智通财经网·2025-11-26 03:09Core Viewpoint - Alibaba's recent financial performance shows mixed results, with strong growth in AI and cloud sectors but significant declines in overall revenue and net profit, raising concerns among investors about its e-commerce business [1][2]. Financial Performance - For the second fiscal quarter, Alibaba reported revenue of RMB 247.795 billion, a year-on-year increase of 5% [1]. - Adjusted EBITA fell sharply by 78% to RMB 9.073 billion [1]. - Net profit attributable to ordinary shareholders was RMB 20.99 billion, down 52% year-on-year [1]. - Non-GAAP net profit was RMB 10.352 billion, a decrease of 72% compared to the previous year [1]. Business Segment Performance - The cloud intelligence group generated revenue of RMB 39.82 billion, reflecting a year-on-year growth of 34% [1]. - AI-related product revenue has seen triple-digit year-on-year growth for nine consecutive quarters [1]. Market Reaction - Alibaba's stock price fell over 2% during trading, closing down 1.77% at HKD 155, with a trading volume of HKD 9.88 billion [1]. - Concerns regarding the e-commerce business have increased, particularly after management indicated potential short-term fluctuations in customer management revenue and profits due to intensified competition and user investment [2].