阿里Q1财季财报：即时零售激战，营销费大增200亿豪赌大消费未来

Core Insights - Alibaba's Q1 FY2026 revenue reached 247.65 billion RMB, marking a 2% year-over-year growth, but adjusted EBITA fell by 14% to 38.84 billion RMB [1] - The company reported a significant shift in free cash flow, with a net outflow of approximately 18.8 billion RMB compared to a net inflow of about 17.4 billion RMB in the same period last year, attributed to high investments in cloud infrastructure and Taobao's instant retail business [1] - Alibaba is committed to driving growth in its core businesses of large consumption and "AI + Cloud" through substantial investments [1] E-commerce and Instant Retail - Taobao's instant retail business, now branded as Taobao Flash Purchase, has seen a peak daily order volume of 120 million, with an average of 80 million orders per week in August [3] - The monthly active user count for Taobao Flash Purchase reached 300 million, contributing to a 25% increase in monthly active consumers on the Taobao app [3] - Sales and marketing expenses surged to 53.18 billion RMB, accounting for 21.5% of revenue, reflecting increased investment in Taobao Flash Purchase [3] Cloud Business Performance - Alibaba Cloud's revenue grew by 26% to 33.40 billion RMB, with AI-related product revenue achieving triple-digit growth for the eighth consecutive quarter [4] - The CEO highlighted the growing demand for AI model capabilities and the company's strategy to capture market share in this area [5] Investment Strategy - Capital expenditures in AI and cloud infrastructure reached 38.6 billion RMB in Q1, with a total investment exceeding 100 billion RMB over the past four quarters [5] - Alibaba plans to invest 380 billion RMB in AI capital expenditures over the next three years, maintaining a consistent investment level despite potential quarterly fluctuations [5] Market Reaction - Following the earnings report, Alibaba's stock price rose by 12.9% in the US market, closing at $135, with a total market capitalization of approximately $321.85 billion [5]