阿里二季度即时零售收入增长12%，蒋凡首谈淘宝闪购战略

Core Insights - Alibaba's investment in instant retail has shown rapid results since May, with monthly active buyers reaching 300 million in August, leading to a 25% increase in monthly active buyers on the Taobao app [1][4] - The company's Q1 FY2026 revenue was 247.65 billion RMB, a 10% year-over-year increase, with net profit rising 76% to 42.38 billion RMB, exceeding market expectations [2][4] - The stock price surged over 10% to $131.67 following the earnings report [1] Financial Performance - Alibaba's revenue from its China e-commerce group was 1,400.72 billion RMB, a 10% increase year-over-year, while adjusted EBITA decreased by 21% to 383.89 billion RMB due to investments in user experience and technology [4][5] - The international digital commerce group's revenue grew by 19% to 34.74 billion RMB, with adjusted EBITA losses narrowing significantly [5] - Sales and marketing expenses rose to 531.78 billion RMB, accounting for 32.5% of revenue, up from 13.4% the previous year, driven by investments in user acquisition [5] Business Segments - Instant retail revenue reached 14.78 billion RMB, a 12% increase, attributed to the growth in orders from Taobao Flash Sales [4][5] - The cloud computing segment saw a 26% increase in revenue to 333.98 billion RMB, marking the highest growth rate in three years, driven by AI-related services [9] - The company plans to invest 380 billion RMB in cloud and AI infrastructure over three years, with 38.6 billion RMB already allocated in the second quarter [9] Strategic Developments - The integration of Ele.me and Fliggy into the China e-commerce group aims to transform Alibaba into a comprehensive consumer platform [4] - The Taobao Flash Sales initiative has exceeded initial user growth targets, with daily orders peaking at 12 million and monthly active users reaching 300 million [7][8] - The company is focusing on enhancing operational efficiency in its instant retail segment, with plans to optimize order structures and logistics costs [8]