格隆汇发布阿里巴巴FY2Q26更新报告

Revenue Beats; Adjusted EBITA Better-Than-Feared. Alibaba delivered a solid FY2Q26, with total revenue of RMB247.8bn (+5% YoY), slightly above market expectations (consensus: RMB245.2bn). (1) Alibaba China E-commerce Group grew 16% YoY to RMB132.6bn. Customer management revenue (CMR) rose 10% YoY to RMB78.9bn (consensus: RMB77.5bn); direct sales, logistics and others increased 5% YoY to RMB24.0bn; and quick commerce (Taobao Instant Commerce + Eleme) surged 60% YoY to RMB22.9bn. (2) Cloud Intelligence Group ...