BABA(HK:09988) Zhi Tong Cai Jing·2025-11-15 01:27Core Insights - Alibaba has secretly launched the "Qwen" project to develop a personal AI assistant app, "Qwen APP," aimed at competing with ChatGPT in the global AI application market [2][3] - The shift in Alibaba's AI strategy indicates a focus from B2B enterprise markets to B2C consumer markets [3] - The company aims to leverage the performance and open ecosystem of the Qwen model to establish a large user base, which will facilitate future commercialization through integration with its e-commerce ecosystem [4] 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 increase of 11.6% [5] - 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 the third quarter [5] - 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% [5] Market Positioning - The renaming of the AI model to "Qwen" is expected to enhance the recognition and acceptance of Alibaba's consumer-facing app [5] - Despite the Qwen series model ranking first on Hugging Face's official supply list, its token consumption on openrouters indicates a mismatch between model capability and usage, primarily due to the lack of consumer application [5]