每经热评︱阿里的双重突围

Core Viewpoint - Alibaba's stock surged nearly 18.5% following the release of its Q1 FY2026 earnings report, driven by strong revenue and profit growth, and a strategic focus on "AI + Cloud" and "Human Consumption" [1][6] Financial Performance - Total revenue for the quarter reached 247.65 billion yuan, a year-on-year increase of 2% [1] - Net profit was 42.38 billion yuan, showing a significant year-on-year growth of 76% [1] Strategic Direction - Alibaba's strategy is characterized by a dual focus on "AI + Cloud" for technological advancement and "Human Consumption" to meet consumer needs [2][6] - The company has committed over 1 billion yuan in AI infrastructure and product development over the past four quarters, with plans to invest more than 380 billion yuan in the next three years [3] Cloud Business Growth - Alibaba Cloud's revenue grew by 26% year-on-year to 33.40 billion yuan, marking a three-year high [3] - AI revenue from Alibaba Cloud now accounts for over 20% of external commercial revenue [3] E-commerce Strategy - The e-commerce landscape is highly competitive, with players like Pinduoduo and Douyin reshaping consumer habits [4] - Alibaba has integrated Ele.me with Taobao Flash Sale and invested heavily in subsidies to enhance its market position [4][5] Market Position and User Engagement - Ele.me's market share in the food delivery sector increased from 13% to 28%, making it a leading player in the ongoing delivery battle [4] - Taobao Flash Sale's monthly active users surpassed 300 million, reflecting a 200% increase since April [4][5] Synergistic Growth - The integration of high-frequency local services with e-commerce creates a "virtuous growth cycle," enhancing user experience and driving core e-commerce growth [5] - The dual strategy of "AI + Cloud" and "Human Consumption" supports each other, providing a solid foundation for Alibaba's long-term development [6]