ecosystem that challenges Alibaba's cloud dominance [5] - Amazon is also increasing its AI competition with Alibaba by innovating across cloud infrastructure and enterprise tools, leveraging its AWS platform for various applications [6] Stock Performance and Valuation - Alibaba's shares have surged by 113.8% year-to-date, outperforming the Zacks Internet – Commerce industry and the Zacks Retail-Wholesale sector [7] - The stock is currently trading at a forward 12-month Price/Earnings ratio of 19.61X, compared to the industry's 24.11X, indicating a relatively favorable valuation [10]

阿里巴巴高管林俊旸称，该公司已成立"机器人和具身AI小组"。林俊旸的帖文显示，该团队隶属于负责 开发旗舰AI基础模型的通义千问。这位高管目前担任通义千问的技术负责人，参与了可处理声音、图 像及文本输入的多模态模型的研发。林俊旸表示，多模态模型正被转化为能够执行长时序推理任务的基 础智能体，这些应用"理应从虚拟世界迈向现实世界！" ...

Core Insights - The local life service market has experienced a significant transformation during the National Day Golden Week, with the introduction of Taobao Flash's in-store group buying service, enhancing consumer choices and merchant operations [1][15][17] Consumer Experience: From Limited Choices to Abundant Selections - The launch of Taobao Flash's in-store group buying service has addressed consumer demands for diverse dining options and better value for money during the National Day holiday [2][8] - The service offers a wide range of categories, including hot pot, barbecue, local cuisines, and international dishes, allowing consumers to discover both well-known and hidden gem restaurants [2][15] - Multi-platform price comparison has enabled consumers to find significant discounts, such as a 7.4% discount on a Hong Kong-style meal set and a 5.9% discount on a squid dish [4][6] Merchant Operations: From Traffic Bonuses to Operational Certainty - The introduction of Taobao Flash's in-store group buying service provides merchants with a more stable business environment, reducing reliance on single traffic channels and high commission fees [10][14] - The service has generated additional orders, helping merchants improve their operational efficiency and manage fixed costs during peak periods like the National Day holiday [11][14] - Merchants have reported increased customer traffic and a more diversified customer base due to the multi-channel approach of Taobao Flash [14][17] Industry Impact: From Imbalance to Healthy Development - The National Day holiday serves as a critical period for industry dynamics, with Taobao Flash's entry promoting healthier competition and a focus on service quality rather than just price wars [15][16] - The service encourages a shift from high channel dependency to a more diversified ecosystem, enhancing the overall vitality of the in-store group buying sector [15][16] - The collaboration between Taobao, Alipay, and Gaode has created a new customer acquisition engine, leveraging the unique user bases of each platform to drive growth for local merchants [16][17]

It has been a long time since I have provided an update for Alibaba Group Holding Limited (NYSE: BABA ). Last November, I expressed my view that the stock was a hold dueI'm a full-time investor with a strong focus on the tech sector. I graduated with a Bachelor of Commerce Degree with Distinction, major in Finance. I'm also a proud lifetime member of the Beta Gamma Sigma International Business Honor Society. My core values are: Excellence, Integrity, Transparency, & Respect. I always, to the best of my abil ...

Core Viewpoint - The article provides an update on Alibaba Group Holding Limited, indicating that the stock was previously rated as a hold and suggesting a continued cautious approach towards the investment in the tech sector [1]. Company Analysis - Alibaba Group is highlighted as a significant player in the tech sector, with the analyst expressing a long-term investment perspective [1]. - The analyst emphasizes the importance of core values such as Excellence, Integrity, Transparency, and Respect in achieving long-term success in investments [1]. Investor Engagement - The article invites readers to provide constructive criticism and feedback to enhance the quality of future analyses, indicating a commitment to continuous improvement in research [1].

⑦【斯特兰蒂斯任命Ciancia为全球制造主管】全球第四大汽车制造商斯特兰蒂斯（Stellantis）周三宣布，Francesco Ciancia将于11月1日重新加入公司，担 任全球制造主管和斯特兰蒂斯领导力团队（SLT）的成员。 每经记者｜宋欣悦 每经编辑｜何小桃 兰素英 向江林 ①【三大期指齐涨】截至发稿，道指期货涨0.17%、标普500指数期货涨0.15%、纳指期货涨0.19%。 ②【中概股盘前涨跌不一】中概股盘前涨跌不一，阿里巴巴涨0.45%，拼多多涨0.03%，京东跌0.29%，百度跌0.39%，理想汽车涨0.95%。 ③【美国官网上线低价版Model Y和Model 3，特斯拉盘前涨1.2%】特斯拉盘前涨超1.2%。消息面上，当地时间周二，特斯拉官网更新Model Y和Model 3 标准版的订购信息。Model Y的标准版目前在美国市场起售价为3.999万美元，较此前Model Y的起售价便宜约11%。Model 3标准版起售价3.699万美元，为 特斯拉目前最便宜的车型。 ④【现货黄金站上4040美元续刷新高，黄金股盘前普涨】10月8日，现货黄金站上4040美元/盎司，续创历史新高。黄金股盘 ...

Core Viewpoint - Alibaba has established an internal robotics artificial intelligence team, indicating a strategic move towards enhancing its capabilities in AI technology [1] Group 1 - The announcement comes from a senior executive at Tongyi Qwen, highlighting the company's focus on AI development [1] - This initiative reflects Alibaba's commitment to advancing its position in the competitive AI landscape [1]