BABA(US:BABA) 3 6 Ke·2025-11-26 02:48Core Insights - Alibaba's Q2 FY2026 revenue reached 247.8 billion yuan, a 5% year-on-year increase, slightly above market expectations, but adjusted net profit plummeted 72% to 10.35 billion yuan, indicating significant pressure on profitability [1] - CEO Wu Yongming expressed skepticism about the emergence of an AI bubble in the next three years, citing a persistent supply-demand imbalance in AI resources [1][9] Financial Performance - The operating profit for Alibaba dropped 85% year-on-year to 5.37 billion yuan, while adjusted EBITA fell 78% to 9.07 billion yuan [2] - Free cash flow shifted from a net inflow of 13.74 billion yuan in the previous year to a net outflow of 21.84 billion yuan [2] - Sales and marketing expenses surged 104.78% year-on-year to 66.496 billion yuan, accounting for 26.8% of revenue, up from 13.7% [2] Business Segments - E-commerce revenue was 102.93 billion yuan, a 9% increase from 94.47 billion yuan year-on-year; instant retail contributed 22.91 billion yuan, up 60% from 14.32 billion yuan; wholesale business revenue was 6.94 billion yuan, a 13% increase [3] - Adjusted EBITA for Alibaba's China e-commerce group fell 76% to 10.497 billion yuan from 44.327 billion yuan year-on-year [3] International Business - International retail business generated 28.068 billion yuan, a 10% increase from 25.618 billion yuan; international wholesale contributed 6.731 billion yuan, up 11% from 6.054 billion yuan [4] - The international segment achieved adjusted EBITA of 162 million yuan, recovering from a loss of 2.91 billion yuan in the previous year, attributed to improved operational efficiency of AliExpress [5] Global Expansion - Alibaba's international e-commerce initiatives are accelerating, with significant user growth and new market strategies, including a "global Double 11" event and partnerships in Southeast Asia [6] - The number of overseas users has grown by over 200% year-on-year, with significant increases in daily order numbers in key markets [6] Cloud and AI Growth - Alibaba Cloud's revenue grew 34% year-on-year to 39.824 billion yuan, driven by AI demand and public cloud growth, with AI-related product revenue achieving triple-digit growth for nine consecutive quarters [8] - The company plans to invest over 380 billion yuan in cloud and AI infrastructure over the next three years, with CEO Wu noting that current demand exceeds supply capabilities [8][9]