中经记者 李立 上海报道 作为外卖大战的三大主角之一，11月25日晚间，阿里巴巴（NYSE：BABA；HKEX：9988）发布截至 2025年9月30日的财报。 由于淘宝闪购从7月才开始正式下场，加大投入硬杠美团。市场普遍认为该季度财报更能反映阿里在外 卖大战中的投入产出比与真实水位。 阿里2026财年第二季度（自然年2025年第三季度）营收2477.95亿元，同比增长5%。净利润为206.12亿 元，同比下滑53%，主要由于运营利润出现下滑。不按美国通用会计准则，净利润为103.52亿元，同比 下滑72%。 其中经营利润53.65亿元，同比下降85%，主要是由于经调整EBITA的减少所致。经调整EBITA同比下降 78%至90.73亿元。阿里方面表示，主要归因于对即时零售、用户体验以及科技的投入，部分被阿里巴 巴中国电商集团的双位数收入增长、云业务的持续增长所带来的经营业绩改善，以及多项业务运营效率 的提升所抵销。 《中国经营报》记者注意到，在谈到大战下一阶段消费者补贴是否会维持原有强度时，阿里相关高层回 应称，第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 ...

Core Viewpoint - Alibaba's stock has seen significant recovery, more than doubling since mid-2024, driven by its e-commerce leadership, growth in artificial intelligence, and challenges in profitability due to heavy spending [1] Group 1: E-commerce Leadership - Alibaba remains the leader in China's e-commerce market, with its platforms Taobao and Tmall accounting for approximately 40% of the entire market [2] - E-commerce continues to be Alibaba's largest profit center, generating nearly half of the company's top line of $18.6 billion in the last quarter [3] Group 2: Growth in Artificial Intelligence - Alibaba's cloud intelligence unit, which offers various AI solutions, experienced a 34% year-over-year revenue growth in the three months ending in September [4] - The growth is largely attributed to the adoption of Alibaba's AI-powered chat tool, Qwen, which competes effectively with ChatGPT and Google's Gemini [5] - Alibaba is also developing its own AI hardware, including a processor that rivals Nvidia's, positioning the company to lead in China's AI market, projected to be worth $1.4 trillion by 2030 [6] Group 3: Profitability Challenges - Despite being well-positioned, Alibaba's Q3 results indicate potential near-term profitability issues, with total revenue up 5% year-over-year but bottom-line profit down 85% due to heavy spending [7] - The decline in profitability is primarily from the e-commerce unit, which saw a 76% drop in profits due to investments in "quick commerce" delivery initiatives and food delivery operations [8] - Analysts express concerns that the ongoing price war in food delivery could impact Alibaba's net income until the end of 2027 [9]

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11月28日恒生指数下跌0.34%，南向资金全天合计成交金额为602.38亿港元，其中，买入成交314.82亿 港元，卖出成交287.55亿港元，合计净买入金额27.27亿港元。具体来看，港股通（深）累计成交金额 223.39亿港元，买入成交120.67亿港元，卖出成交102.73亿港元，合计净买入金额17.94亿港元；港股通 （沪）累计成交金额378.98亿港元，买入成交194.16亿港元，卖出成交184.83亿港元，合计净买入金额 9.33亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额59.76亿港 元，腾讯控股、泡泡玛特成交额紧随其后，分别成交25.94亿港元、21.66亿港元。以净买卖金额统计， 净买入的个股共有6只，阿里巴巴-W净买入额为10.94亿港元，净买入金额居首，该股收盘股价上涨 0.60%，泡泡玛特净买入额为5.49亿港元，小米集团-W净买入额为4.70亿港元。净卖出金额最多的是中 芯国际，净卖出3.00亿港元，该股收盘股价上涨0.66%，紫金矿业、华虹半导体遭净卖出2.81亿港元、 1.24亿港元。 今日上榜个股中，阿里巴巴-W、泡泡玛特、小米 ...

Core Insights - Meituan reported a revenue of 95.5 billion yuan for Q3 2025, marking a 2% year-on-year increase, but its core local business incurred a loss of 14.1 billion yuan [1] - The competitive landscape in the local life services sector, particularly in food delivery, has intensified, with Meituan being the first among major players to report a profit loss [1][2] - All three major internet companies—Meituan, Alibaba, and JD—showed varying degrees of profit decline in their Q3 reports, despite different strategic approaches [2] Company Performance - Meituan's revenue was 95.5 billion yuan, with a core local business loss of 14.1 billion yuan and an adjusted net loss of 16 billion yuan [2] - Alibaba achieved a revenue of 247.8 billion yuan, a 5% increase, but its operating profit plummeted by 85% to 5.365 billion yuan [2] - JD reported a revenue of 299.1 billion yuan, a 14.9% increase, with a net profit of 5.8 billion yuan, down 56% year-on-year [2] Strategic Approaches - Meituan's strategy focuses on both defense and expansion, increasing direct subsidies to the restaurant sector to counter irrational competition, including 2 billion yuan in direct support and additional funds for innovation and infrastructure [2][3] - Meituan's new business segment generated 28 billion yuan in revenue, a 15.9% increase, indicating efforts to find new growth points [3] - Alibaba's aggressive strategy through "Taobao Flash Sale" has driven a 60% revenue growth, but at the cost of significant profit decline [3] - JD's strategy has shifted to launching an independent food delivery app, moving from an "ecosystem collaboration" approach to a more rational, independent development strategy [4]

Core Viewpoint - Alibaba has reduced its stake in Sanjiang Shopping (601116.SH) from 32% to 29% within a year, indicating a strategic shift in its retail investment approach [1][2]. Group 1: Shareholding Changes - Alibaba's subsidiary, Hangzhou Alibaba Zeta Information Technology Co., Ltd. (referred to as "Ali Zeta"), sold 5.4768 million shares between November 27 and 28, reducing its shareholding from 30% to 29% [1]. - The total shareholding of Ali Zeta in Sanjiang Shopping has decreased from 32% to 29% over the past year [1][2]. Group 2: Reduction Plan - Ali Zeta plans to reduce its stake by up to 3%, with a maximum of 5.4768 million shares through centralized bidding and 10.9536 million shares through block trading, with the reduction period set from November 27 to February 26 of the following year [2]. - The reduction is part of a previously announced plan and is described as a normal reduction process [1]. Group 3: Strategic Implications - The investment in Sanjiang Shopping was initially seen as part of Alibaba's strategy in offline retail, but the recent stake reduction, along with the divestment from Intime and Yonghui Superstores, suggests a contraction in Alibaba's physical retail strategy [2]. - During a recent earnings call, Alibaba's management highlighted significant investments in instant retail and mentioned ongoing efforts to integrate existing businesses for better synergy in the consumer sector [2].

Core Viewpoint - The Chinese e-commerce giant's stock is declining due to a report indicating it may be included on a Pentagon watchlist [1] Company Summary - The company is facing potential scrutiny from the U.S. government, which could impact its operations and investor sentiment [1] Industry Summary - The inclusion on a Pentagon watchlist may signal increasing regulatory challenges for Chinese companies operating in the U.S. market [1]

Core Insights - The speech by the general manager of Alibaba International AIGC highlighted the transformation of the design industry in the AI era, emphasizing the rapid verticalization of AIGC-related products since 2022 [1][2] - The integration of AI with e-commerce data is enhancing product development and market testing, allowing for faster turnaround times without the need for physical samples [1] - The application of AI in e-commerce is crucial for understanding cultural preferences and user attributes in global markets, which can significantly impact purchasing decisions [2] Group 1 - The AIGC market has evolved from a "shell stage" to a "navigation station logic," now accelerating towards industry verticalization, requiring specific industry know-how and data [1] - Alibaba International AIGC is expanding its applications from basic marketing visuals to video production, improving consistency and stability in material generation [1] - AI technology enables rapid assembly of content tailored to specific consumer preferences, enhancing overall conversion rates in e-commerce [2] Group 2 - The role of designers is evolving, with AI not replacing but upgrading their skill sets, emphasizing aesthetics, insight, communication, and creativity as core competencies [2] - The average monthly salary of designers in China is steadily increasing from 2022 to 2025, indicating that job opportunities remain stable despite technological advancements [2] - The future of AI is predicted to shift from being a cheap tool to a results-oriented service, requiring breakthroughs in result certainty and quality control [3] Group 3 - Alibaba International's "Duiyou Pro" platform aims to provide customized Agent model training for various industries, facilitating AI integration across different sectors [3] - The core theme of the event was that design may become a universal capability rather than a specialized profession, with AI driving global business innovation [3]

Core Viewpoint - The article highlights the rapid and generous response of various companies and organizations in Hong Kong to the recent fire disaster in Tai Po, showcasing their social responsibility and commitment to aiding affected individuals and communities [3][14]. Group 1: Donations and Contributions - Total donations from various entities have reached several hundred million Hong Kong dollars, demonstrating a strong collective effort to support disaster relief [5]. - Alibaba Group contributed a total of 60 million HKD, including 30 million from the Ma Yun Public Welfare Foundation, 20 million from Alibaba Group, and 10 million from Ant Group [5]. - The Li Ka Shing Foundation pledged an immediate 30 million HKD, with an additional 50 million HKD planned for future support, totaling 80 million HKD [6]. - The Zijing Cultural Group donated 10 million HKD and provided educational materials worth 2 million HKD for nearly 700 affected students [7]. - Other notable contributions include 30 million HKD from the Ho Ying Tung family, 20 million HKD from Chow Tai Fook Group, and various donations from other companies totaling millions [8][9][10]. Group 2: Direct Services and Support - Companies like Baidu Maps and Gaode Maps provided real-time updates on road conditions, helping to facilitate safe navigation around the disaster area [11]. - SF Express opened 146 locations in Hong Kong for free transportation of relief supplies, effectively enhancing the logistics of aid delivery [11]. - Anta Group supplied 20 million HKD worth of cold-weather gear, addressing immediate needs for warmth among the affected population [12]. Group 3: Social Responsibility and Community Impact - The article emphasizes that while financial contributions are significant, the direct services provided by companies during the disaster are equally crucial, reflecting a strong sense of social responsibility [11][14]. - The collective actions of these companies during the crisis highlight their commitment to community welfare, transcending their usual business operations [14].

Core Insights - The Wasatch Global Value Fund—Investor Class achieved a gain of 6.36% in Q3 2025, outperforming the MSCI All Country (AC) World Value Index [2] Performance Summary - The fund's performance in Q3 2025 indicates a strong relative performance compared to the benchmark index [2]