Zhi Tong Cai Jing·2025-09-24 09:50Core Viewpoint - Alibaba is enhancing its instant retail and Taobao e-commerce operations, achieving good synergy, while its cloud business is rapidly growing, opening a second growth curve. The company is expected to generate revenues of 1,058.6 billion, 1,169.0 billion, and 1,269.9 billion yuan for the fiscal years 2026, 2027, and 2028, respectively, with net profits of 111.6 billion, 145.1 billion, and 173.7 billion yuan, maintaining a "strong buy" rating [1] Group 1: Organizational Structure - Alibaba has restructured its business from the previous 1+6+N model into four major segments, completing the strategic integration of Taobao, Ele.me, and Fliggy, forming Alibaba China E-commerce Group to create a large consumption platform that integrates shopping and life services [2] - Jiang Fan has been appointed as the head of Alibaba's China and International E-commerce [2] Group 2: User Rights - The launch of the Taobao VIP membership system integrates member benefits across various Alibaba resources, covering diverse lifestyle scenarios, which has led to a significant increase in the 88VIP customer base, reaching over 53 million with double-digit year-on-year growth as of June 25 [2] Group 3: Traffic Entry - The launch of Flash Purchase integrates high-frequency scenarios such as takeout, travel, and local life, deeply binding with e-commerce, which has driven daily active users on Taobao and supplemented traditional e-commerce with instant consumption needs [2] - In August, daily orders for instant retail reached 80 million, contributing to a 20% increase in monthly active users on the Taobao app, enhancing advertising and CMR, while reducing market costs for user acquisition and retention [2] Group 4: AI Empowerment - Alibaba is leading in AI investment within the industry, with e-commerce being a significant application area. The recent launch of the "Wanshangtai AI Unlimited" aims to solve complex operational issues for merchants, providing a smarter and more reliable AI partner to help brands reduce costs and improve efficiency [3]