执子“双线” 阿里AI下新棋局

Core Insights - Alibaba's AI-driven strategy has entered a phase of tangible results, highlighted by the launch of the Qianwen App, which achieved over 10 million downloads in its first week [1] - The company reported a revenue of approximately 247.8 billion yuan for Q2 of FY2026, with a 15% year-on-year growth when excluding sold businesses, while operating profit fell by 85% due to strategic investments in instant retail and technology [2] - Alibaba is focusing on building a comprehensive AI infrastructure and consumer platform, with a planned investment of 380 billion yuan over three years for cloud and AI infrastructure [4][7] Financial Performance - The revenue for Alibaba Cloud in Q2 was 39.824 billion yuan (approximately 5.594 billion USD), marking a 34% year-on-year increase driven by public cloud business growth and increased adoption of AI-related products [2] - The Chinese e-commerce segment generated a total revenue of 132.578 billion yuan, reflecting a 16% year-on-year increase, with instant retail revenue soaring by 60% [2] - Capital expenditures for the past four quarters reached approximately 120 billion yuan, with Q2 capital expenditure alone at 31.5 billion yuan [6] Strategic Developments - The company has made significant organizational adjustments to enhance its AI capabilities, including integrating various AI teams and forming a dedicated AI to C team [3] - Alibaba has launched the Qianwen App as part of its strategy to penetrate the AI to C market, aiming to create a personal AI assistant that can interact and perform tasks for users [5] - The company is also focusing on the synergy between AI and its e-commerce, mapping, and local services, which is expected to drive future growth [5][7] Investment and Future Outlook - Alibaba's AI strategy is seen as a key variable for valuation reconstruction, with the stock price increasing by over 94% since early 2025 [7] - The company is committed to further investments beyond the initially promised 380 billion yuan to enhance its AI technology and infrastructure [7]