Core Viewpoint - Alibaba's latest financial report reveals a slight revenue increase of 5% year-on-year, but a significant decline in operating profit by 85%, attributed to the fierce competition in the food delivery market and heavy investments in AI infrastructure [1] Group 1: Financial Performance - Alibaba's revenue increased by 5% year-on-year, but operating profit saw a drastic decline of 85% during the reporting period [1] - The food delivery battle has led to substantial cash outflows for Alibaba, despite a 60% increase in instant retail revenue driven by the launch of "Taobao Flash Purchase" [1] Group 2: Market Competition - The food delivery market has seen Alibaba, JD.com, and Meituan all experiencing steady revenue growth, yet net profits have declined by double digits, indicating a stark contrast in performance [1] - The competition intensified in the third quarter, with Alibaba aggressively targeting Meituan, resulting in a surge of daily orders from 100 million to 250 million [1] Group 3: Strategic Insights - Alibaba's strategy involves not just competing in food delivery but also enhancing its overall e-commerce business, integrating retail operations, and creating a competitive edge in the market [2] - JD.com has shifted its focus from food delivery to in-store services, while Meituan has been preparing to expand its offerings beyond food delivery into a broader range of instant retail categories [2] Group 4: Marketing and Consumer Engagement - The intense competition serves as a marketing strategy and a means to enhance competitive capabilities, focusing on operational efficiency, resource integration, and innovative business models [3] - The battle for consumer attention in the food delivery sector is crucial, with companies prioritizing comprehensive strength over mere profitability [3]

Core Viewpoint - Alibaba has announced plans to "actively" invest in enhancing its artificial intelligence capabilities, potentially exceeding the previously committed investment of 380 billion RMB over the next three years, as the initial figure may appear small in light of customer demand [1] Investment Plans - Alibaba's CEO, Wu Yongming, indicated that if the pace of supply chain and data center deployment does not meet customer demand quickly, the company may consider additional investments [1] - The previously announced investment of over 380 billion RMB is now viewed as potentially insufficient given current customer needs [1] Market Demand and Supply Chain - Wu believes that AI demand will experience certain growth over the next three years, leading to an expansion cycle across various supply chain aspects, which presents significant bottlenecks [1] - The supply side is expected to struggle to keep up with the increasing demand, resulting in a continued state of supply shortage over the next three years [1] - Wu noted that in the U.S., not only are new GPUs fully utilized, but older generations are also at full capacity, suggesting that an AI bubble is unlikely to form within the next three years [1]

尽管最新的财报尚未集齐，从上个季度数据已经能清晰看到得失。 横向对比，在外卖大战的帮助下，阿里、京东、美团的营收均稳步攀升，但净利润却双位数下滑，业绩 冰火，冷暖自知。 三季度是外卖大战炮火猛烈的阶段，阿里猛攻美团为主线，三家巨头几个月烧掉数百亿，将外卖行业的 订单峰值从一天1个亿做大到2.5亿。 大力出奇迹。若放在大平台身上，这是聚焦短期目标的合理战术。用巨资补贴冲高任何单一数字，打外 卖战更是立竿见影。 外卖不是新兴行业，自身讲不出新故事。算不上风口，比不了AI，几乎成为电商零售线上最便宜的赛 道，但如今，几个巨头却愿意为了争夺几杯奶茶，打一场最贵的商战。 外卖大战大半年后，阿里交出了利润跳水的业绩答卷。11月25日，阿里最新财报显示，报告期内阿里收 入同比微增5%。但同时，盈利显著承压，公司期内经营利润同比大幅下滑85%。 外卖大战和AI基建投入让阿里付出大笔现金流，但"淘宝闪购"也带动即时零售收入大增60%，淘宝App 月活显著提升。 淘宝闪购4月30日升级上线，在这场近年来最大的商战中，阿里入局越来越深，京东声量渐弱，而美团 一直都在。 京东作为最早的发起方，外卖身影退后，与几个月前高调的闯入者姿态 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights that Alibaba Cloud's revenue for FY2026Q2 reached 39.824 billion yuan, a year-on-year increase of 34%, significantly surpassing the 26% growth in FY2026Q1. Capital expenditures also saw a substantial rise, with total capital expenditure at 31.501 billion yuan, up 80.10% year-on-year, indicating a strong investment in AI capabilities [4][5] - The growth momentum of Alibaba Cloud is primarily driven by the increase in public cloud business revenue, particularly from AI-related products, which have seen triple-digit year-on-year growth for nine consecutive quarters. Alibaba continues to invest in customer growth and technological innovation to enhance cloud penetration in the AI sector [5] Summary by Sections Section 1: Revenue and Capital Expenditure - Alibaba Cloud's revenue for FY2026Q2 was 39.824 billion yuan, a 34% increase year-on-year, while capital expenditures reached 31.501 billion yuan, reflecting an 80.10% year-on-year growth [4] Section 2: AI Product Growth - AI-related product revenue has consistently achieved triple-digit year-on-year growth for nine quarters, with Alibaba's AI model downloads exceeding 700 million globally [5] Section 3: Infrastructure Expansion - Alibaba Cloud has expanded its global infrastructure to 29 regions and 92 availability zones, with new data centers launched in Dubai and Malaysia [5] Section 4: Investment Recommendations - The report recommends several stocks across various segments, including AI computing, optical communication, and data centers, indicating a bullish outlook on the domestic AI computing industry chain [6]

Group 1 - Major reports from Alibaba Group Holding Limited and Analog Devices Inc. are expected to be released pre-market on Tuesday, along with several retail earnings [1] - After the market close, numerous tech and software companies will report their financials [1] - Next Tuesday will feature significant financial reports from Bank of Nova Scotia pre-market, followed by cybersecurity and semiconductor reports from CrowdStrike Holdings Inc. and Marvell Technology Inc. after the market close [1]

Core Insights - Alibaba Group Holding Ltd. reported a 34% growth in its cloud business, which helped offset a decline in profit due to increased spending on consumer subsidies and data centers to capitalize on the AI boom [1][4] Financial Performance - The cloud division, which includes the Qwen platform, contributed to a 5% increase in overall revenue, reaching 247.8 billion yuan ($35 billion) in the September quarter, slightly exceeding expectations [2][6] - Chinese e-commerce revenue rose by 16%, indicating strong performance amid competition with JD.com Inc. and Meituan [2] - Net income fell to 20.99 billion yuan during the period, impacted by discounting and rising AI development costs, with sales and marketing expenses more than doubling [7] Market Position and Strategy - The strong results are expected to bolster investor confidence in Alibaba as a leader in AI development, with the company accelerating the release of AI models and relaunching its Qwen mobile app [3][4] - CEO Eddie Wu dismissed concerns about an AI investment bubble, asserting that the company plans to pursue aggressive investments to meet growing market demand and competition [4][5] Industry Context - Alibaba's performance comes amid skepticism regarding the sustainability of AI infrastructure investments, with concerns about whether data center construction is outpacing demand [4][6] - The company joins JD.com and PDD Holdings Inc. in reporting better-than-expected results, benefiting from Beijing's stimulus measures and substantial subsidies [7]

Core Insights - Alibaba's flash purchase business is expected to significantly reduce its overall investment in the next quarter, indicating a strategic shift towards improving unit economics and profitability [1][2] - The CEO of Alibaba, Wu Yongming, stated that the AI demand remains strong and that the AI bubble is unlikely to exist for at least the next three years, as supply chain expansions are driven by high demand [4][5] Financial Performance - Alibaba's China e-commerce group's adjusted EBITA fell by 76% year-on-year to 10.497 billion yuan, a decrease of 33.83 billion yuan, primarily due to heavy investments in flash purchases and user experience [1] - The flash purchase business incurred losses exceeding 30 billion yuan in the third quarter, but excluding these losses, the e-commerce group's EBITA showed a modest year-on-year growth in the single digits [1] Strategic Focus - The CEO of Alibaba's China e-commerce division, Jiang Fan, highlighted that the unit economics of instant retail have significantly improved, achieving a 50% reduction in per-order losses compared to July and August [2] - Flash purchases are considered a core strategy for the Taotian platform upgrade, with rapid scale expansion and unit economics optimization laying a foundation for sustainable growth in the delivery business [2] AI Demand and Supply Chain - Wu Yongming emphasized that the demand for AI remains robust, with shortages in global storage manufacturers, CPUs, and AI servers, indicating a production expansion cycle driven by AI demand [4][5] - The company plans to accelerate its supply chain and data center pace in response to current and future AI demand, suggesting that previous infrastructure investment plans may need to be increased [5]

编辑 | 硬 AI 25日，阿里巴巴集团CEO吴泳铭在电话会上表示，阿里正在AI to B 和AI to C两大方向齐发力。一方面， Qwen3-Max的模型智能水平、工具调用能力都已达到全球领先，另一方面，AI和阿里电商、地图、本地生 活等业务生态的协同是更大的想象力。基于AI模型和阿里生态优势，千问APP有望率先打造未来的AI生活入 口。因此在AI to B加速增长的同时，做出了全力入局AI to C的战略决定。 阿里巴巴集团首席财务官徐宏表示，三季度是闪购业务投入高点，随着整体效率的显著改善和规模稳定，预 计闪购业务的整体投入会在下个季度显著收缩。当然，阿里也会根据整个市场的竞争状态，动态调整投资策 略。 管理层还提到，将"积极"投资于人工智能能力的提升，不排除在已承诺的三年3800亿元人民币投资之外进行 额外投资。考虑到客户需求的旺盛，此前提及的3800亿元人民币投资可能显得偏小。 就近期热议的AI泡沫问题，吴泳铭提到，行业内不仅新的GPU基本上是跑满的，甚至是上一代或者是三年、 五年前的前几代的GPU都是跑满的，所以就现在三年之内，看到所谓的AI 泡沫应该是不太存在的。 电话会文字实录（由AI协助翻 ...

11月25日，阿里巴巴表示，将"积极"投资于人工智能能力的提升，不排除在已承诺的三年3800亿元人民 币投资之外进行额外投资。阿里巴巴还表示，之前提到的3800亿元人民币投资，考虑到客户需求，可能 显得规模较小。 ...

智通财经11月25日电，阿里巴巴CEO吴泳铭在财报电话会上表示，未来三年内不太可能出现人工智能泡 沫。未来三年，人工智能资源整体将处于供不应求的状态。(智通财经) 【阿里巴巴：#未来三年内不太可能出现人工智能泡沫#】#阿里CEO称未来三年AI资源供不应求# ...