阿里美股涨超12%，外卖大战“期中考”放榜

Core Viewpoint - The capital market has positively responded to Alibaba's performance in the ongoing "takeout war," indicating that the spending was less than expected while the results exceeded market expectations [1] Financial Performance - Alibaba's revenue for the first quarter of fiscal year 2026 reached RMB 243.236 billion, showing a year-on-year increase of 34.5% [3] - Excluding sold businesses, Alibaba's revenue grew by 10% year-on-year, with net profit increasing by 76%, surpassing market expectations [4] - Alibaba Cloud revenue grew by 26% year-on-year, marking a three-year high, while AI-related product revenue has seen triple-digit year-on-year growth for eight consecutive quarters [4] Market Competition - In comparison to Meituan, which reported a revenue of RMB 918.4 billion with a year-on-year growth of 11.7%, its sales and subsidy expenses surged to RMB 225 billion, leading to a 75.6% drop in core local business operating profit [6] - Alibaba's "Taobao Flash Sale" utilized approximately RMB 10 billion in subsidies, achieving peak daily orders of 120 million and an average of 80 million orders on Sundays, contributing to a 20% increase in daily active users [7][9] - JD.com incurred a loss of RMB 14.8 billion in new business, pushing its daily orders in takeout to over 10 million, capturing about 7% market share [7] Strategic Insights - The "Taobao Flash Sale" has exceeded expectations in both scale and market perception, with a 200% increase in monthly transaction buyers compared to April [9] - The synergy between the flash sale and e-commerce business has led to increased user engagement and reduced costs, with expectations of achieving RMB 1 trillion in transaction increments over the next three years [12] - The current financial reports are seen as a mid-term assessment of the "takeout war," with significant spending and competition expected to continue into the latter half of the year [16]