BABA(HK:09988) 智通财经网·2025-11-14 00:25Core Insights - Alibaba has secretly launched the "Qwen" project to create a personal AI assistant app, "Qwen APP," directly competing with ChatGPT in the global AI application market [1] - The shift in Alibaba's AI strategy indicates a move from B2B enterprise solutions to B2C consumer applications, leveraging the Qwen model's open ecosystem and performance advantages [1] - The company aims to build a large user base for the Qwen APP, which could lead to increased token usage and demand for AI computing power and infrastructure investments [1] Financial Projections - Alibaba is expected to report its latest quarterly earnings on November 25, 2025, with projected revenue for FY26Q2 in its China e-commerce business at 126.9 billion yuan, reflecting a year-over-year growth of 11.6% [2] - The EBITA margin for the e-commerce segment is forecasted to be 6.8%, showing a significant decline due to substantial investments in instant retail during Q3 [2] - For FY26Q2, the intelligent cloud business revenue is projected to be 38.2 billion yuan, with a year-over-year growth of 29% and a slight increase in EBITA margin to 9.5% [2] Related Stocks - Relevant Hong Kong stocks include Alibaba-W (09988), Alibaba Health (00241), Damai Entertainment (01060), and Yunfeng Financial (00376) [3]