Huan Qiu Wang·2025-11-25 12:26Core Insights - Alibaba Group reported Q2 FY2026 revenue of 247.795 billion yuan, exceeding market expectations, with a 15% year-over-year growth after excluding divested businesses [1] - The company continues to invest in AI and cloud, as well as consumer sectors, driving long-term growth [1] - Alibaba Cloud's revenue accelerated with a 34% year-over-year increase, marking a new high, while AI-related product revenue has seen triple-digit growth for nine consecutive quarters [1] Group 1: Financial Performance - Alibaba's revenue for Q2 FY2026 reached 247.795 billion yuan, surpassing market expectations [1] - Excluding divested businesses, revenue grew by 15% year-over-year [1] - The company is confident in its future growth and plans to maintain investments in key strategic areas [1] Group 2: AI and Cloud Development - Alibaba Cloud's revenue grew by 34% year-over-year, driven by strong AI demand and public cloud revenue growth [2] - The company launched a full-stack AI upgrade, covering various AI model fields, with its flagship model Qwen3-Max ranking among the global leaders [2] - Alibaba Cloud is projected to capture 35.8% of the Chinese AI cloud market by mid-2025, surpassing the combined share of its next three competitors [2] Group 3: Consumer Business Growth - E-commerce customer management revenue increased by 10% year-over-year, while instant retail business revenue surged by 60% [3] - The average order value improved, and user retention rates increased, contributing to the growth of monthly active consumers on the Taobao app [3] - Approximately 3,500 Tmall brands have integrated their offline stores into instant retail, enhancing the collaborative effect across Alibaba's ecosystem [3]