即时零售收入同比增12%，阿里猛攻本地生活

Core Viewpoint - Alibaba Group has released its Q1 FY2026 financial report, focusing on e-commerce and cloud business, with significant growth in instant retail revenue driven by resource integration and membership connectivity [1][3]. Financial Performance - Alibaba's total revenue for Q1 FY2026 reached RMB 247.65 billion, a 2% year-on-year increase, while net profit surged by 76% to RMB 42.38 billion [6]. - The Chinese e-commerce group's revenue was RMB 140.07 billion, reflecting a 10% year-on-year growth, with instant retail revenue at RMB 14.78 billion, up 12% [3][6]. - The international digital commerce group reported revenue of RMB 34.74 billion, a 19% increase, and the cloud intelligence group saw a 26% rise in revenue to RMB 33.4 billion [4][3]. Business Restructuring - Alibaba has restructured its business segments, retaining the Chinese e-commerce group, international digital commerce group, and cloud intelligence group, while merging previously separate units into "all others" [3]. - The restructuring aims to enhance focus on core business areas and improve operational efficiency [3]. Market Competition - The competition in the local lifestyle market is intensifying among Alibaba, JD.com, and Meituan, with each company investing heavily to capture market share [7][10]. - Alibaba has allocated RMB 500 billion in subsidies for its "Taobao Flash Purchase" initiative to attract users and merchants, reflecting a significant increase in marketing expenses [7][8]. User Engagement and Growth Strategies - Alibaba's monthly active consumers and daily order volume have reached new highs, with 300 million monthly active buyers in instant retail and 80 million daily orders [8][9]. - The company is focusing on enhancing user experience and optimizing logistics to reduce costs as order volumes stabilize [11]. Future Outlook - Alibaba anticipates that its investments in instant retail and flash purchase will generate an additional RMB 1 trillion in transaction volume over the next three years [9]. - The competitive landscape is expected to remain dynamic, with companies finding differentiated market spaces rather than fixed shares [11].