Zhi Tong Cai Jing·2025-11-26 03:15Core Viewpoint - Alibaba's recent financial results show a mixed performance, with strong growth in AI and cloud services but significant declines in overall profitability and concerns regarding its e-commerce business [1][2] Financial Performance - For the second fiscal quarter, Alibaba reported revenue of RMB 247.8 billion, a year-on-year increase of 5% [1] - Adjusted EBITA fell sharply by 78% to RMB 9.1 billion [1] - Net profit attributable to ordinary shareholders was RMB 20.99 billion, down 52% year-on-year [1] - Non-GAAP net profit decreased by 72% to RMB 10.35 billion [1] Business Segments - The AI and cloud segments showed robust growth, with the cloud intelligence group generating revenue of RMB 39.82 billion, a 34% year-on-year increase [1] - AI-related product revenue has achieved triple-digit year-on-year growth for nine consecutive quarters [1] Market Reaction - Alibaba's stock experienced a decline of 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]