外卖业务拖后腿，阿里第二财季净利润同比下滑52%

Core Insights - Alibaba reported its Q2 FY2026 financial results, showing a revenue of 247.8 billion yuan, a 5% year-over-year increase, and a net profit of 20.99 billion yuan, down 52% year-over-year [1] Group 1: Revenue Breakdown - Alibaba's China e-commerce segment generated 132.6 billion yuan in revenue, up 16% year-over-year [1] - The International Digital Commerce segment achieved 34.8 billion yuan in revenue, a 10% increase year-over-year [1] - The Cloud Intelligence segment reported 39.8 billion yuan in revenue, growing 34% year-over-year [1] - Other segments saw a revenue decline of 25%, totaling 62.97 billion yuan [1] Group 2: Instant Retail Performance - Instant retail revenue reached 22.9 billion yuan, marking a 60% year-over-year growth, driven by the launch of Taobao Flash Purchase [2] - Adjusted EBITDA for Alibaba's China e-commerce business fell to 10.5 billion yuan, a significant 76% decline year-over-year due to heavy investments in instant retail and user experience [2] - The unit economics of Taobao Flash Purchase improved significantly since October, with losses per order halved compared to July and August [2] Group 3: AI Cloud Business - Alibaba Cloud's revenue was 39.8 billion yuan, reflecting a 34% year-over-year increase, with AI-related product revenue achieving triple-digit growth for nine consecutive quarters [3] - Capital expenditures for AI and cloud infrastructure totaled approximately 120 billion yuan over the past four quarters, with a quarterly spend of 31.5 billion yuan, up 80.1% year-over-year [3] - The CEO indicated that the company is actively expanding its AI infrastructure and may increase investments if current growth rates continue to outpace server deployment [3]