BABA(US:BABA) Sou Hu Cai Jing·2025-07-02 23:31Core Insights - Alibaba's annual report for fiscal year 2025 shows revenue of 996.347 billion yuan, a year-on-year increase of 5.86%, and net profit of 125.976 billion yuan, up 62.4% year-on-year [2][10] Partner Changes - The most significant market focus is the change in Alibaba's partner structure, with nine partners, including former CEO Zhang Yong, exiting the partnership, marking a historic low in the number of partners [4][18] - The remaining partners include notable figures such as Jack Ma, Cai Chongxin, and others, totaling 17 partners, which is the fewest in Alibaba's history [4][18] Zhang Yong's Departure - Zhang Yong's exit from the partner list signifies the end of his era at Alibaba, following his resignation as chairman and CEO in July 2023 [6][13] - Zhang Yong, who joined Alibaba in 2007, played a crucial role in shaping the company's growth, including the establishment of the Tmall platform and the success of the Double Eleven shopping festival [8][9] Historical Context - The original "Eighteen Arhats" of Alibaba, a group of founders, has dwindled to just four remaining members, highlighting the end of an era for the company [14][18] - The departure of key figures like Peng Lei and Dai Shan signifies a shift in Alibaba's corporate culture from a brotherhood to a more performance-driven environment [23] Strategic Shift - The recent changes in the partnership are seen as a move towards a more streamlined and agile decision-making structure, with core decision-making now concentrated among a few key individuals [20][21] - The company is shifting its focus towards AI and cloud services, with plans to invest 380 billion yuan over the next three years, indicating a strategic pivot to adapt to new market demands [23]