Chang Jiang Shang Bao·2025-05-19 01:00Core Insights - Alibaba reported its strongest financial results ever for the fiscal year 2025, with total revenue reaching 996.35 billion yuan, a year-on-year increase of 6% [2][3] - The adjusted EBITA for the fiscal year was 173.07 billion yuan, up 5% year-on-year, while net profit attributable to ordinary shareholders surged by 62.36% to 129.47 billion yuan, marking a historical high [2][3] Financial Performance - For the fourth quarter, Alibaba's revenue was 236.45 billion yuan, reflecting a 7% year-on-year growth, and adjusted EBITA increased by 36% to 32.62 billion yuan [3] - The company achieved a net cash flow from operating activities of 163.51 billion yuan, a decrease of 10% year-on-year, and free cash flow dropped by 53% to 73.87 billion yuan, primarily due to increased cloud infrastructure spending [6] Strategic Initiatives - Alibaba's CEO emphasized the effectiveness of the "user-first, AI-driven" strategy, with core business growth accelerating, particularly in the cloud segment, which saw an 18% revenue increase driven by strong AI demand [2][3] - The company launched the new mixed reasoning model Qwen 3, which outperformed top global models, showcasing its technological competitiveness [3] Business Segments - The Taobao Group reported a profit of 41.75 billion yuan for the fourth quarter, an 8% increase, while the Cloud Intelligence Group's profit surged by 69% to 2.42 billion yuan [4] - The Digital Entertainment Group turned a profit of 36 million yuan, primarily due to Youku's profitability, while other segments like the International Digital Commerce Group and Local Life Group saw reduced losses [4] Shareholder Returns - Alibaba announced a total annual and special dividend of 4.6 billion USD (approximately 33.1 billion yuan) for the fiscal year 2025, an increase from 4 billion USD in the previous fiscal year [7] - The company repurchased 11.97 billion shares for 11.9 billion USD (approximately 86.7 billion yuan), making it one of the largest buyback programs among Chinese concept stocks [7] Market Positioning - Alibaba is actively competing in the instant retail market, launching the "Flash Purchase" service in over 50 cities, with significant order volume growth reported shortly after its launch [5][6] - The company aims to leverage its extensive user base and logistics capabilities to enhance its position in the instant retail sector, focusing on converting Taobao users into instant retail customers [6]