Hua Xia Shi Bao·2025-05-16 13:55Core Insights - Alibaba Group's CEO emphasized a focus on e-commerce and AI + cloud as core business growth areas for the fiscal year 2026, aiming to create a second growth curve driven by technology [2] - For Q4 of fiscal year 2025, Alibaba reported revenue of approximately 236.5 billion yuan, a year-on-year increase of 7%, with adjusted EBITA growing by 36% [2] - Alibaba announced a total dividend of 4.6 billion USD for the fiscal year 2025 [2] E-commerce Recovery - Taobao and Tmall's revenue for Q4 was 101.4 billion yuan, reflecting a 9% year-on-year growth, with customer management revenue increasing by 12% [3] - The growth theme for Taobao and Tmall has been reinforced by strategic partnerships, such as the collaboration with Xiaohongshu to enhance brand and merchant support [3] - The launch of Taobao Shanguo, an instant retail service, has shown better-than-expected growth and efficiency, indicating a strong user engagement potential [4] Cloud Business Growth - Alibaba Cloud's revenue for Q4 reached 30.12 billion yuan, growing by 18%, with adjusted EBITA increasing by 69%, marking the fastest growth among Alibaba's business segments [5][6] - The growth in cloud revenue is primarily driven by increasing demand for AI-related products, which have seen triple-digit year-on-year growth for seven consecutive quarters [6] - Alibaba plans to invest over 380 billion yuan in AI infrastructure over the next three years to enhance hardware procurement and overall cost efficiency [6] Internal Integration and Strategy - Following the "1+6+N" restructuring, Alibaba is focusing on internal integration, allowing cross-department collaboration and resource sharing [8][9] - The company is moving towards a more cohesive operational strategy, with plans to unify employee identification and internal job transfer mechanisms [9][10] - The integration of various business units, such as Taobao and Ele.me, aims to enhance the competitive edge in the instant retail market [9][10] Market Performance - Following the earnings report, Alibaba's stock closed at 123.9 USD, down 7.57%, with a market capitalization of approximately 295.6 billion USD [11]