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 | | | | -- ...

Group 1 - The core focus of the article is on Google's advancements in AI and hardware technologies, particularly the Gemini 3 series models and the new TPU chips, which are expected to drive demand in the hardware supply chain [1][11]. - The article highlights the strong performance of the A-share market, with major indices rising, driven by positive signals from the US stock market and developments in US-China relations [5][11]. - Vanke's recent bond market performance is discussed, particularly its sale of Shell shares and upcoming debt repayments totaling 7.3 billion yuan, raising concerns about potential financial instability [6][11]. Group 2 - The article notes that the technology sector, particularly the "Google chain," is leading the market rally, with significant gains in related stocks such as optical communication and domestic chips [11][12]. - The AI application sector continues to thrive, with companies like Rongji Software and Huanrui Century seeing substantial stock price increases due to recent developments in AI models [11][12]. - The pharmaceutical sector is experiencing a surge in demand for flu-related medications, with sales increasing significantly on various e-commerce platforms [11][12]. Group 3 - The Federal Reserve's officials are divided on interest rate adjustments, with some advocating for rate cuts while others prefer a cautious approach, reflecting concerns over inflation and economic stability [9][10]. - The article mentions the rising prices of SSDs, with significant weekly increases reported for various capacities, indicating a tightening supply in the market [19]. - The article discusses the strategic shift of Singapore's AI initiatives towards Alibaba's open-source model, marking a significant expansion of Chinese AI influence [16][17].

Core Viewpoint - Alibaba and Ant Group's AI products have successfully penetrated the consumer market, challenging ByteDance's long-standing dominance in this area [2][5]. User Growth Data - Alibaba's "Qianwen" app achieved over 10 million downloads within a week of its public testing starting on November 17 [2]. - Ant Group's AI assistant "Lingguang" reached 2 million downloads in just 6 days, with the first million achieved in 4 days, topping the App Store's free tools category in China [2][3]. Market Dynamics - The competition in the AI to C market is shifting from a focus on model capabilities and traffic to a deeper value creation based on real user needs [5]. - The emergence of a "North ByteDance, South Alibaba" competitive landscape reflects a transformation in user demand and corporate ecosystem advantages [5][9]. User Demand Evolution - The core competitive advantage of AI to C products has shifted from conversational fluency and entertainment to practical utility [6]. - Lingguang's ability to generate interactive applications in 30 seconds has sparked a trend towards AI as a productivity tool rather than just a source of information [6][8]. Functional Features - Lingguang's initial features include "Lingguang Dialogue," "Lingguang Flash Applications," and "Lingguang Open Eye," addressing the need for practical tools rather than just information delivery [8]. - The surge in demand for "Flash Applications" led to temporary outages, indicating a strong market need for low-barrier productivity tools [8]. Ecosystem Differences - ByteDance's strategy is rooted in algorithm-driven traffic aggregation, focusing on emotional interaction and content creation [9][11]. - In contrast, Alibaba's AI capabilities are built on a foundation of public service infrastructure, emphasizing practical and inclusive solutions [11][13]. Future Outlook - The year 2025 is anticipated to be a pivotal moment for AI applications, with the ability to address real-life challenges determining success in the AI market [9][14]. - Lingguang's growth potential lies in ecosystem collaboration and technological iteration, with plans to integrate various services to create a closed-loop system [15][16].

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 the impact of divested businesses [1] - CEO Wu Yongming stated that the company is in an investment phase, focusing on building AI technology and infrastructure platforms, as well as a large consumer platform that integrates lifestyle services and e-commerce [1] - Strong growth in AI and cloud services, with cloud revenue increasing by 34% year-over-year and AI-related product revenue achieving triple-digit growth for the ninth consecutive quarter [1][2] Financial Performance - Total revenue for the quarter reached 247.795 billion yuan, surpassing market forecasts [1] - Cloud revenue accelerated with a 34% year-over-year increase, driven by robust demand for AI [1][2] - E-commerce customer management revenue (CMR) grew by 10% year-over-year, while instant retail business revenue surged by 60% [2] Strategic Initiatives - Alibaba Cloud launched a comprehensive AI upgrade, introducing a full-stack AI capability that includes foundational models and high-performance infrastructure [2] - The Qwen3-Max flagship model ranked among the top tier globally in various AI tests [2] - The company introduced the Qianwen App, which has already surpassed 10 million downloads within a week of public testing, aiming to enhance both AI to B and to C services [2] Market Expansion - Approximately 3,500 Tmall brands have integrated their offline stores into instant retail as of October 31, enhancing the synergy across Alibaba's ecosystem [2] - During the Double 11 shopping festival, the Taobao App experienced double-digit year-over-year growth in consumers, with nearly 600 brands achieving over 100 million yuan in transactions [2] User Engagement - Gaode, another major application under Alibaba, reached a record high of 360 million daily active users (DAU) in October [3] - The company continues to improve operational efficiency across multiple businesses, with notable revenue growth in Gaode, Hema, and Alibaba Health [3]

Core Insights - Alibaba Group reported a significant increase in its instant retail business revenue, reaching 22.906 billion RMB, which represents a 60% growth compared to 14.321 billion RMB in the same period last year [1] - However, the adjusted EBITA for Alibaba's China e-commerce group fell sharply to 10.497 billion RMB, a 76% decline from 44.327 billion RMB year-over-year [1] Financial Performance - Instant retail business revenue: 22.906 billion RMB, up 60% from 14.321 billion RMB [1] - Adjusted EBITA: 10.497 billion RMB, down 76% from 44.327 billion RMB [1]

Core Insights - Alibaba Group reported a significant increase in sales and marketing expenses, which doubled year-on-year to 66.496 billion RMB, accounting for 26.8% of revenue, compared to 32.471 billion RMB (13.7% of revenue) in the same quarter of 2024 [1] - The company attributed this increase primarily to its focus on enhancing user experience in the Chinese e-commerce sector [1] - Capital expenditures for the quarter reached 31.5 billion RMB, with approximately 120 billion RMB spent on AI and cloud infrastructure over the past four quarters [1]

Core Insights - Alibaba reported Q2 revenue of 247.8 billion RMB, a 5% year-on-year increase, surpassing the forecast of 245.2 billion RMB [1] - Adjusted net profit for the quarter was 103.5 billion RMB, below the expected 168 billion RMB [1] - The Chinese e-commerce segment generated 132.6 billion RMB, reflecting a 16% growth, exceeding the forecast of 128.5 billion RMB [2] Revenue Breakdown - The Cloud Intelligence Group saw a significant revenue increase of 34% to 39.8 billion RMB, outperforming market expectations of 37.99 billion RMB [2] - Instant retail business revenue reached 22.9 billion RMB, a 60% increase, driven by the launch of "Taobao Flash Purchase" in April 2025 [2] - The Chinese e-commerce group's customer management revenue was 7.2 billion RMB, a 10% increase, while logistics and other revenue grew by 5% to 24 billion RMB [4] Market Reaction - Following the earnings report, Alibaba's stock price surged by 4.10% in pre-market trading [4]

阿里巴巴最新财报显示，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。 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。第二季度云智能集团收入398.2亿元人民币，同比增长34%，市场预估379.9亿 元人民币。根据Omdia报告，2025年上半年，阿里云在中国AI云市场的份额达35.8%，超过第二到第四名的总和。 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。 ...

Core Viewpoint - Alibaba Group reported a significant decline in net income despite revenue growth, indicating challenges in operational performance and profitability [1][2][3]. Financial Performance - Net income attributable to ordinary shareholders decreased by 52% to RMB20.99 billion ($2.95 billion) from RMB43.87 billion the previous year [2]. - Earnings per share fell to RMB1.09 ($0.15) from RMB2.27 a year ago, while earnings per ADS dropped to RMB8.75 ($1.23) from RMB18.17 [2]. - Adjusted net income was RMB10.35 billion ($1.45 billion), down 71% from RMB36.52 billion last year [3]. - Adjusted earnings per share decreased to RMB0.55 ($0.08) from RMB1.88, and adjusted earnings per ADS fell to RMB4.36 ($0.61) from RMB15.06 [3]. Revenue Insights - Total revenue increased by 5% to RMB247.80 billion ($34.81 billion) from RMB236.50 billion a year earlier, with a 15% improvement on a like-for-like basis excluding disposed businesses [4]. - Alibaba China E-commerce Group's revenues rose by 16% to RMB132.58 billion ($18.62 billion) [5]. - Revenue from Alibaba International Digital Commerce Group grew by 10% to RMB34.80 billion ($4.89 billion) [5]. - Cloud Intelligence Group's revenue surged by 34% to RMB39.82 billion ($5.59 billion), driven by public cloud revenue growth and AI-related product adoption [5]. Operational Challenges - Income from operations plummeted by 85% year-over-year to RMB5.37 billion ($754 million) [3]. - Adjusted EBITA decreased by 78% to RMB9.07 billion ($1.27 billion), primarily due to investments in quick commerce and user experiences [4]. Share Repurchase Program - The remaining amount of Board authorization for the share repurchase program was $19.1 billion as of September 30, 2025, effective through March 2027 [6].

Core Insights - Alibaba Group reported Q2 FY2026 revenue of 247.795 billion yuan, with a year-on-year growth of 15% after excluding the impact of divested businesses [1] Revenue Breakdown - Cloud computing revenue accelerated growth at 34% year-on-year [1] - Revenue from AI-related products has achieved triple-digit growth for nine consecutive quarters [1] - E-commerce customer management revenue (CMR) increased by 10% year-on-year [1] - Instant retail business revenue surged by 60% year-on-year [1]