Core Insights - Alibaba Group reported Q2 FY2026 revenue of 247.795 billion yuan, exceeding market expectations, with a 15% year-over-year growth after excluding divested businesses [1] - The company continues to invest in AI and cloud, as well as consumer sectors, driving long-term growth [1] Group 1: Financial Performance - Alibaba's revenue for the quarter reached 247.795 billion yuan, surpassing market forecasts [1] - Core business growth was strong, with Alibaba Cloud's revenue accelerating by 34% year-over-year, marking a new high [1] - AI-related product revenue has seen triple-digit growth for nine consecutive quarters [1] Group 2: AI and Cloud Developments - Alibaba Cloud is enhancing its full-stack AI capabilities, launching multiple AI models across various domains [2] - The company holds a 35.8% market share in China's AI cloud market, surpassing the combined share of its next three competitors [2] - Recent partnerships with major companies like NBA and Marriott highlight Alibaba Cloud's growing influence in the AI sector [2] Group 3: Consumer Business Growth - E-commerce customer management revenue grew by 10% year-over-year, while instant retail business revenue surged by 60% [3] - The average order value and user retention rates have improved significantly since September, contributing to the growth of active users on the Taobao app [3] - Approximately 3,500 Tmall brands have integrated their offline stores into instant retail, enhancing the overall consumer experience [3]

Core Insights - Alibaba Group reported a strong quarterly performance driven by robust AI demand and public cloud revenue growth, with Alibaba Cloud's revenue increasing by 34% year-on-year to 39.824 billion yuan, marking a new high in growth rate [1] - AI-related product revenue has achieved triple-digit year-on-year growth for nine consecutive quarters, showcasing the company's strong position in the AI market [1] - Alibaba Cloud has expanded its full-stack AI capabilities, launching the Qwen3-Max model, which outperforms competitors like GPT-5 and Claude Opus 4, ranking among the top three globally [1] Alibaba Cloud Performance - The company continues to lead in the Chinese AI cloud market, with sustained market share growth in sectors such as government and enterprise, financial cloud, and hybrid cloud [1] - Notable partnerships have been established with global companies like the NBA, Marriott, China UnionPay, and Bosch to accelerate AI implementation [1] Global Expansion - Alibaba Cloud's international business is gaining momentum, operating in 29 regions with 91 available zones as of September 30 [1] - New data centers are being established in Brazil, France, and the Netherlands, indicating a strategic global expansion phase [1] - The Singapore National AI Program has adopted Alibaba's open-source ecosystem to develop a multilingual model for Southeast Asia [1] AI to Consumer Market - Alibaba is extending its AI capabilities to the consumer market with the launch of the "Qianwen" project, aimed at creating a personal AI assistant based on the Qwen3 model [2] - The Qianwen app reached over 10 million downloads within a week of its public beta release [2] - The simultaneous acceleration of public cloud and AI revenue reflects the company's expanding structural advantages in its core sectors [2]

在AI需求推动和公共云收入增长带动下，阿里云季度收入增长34%，AI相关产品收入连续9个季度实现 三位数同比增长。 财报还透露，截至2025年9月30日（第二季度），阿里巴巴以总计2.53亿美元的价格回购了1700万股普 通股（相当于200万股美国存托股）。上述回购系根据公司股份回购计划在美国市场进行。截至2025年9 月30日，董事会授权的股份回购计划项下剩余回购额度为191亿美元，有效期至2027年3月。 阿里巴巴集团CEO（首席执行官）吴泳铭表示："我们正处于投入阶段，构建AI（人工智能）技术和基 础设施平台，以及生活服务与电商结合的大消费平台，创造长期战略价值。本季度，我们在这些领域大 力战略投入，AI+云、大消费两大核心业务保持增长。旺盛的AI需求推动云智能集团收入进一步加速， 季度收入同比增长34%，其中AI相关产品收入连续第九个季度实现三位数增长。在消费领域，即时零售 规模扩大、单位经济效益显著改善，带动淘宝App月活跃消费者实现快速增长。" 核心业务方面，阿里巴巴中国电商集团合计收入1325.78亿元，同比增长16%。其中，电商业务收入 1029.33亿元，同比增长9%，客户管理收入789.2 ...

专题：聚焦2025年第三季度美股财报 11月25日晚间消息，阿里巴巴（NYSE： BABA；HKEX： 9988）今日发布了截至2025年9月30日的 2026财年第二财季财报：营收为2477.95亿元，同比增长5%。若不考虑高鑫零售和银泰的已处置业务的 收入，则同口径收入同比增长将为15%。净利润为206.12亿元，同比下滑53%，主要由于运营利润的下 滑。不按美国通用会计准则，净利润为103.52亿元，同比下滑72%。归属于普通股股东的净利润为 209.90亿元。（注：阿里巴巴财年与自然年不同步，2025年4月1日至2026年9月30日为2026财年）。 第二财季，阿里巴巴中国电商集团营收1325.78亿元（约合195.53亿美元），与上年同期的1147.73亿元 相比增长16%。 阿里国际数字商业集团（AliExpress、trendyol、Lazada、Daraz、Alibaba.com） 第二财季，阿里国际数字商业集团营收347.99亿元（约合48.88亿美元），与上年同期的316.72亿元相比 增长10%。 云智能集团（阿里云） 第二财季，云智能集团营收398.24亿元（约合55.94亿美元），与 ...

综合自智通财经 11月25日，阿里巴巴集团发布2026财年第二季度财报，集团收入2477.95亿元，超市场预期，剔除已出 售业务影响，收入同比增长15%。对AI+云、消费两大战略领域的投入持续收获成效，核心业务强劲增 长：阿里云季度收入同比加速增长34%，再创新高；大消费平台协同效应显著，即时零售带动淘宝App 月活跃消费者快速增长。基于对未来的发展信心，阿里将在两大战略方向上持续投入，驱动长期增长。 阿里巴巴集团CEO吴泳铭表示："我们正处于投入阶段，构建AI技术和基础设施平台，以及生活服务与 电商结合的大消费平台，创造长期战略价值。本季度，我们在这些领域大力战略投入，AI+云、大消费 两大核心业务保持强劲增长。旺盛的AI需求推动云智能集团收入进一步加速，季度收入同比增长34%， 其中AI相关产品收入连续第九个季度实现三位数增长。在消费领域，即时零售规模扩大、单位经济效 益显著改善，带动淘宝App月活跃消费者实现快速增长。" ...

Core Insights - Alibaba's cloud computing revenue grew by 34% year-on-year, slightly exceeding expectations of 38 billion RMB [1] - The company's overall revenue increased by 4.8% year-on-year, reaching 247.8 billion RMB (34.8 billion USD), compared to 242.65 billion RMB in the same period last year [1] - Alibaba's Chinese e-commerce group revenue grew by 16% year-on-year [1] Financial Performance - Adjusted EBITDA decreased by 78% year-on-year to 9.1 billion RMB, attributed to investments in the fast commerce sector [2] - Capital expenditures (capex) amounted to approximately 120 billion RMB, with Q3 capex at 31.5 billion RMB, an increase of 80.1% year-on-year but a decrease of 18.6% quarter-on-quarter [2] - Overall gross margin declined significantly, with the gross margin dropping from 15% to 2% year-on-year, and adjusted EBITDA margin fell from 20% to 7% year-on-year [2] Cloud Computing Insights - Alibaba Cloud's EBITDA margin was 9.0%, surpassing Bloomberg's expectation of 8.7% and slightly up from 8.8% in the previous quarter [2] - The company is currently in the ramp-up phase for its self-developed Pingtouge chips, which began production in June [3]

格隆汇11月25日｜阿里巴巴(BABA.US)盘前一度涨超5%至168.88美元。消息面上，公司第二财季营收 2478亿元(人民币，下同)，高于预估的2452亿元；中国电商事业集团营收1325.8亿元，高于预估的 1285.3亿元；云智能集团收入398.2亿元，同比增长34%，高于市场预估的379.9亿元；即时零售业务收 入为229.06亿元(32.17亿美元)，同比增长60%，主要是得益于2025年4月底推出的"淘宝闪购"所带来的订 单量增长。阿里巴巴表示，AI+云与消费两大核心业务本季度持续实现强劲增长。 来源：格隆汇APP ...

11月25日傍晚，阿里美股盘前一度大涨超4%。 阿里巴巴集团首席财务官徐宏表示，阿里巴巴的核心业务收入保持强劲增长，AI收入在云外部商业化收入占比提升，客户管理收入同比增长 10%。阿里巴巴将利润及自由现金流投向未来布局，短期盈利能力预计将有所波动。过去4个季度，阿里巴巴在AI+云基础设施的资本开支约1,200 亿元人民币。 本周一，阿里巴巴宣布，旗下"千问"App 公测一周，下载量即突破1000万。而这一增长速度已经超越ChatGPT、Sora、DeepSeek，成为截至目前 增长最快的AI应用。 消息面上，阿里巴巴公布了2026财年第二季度财报。财报显示，阿里巴巴第二季度营收2,478.0亿元人民币，预估2,452亿元人民币；第二季度调整 后每ADS收益4.36元人民币，预估6.34元人民币；第二季度中国电商事业集团收入1,325.8亿元人民币；调整后净利润103.5亿元人民币，预估168亿 元人民币。财报还显示，阿里即时零售业务收入达到229.06亿元人民币，较上年同期的143.21亿元增长60%。 | | | 截至9月30日止三個月 | | | | --- | --- | --- | --- | -- ...

Core Viewpoint - Alibaba's latest financial report indicates a mixed performance with revenue growth but significant declines in net profit and adjusted earnings [1][2]. Financial Performance Summary - For the quarter ending September 30, 2025, Alibaba reported revenue of 247.795 billion RMB, representing a 5% year-over-year increase [1][2]. - The net profit attributable to ordinary shareholders was 20.990 billion RMB, down 52% compared to the previous year [2]. - Non-GAAP net profit fell by 72% to 10.352 billion RMB from 36.518 billion RMB in the same quarter of 2024 [2]. - Operating profit decreased by 85% to 5.365 billion RMB, with an operating margin of only 2% [2]. - Adjusted EBITDA also saw a significant decline of 64%, amounting to 17.256 billion RMB, with an adjusted EBITDA margin of 7% [2]. Cloud and AI Performance - Alibaba Cloud's overall revenue grew by 34%, with AI-related product revenue achieving triple-digit year-over-year growth for nine consecutive quarters [2]. - The company's capital expenditures for the quarter were 31.5 billion RMB, totaling approximately 120 billion RMB in capital expenditures related to AI and cloud infrastructure over the past four quarters [2]. Market Reaction - Following the earnings report, Alibaba's stock rose over 4% in pre-market trading [3].

记者丨黎雨桐 阿里巴巴集团首席财务官徐宏表示， 阿里巴巴的核心业务收入保持强劲增长，AI收入在云外部商业化收入占比提升，客户管理收入同 比增长10%。阿里巴巴将利润及自由现金流投向未来布局，短期盈利能力预计将有所波动。过去4个季度，阿里巴巴在AI+云基础设施的 资本开支约1,200亿元人民币。 出品丨21财经客户端 21世纪经济报道 脱发90后撑起一个IPO，公司年赚近4亿，毛利率超82% 打老婆恐涉多宗罪 比特币升破88000美元，加密货币近1个月蒸发万亿美元市值 SFC 2 1君荐读 11月25日傍晚， 阿里美股盘前一度大涨超4%。 消息面上，阿里巴巴公布了2026财年第二季度财报。财报显示， 阿里巴巴第二季度营收2,478.0亿元人民币，预估2,452亿元人民币； 第二季度调整后每ADS收益4.36元人民币，预估6.34元人民币；第二季度中国电商事业集团收入1,325.8亿元人民币； 调整后净利润 103.5亿元人民币，预估168亿元人民币。 财报还显示，阿里 即时零售业务收入达到229.06亿元人民币，较上年同期的143.21亿元增长 60%。 | | | 截至9月30日止三個月 | | | | -- ...