股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 阿里巴巴集團控股有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09988 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 89988 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 32,000,000,000 | USD | | 0.000003125 | USD | | 100,000 | | 增加 / 減少 (-) | | | | 0 | | | | USD | | 0 | | 本 ...

Core Viewpoint - Gaode is enhancing its penetration in the local life service sector through the upgraded "Street Ranking" product, leveraging its map data and traffic advantages to find differentiated paths in the local life market [1] Group 1: Product Development - Gaode's "Street Ranking" has been upgraded to include the "Flying Street View" feature, which is the first application of its self-developed world model technology in the life service industry, providing users with a continuous dynamic navigation experience from street view to in-store [1] - The "Flying Street View" allows users to preview restaurant environments and nearby parking details before arriving at their destination, enhancing the "real scene exploration" experience [1] Group 2: Merchant Engagement - Gaode aims to lower the entry barrier for merchants by allowing them to create their own "Flying Street View" by simply uploading videos and photos taken with their smartphones, with plans to provide this service for free to 1 million small and micro merchants [2] - The initiative is part of a broader strategy to enrich Gaode's content ecosystem and convert online traffic into offline transactions, with partnerships already initiated in cities like Shanghai, Sichuan, and Jinan [2] Group 3: User Growth and Engagement - Gaode's app has seen a significant increase in monthly active users (MAU), reaching 996 million, with a monthly addition of 46 million users, driven by the "Street Ranking" feature [2] - Within 100 days of the "Street Ranking" launch, 860,000 new merchants joined the platform, with a more than 330% increase in order volume and over 270% growth in revenue for these merchants [2] Group 4: Competitive Landscape - The local business competition is intensifying, with competitors like Meituan leveraging ground teams and fulfillment capabilities, while Douyin uses short video content to penetrate the market [3] - Gaode is attempting to utilize its map as a foundational infrastructure to combine user location, real-time traffic, and consumer reviews, aiming to guide consumer choices while planning routes [3] - The introduction of "Flying Street View" and AR features is intended to enhance user experience and attract more merchant resources amid fierce market competition [3]

Core Insights - The Asia-Pacific ecommerce market is projected to grow at a CAGR of 5.9%, reaching approximately US$4.83 trillion by 2029, up from US$3.58 trillion in 2024 [2][10] - The market is expected to grow by 7% annually, reaching US$3.83 trillion by 2025 [1][10] Market Growth - The ecommerce market in Asia-Pacific has experienced a robust growth rate of 9.7% from 2020 to 2024 [2] - The forecast indicates a continued upward trajectory with a CAGR of 5.9% from 2025 to 2029 [2] Competitive Landscape - Competitive intensity is increasing as short-video platforms integrate commerce in China and Southeast Asia, while cross-border entrants are reshaping price expectations in Australia and Japan [4] - India is witnessing stronger competition in grocery and FMCG sectors due to the expansion of quick-commerce into more categories [4] Current State of the Market - The ecommerce landscape in Asia-Pacific is characterized by high competitive intensity, with multinational platforms, domestic marketplaces, social-commerce players, and quick-commerce operators expanding their presence [5] - In China, Alibaba and JD.com are facing pressure from short-video ecosystem platforms like Douyin and Kuaishou [5] Key Players and New Entrants - Major players include Alibaba, JD.com, and Pinduoduo in China; Amazon, Flipkart, and Reliance in India; Shopee, Lazada, and Tokopedia in Southeast Asia; Rakuten and Yahoo! Shopping in Japan; and Coupang in South Korea [8] - New entrants are primarily cross-border Chinese platforms like Temu and Shein, which are gaining consumer adoption in Australia and Japan [8] Recent Developments - TikTok's integration with Tokopedia in Indonesia marks a significant restructuring, allowing it to resume ecommerce operations after regulatory restrictions [9] - In Australia, increased scrutiny of consumer protection is prompted by rising activity from Temu and Shein [9] - Reliance is actively acquiring and partnering with offline retail brands to enhance omnichannel capabilities [9]

Core Insights - The global ecommerce market is projected to grow at a compound annual growth rate (CAGR) of 6.2%, reaching approximately US$9.21 trillion by 2029, up from an estimated US$7.25 trillion in 2025 [3][13]. Market Growth and Trends - The ecommerce market has experienced a robust growth rate of 9.5% from 2020 to 2024, with expectations of continued growth at a CAGR of 6.2% from 2025 to 2029 [3]. - Digital payments are becoming more localized, with countries like India and Brazil seeing rapid adoption of local payment methods integrated into ecommerce platforms [4]. - Social commerce is reshaping online purchasing pathways, with platforms like Douyin and TikTok Shop driving engagement and sales through content [5][9]. Competitive Landscape - Competitive intensity is expected to increase as cross-border discount platforms scale globally and social-commerce ecosystems deepen their integration with traditional commerce [2]. - Major players such as Amazon, Alibaba, Walmart, JD.com, and Mercado Libre are scaling logistics networks and financial services as key differentiators [11]. - New entrants like Temu are expanding their presence in the U.S. and Europe, intensifying competition in the ecommerce space [11]. Cross-Border Commerce - Cross-border ecommerce is gaining momentum as consumers seek imports and price advantages, with platforms like Temu and Shein attracting customers through competitively priced international goods [6][9]. - Improved international logistics and favorable government trade policies are facilitating cross-border flows, although regulatory scrutiny may impact certain models [9][10]. Omni-Channel Integration - Retailers are increasingly integrating ecommerce with physical store formats to enhance fulfillment and inventory management, leveraging existing store networks for improved last-mile efficiency [7][10]. - The trend towards omni-channel retail integration is expected to strengthen as retailers seek margin stability and adapt to consumer expectations for flexible delivery options [7][10]. Recent Developments - Strategic partnerships and mergers have been prominent, such as Shopify and TikTok's collaboration for cross-border merchant onboarding and Amazon's investment in Deliveroo for grocery fulfillment [12].

Core Viewpoint - The article discusses recent fluctuations in the equity markets, particularly focusing on the performance of the Hong Kong and Japanese stock markets, and highlights three main variables affecting market sentiment, including Alibaba's rating downgrade, the decline in precious metals, and liquidity concerns [2][4][6]. Group 1: Market Performance - The Asia-Pacific markets showed weakness, with Hong Kong stocks collectively declining and the Japanese market also underperforming, leading to a drop in the A50 index by nearly 1% [2]. - The Nikkei 225 index closed down 1.06% at 51,961.98 points, with significant declines in major stocks such as Nintendo (-4.65%) and Sony (-3.28%) [3]. - The Hang Seng Index fell significantly, losing over 355 points and dropping below 26,400 points, while the Hang Seng Tech Index declined by over 2% [3]. Group 2: Alibaba's Rating Downgrade - Freedom Capital Markets downgraded Alibaba's rating from "Buy" to "Hold," reducing the target price from $180 to $140 per share [4]. - This downgrade occurred despite Alibaba reporting quarterly earnings that exceeded expectations, with cloud services being a key growth driver [5]. - Concerns were raised regarding the rapid increase in capital expenditures related to the cloud business and the relatively moderate growth of its retail business compared to competitors [5]. Group 3: Precious Metals Decline - Precious metals prices fell as investors took profits, compounded by a strengthening dollar ahead of key employment data releases [5]. - The market sentiment for precious metals was pressured, with expectations that the Federal Reserve may cut interest rates at least twice this year [5]. - The adjustment in the stock of Zijin Mining, which had previously surged, contributed to pressure on the Shanghai Composite Index [5]. Group 4: Liquidity Concerns - According to CITIC Securities, there is a liquidity gap due to seasonal fluctuations and increased government debt financing, which could tighten liquidity in the banking system [6]. - The central bank's actions, including reverse repos and medium-term lending facilities, will determine whether the liquidity situation will trend towards tightening [6]. - The ongoing foreign exchange settlement by commercial banks may consume excess reserves in the banking system, leading to structural liquidity pressures [6].

Core Viewpoint - The article discusses recent fluctuations in the equity markets, particularly focusing on the performance of the Hong Kong and Japanese markets, and highlights three main variables affecting market sentiment, including Alibaba's rating downgrade, the decline in precious metals, and liquidity concerns [1][3][4]. Group 1: Market Performance - The Asia-Pacific markets showed weakness, with Hong Kong stocks collectively declining and the Japanese market also underperforming, leading to a nearly 1% drop in the A50 index [1][2]. - The Nikkei 225 index closed down 1.06% at 51,961.98 points, with significant declines in major stocks such as Nintendo (-4.65%) and Sony (-3.28%) [2]. - The Hang Seng Index fell significantly, losing over 355 points and dropping below 26,400 points, while the Hang Seng Tech Index saw a decline of over 2% [2]. Group 2: Alibaba's Rating Downgrade - Freedom Capital Markets downgraded Alibaba's rating from "Buy" to "Hold," reducing the target price from $180 to $140 per share, despite the company reporting better-than-expected quarterly earnings [3]. - Concerns were raised regarding the rapid increase in capital expenditures related to Alibaba's cloud business, with uncertain return prospects [3]. - The company's ability to expand its retail and cloud businesses without significantly increasing costs will be a key factor influencing its performance in the coming quarters [3]. Group 3: Precious Metals Market - Precious metals experienced a decline as investors took profits, compounded by a strengthening dollar ahead of key employment data releases [3]. - The market sentiment for precious metals was pressured, with expectations that the Federal Reserve may cut interest rates at least twice this year [3]. - The adjustment in the stock of Zijin Mining, which had previously surged, contributed to some pressure on the Shanghai Composite Index [3]. Group 4: Liquidity Concerns - According to CITIC Securities, there is a liquidity gap due to seasonal fluctuations in M0 and increased government debt financing, which could lead to structural tightening in the banking system [4]. - The central bank's actions, including reverse repos and medium-term lending facilities (MLF), will determine whether the liquidity situation trends towards tightening [4]. - Continuous foreign exchange settlements by commercial banks may consume excess reserves in the banking system, impacting overall liquidity [4].

Core Viewpoint - Alibaba's Gaode has launched the upgraded Gaode Street Ranking 2026, introducing the "Flying Street View" feature, which allows users to view real store environments from a street perspective, and is opening this feature to 1 million merchants for free [1][2]. Group 1: User Growth and Engagement - Gaode's user base has surpassed 660 million, with the app gaining an average of 46 million monthly active users over the past three months, bringing the total to 996 million [1]. - The Gaode Street Ranking has attracted 860,000 new merchants within 100 days of its launch, with merchant order volume increasing by over 330% and revenue rising by over 270% [1]. Group 2: New Features and Offerings - The "Flying Street View" feature allows users to preview restaurant environments and parking conditions, enhancing decision-making efficiency and helping merchants showcase their stores [2][3]. - Gaode has introduced seasonal and location-based dynamic service rankings, along with 1,550 category rankings covering various activities such as hiking and camping [3]. - The platform now offers personalized ranking creation, enabling users to create and share their own exclusive lists [3].

Market Overview - A-shares experienced a slight increase, with the Shanghai Composite Index recording a 14-day consecutive rise, closing at a trading volume of 2.88 trillion yuan, an increase of 49.3 billion yuan from the previous trading day [1] - The domestic commodity futures market saw a significant rise, while precious metals like gold and silver experienced a sharp decline, with gold dropping nearly 1% to below $4,450 per ounce [4] Sector Performance - The commercial aerospace sector showed strong activity, with multiple stocks hitting the daily limit, including LeiKe Defense with six consecutive gains and Goldwind Technology with two consecutive gains [2] - Semiconductor equipment stocks continued their strong performance, with companies like Zhongwei and Northern Huachuang reaching new historical highs [2] - The coal sector also saw significant gains, with Dayou Energy hitting the daily limit and other companies like Antai Group and Shaanxi Black Cat previously reaching the limit [2] Stock Market Movements - The Hong Kong stock market faced a decline, with the Hang Seng Technology Index and the Hang Seng Index both dropping over 1%, including major companies like Alibaba and BYD falling more than 3% [2][3] - Notable declines were observed in the brain-computer interface sector, with stocks like Chengyitong and Aipeng Medical dropping over 10% [2] Futures and Commodities - Government bond futures closed collectively lower, with the 30-year main contract down 0.44% and the 10-year main contract down 0.08% [4] - Precious metals such as platinum, gold, and silver saw significant drops, with platinum and palladium falling over 7% and 6% respectively [4] Cryptocurrency Market - Bitcoin experienced a decline of nearly 0.8%, with approximately 130,000 individuals facing liquidation in the past 24 hours [4]

Core Viewpoint - Weimob Group has announced a strategic partnership with Alibaba's local life service platform, Taobao Flash Purchase, to enhance local retail digitalization through collaboration in instant retail, digital marketing, and technological innovation [1][4]. Group 1: Strategic Focus Areas - The partnership focuses on three main areas to build a new ecosystem for local life instant retail: - Merchant interconnection and co-construction of the instant retail ecosystem, enabling Weimob merchants to efficiently access the Taobao Flash Purchase platform for integrated "home delivery and in-store" operations [2][5]. - Establishing a one-stop marketing upgrade through public-private cooperation and member integration, creating a comprehensive marketing system that connects Taobao Flash Purchase's public traffic with Weimob's private domain capabilities [2][5]. - Innovation and co-creation in enterprise-level customer expansion, AI, and data operations, exploring multi-scenario integrated operation models to unlock data potential and develop smart business tools and industry solutions [2][5]. Group 2: Historical Context and Future Prospects - This collaboration signifies an upgrade in the "ecological co-construction" between Weimob and Alibaba, leveraging Weimob's established sales channels and marketing services to create integrated solutions for local retail [3][6]. - Weimob aims to drive its clients onto the Taobao Flash Purchase platform, enhancing operational success and attracting high-quality new industry clients, which will contribute to revenue growth from Weimob's subscription solutions [3][6]. - The long-standing cooperation between Weimob and Alibaba includes deep collaborations in DingTalk ecosystem and digital capabilities integration with Alipay, with Weimob becoming one of the first to receive the "Alipay Advertising Elite Partner Agent Certification" by 2025 [7].

Core Insights - The report titled "2025 Douyin Pan-Entertainment Live Streaming Report" indicates that the number of performance live streams on the platform is expected to reach 128 million by 2025, representing a year-on-year growth of 26.39%, with an average of over 350,000 streams per day [1] - The live streaming industry has seen the emergence of specialized roles such as choreographers, camera operators, and live broadcast directors, reflecting the increasing industrialization of the pan-entertainment live streaming sector [1] - The report highlights the establishment of 16 major content categories and 53 subcategories in live streaming, covering various fields including vocal singing, instrumental performance, traditional opera, cosplay, and voice acting, with 135,000 quality streamers certified to set industry benchmarks [1] Group 1: Content Supply and Professional Engagement - Douyin live streaming has initiated several support programs such as the "Quality Group Broadcasting Plan" and "Art Broadcasting Plan" to build a diverse content ecosystem [3] - As of December 2025, 499 state-owned art troupes and 6,183 troupe performers have joined the platform, collectively conducting over 819,000 live streams, positioning live streaming as a "second stage" for professional performing arts groups [3] - The Shaanxi Song and Dance Theatre is among the first to adopt the "group broadcasting" model, achieving unexpected rewards from live streaming and attracting new online audiences [3] Group 2: Support for Professional Troupes - The platform has launched a series of support initiatives for professional troupes, including traffic support, operational guidance, and content optimization to facilitate their online transformation [4] - Collaborations with CCTV have been established to promote traditional arts, with over 130 streamers, including those from art troupes, featured on national television, thereby enhancing the influence of traditional art forms [4] - The Deputy General Manager of the Shaanxi Performing Arts Group emphasized that group broadcasting is not a downgrade of art but a means to translate traditional culture into the language of live streaming [4] Group 3: Audience Engagement and Revenue Growth - A notable example includes a performer from the China Broadcasting Art Troupe, who attracted over 2.6 million followers on Douyin through bamboo flute performances, demonstrating the potential for audience engagement [6] - The report indicates that professional talent live streaming has gained significant popularity, with revenue growth from instrumental performances, singing, and dancing live streams outpacing non-talent streams by seven times over the past year [6]