Guan Cha Zhe Wang·2025-11-25 14:30Core Insights - Alibaba Group reported Q2 FY2026 revenue of 247.795 billion yuan, exceeding market expectations, with a 15% year-on-year growth after excluding divested businesses [1] - The company continues to invest in AI and cloud, with strong growth in core businesses, including a 34% year-on-year increase in Alibaba Cloud revenue, reaching a new high [1] - The CEO emphasized the ongoing investment phase to build AI technology and infrastructure, as well as a large consumer platform combining lifestyle services and e-commerce [1] Group 1: AI and Cloud Developments - Alibaba Cloud launched a full-stack AI upgrade during the Cloud Summit, featuring seven new AI models across various fields, with its flagship model Qwen3-Max ranking among the top globally [2] - According to Omdia, Alibaba Cloud is projected to capture 35.8% of the Chinese AI cloud market by mid-2025, surpassing the combined share of the second to fourth competitors [2] - The company has established AI partnerships with notable organizations such as the NBA, Marriott, China UnionPay, and Bosch [2] Group 2: E-commerce and Consumer Engagement - Alibaba's e-commerce customer management revenue grew by 10% year-on-year, with instant retail revenue increasing by 60%, leading to improved unit economics and user retention [2] - Approximately 3,500 Tmall brands have integrated their offline stores into instant retail, resulting in significant growth during the Double 11 shopping festival [3] - The app Gaode achieved a record high of 360 million daily active users in October, reflecting the effectiveness of its new offline service credit system [3]