Guo Ji Jin Rong Bao·2025-11-26 10:41Core Viewpoint - Alibaba is undergoing a critical transition between old and new growth engines, with e-commerce profits under pressure while cloud business shows strong performance [1] Financial Performance - For Q3 FY2025, Alibaba reported revenue of 247.8 billion RMB, a 5% year-on-year increase; excluding divested businesses, revenue growth reached 15% [1] - Operating profit significantly declined by 85% to 5.4 billion RMB, with adjusted EBITA down 78% to 9.1 billion RMB; net profit under non-GAAP was 10.4 billion RMB, a 72% decrease [1] - The Chinese e-commerce group achieved revenue of 132.6 billion RMB, a 16% increase, but adjusted EBITA fell 76% to 10.5 billion RMB [4] Business Segments - The e-commerce segment includes three main areas: e-commerce, instant retail, and wholesale, with the e-commerce group contributing approximately 54% of total revenue [3] - Instant retail revenue grew by 60%, with a focus on expanding scale and improving user experience [4] - The international digital commerce group turned profitable for the first time, with a 10% revenue increase to 34.8 billion RMB [4] Cloud Business - The cloud intelligence group showed the strongest performance, with revenue increasing by 34% to 39.8 billion RMB, surpassing the international digital commerce group [5] - AI-related product revenue has maintained triple-digit year-on-year growth for nine consecutive quarters, with adjusted EBITA up 35% to 3.6 billion RMB [5] Strategic Investments - Alibaba is increasing investments in AI and instant retail, with a commitment to a 3-year capital expenditure plan of 380 billion RMB for AI [1] - Cumulatively, Alibaba has spent 120 billion RMB on "AI + Cloud" infrastructure over the past four quarters [1] - The company aims for instant retail GMV to reach 1 trillion RMB within three years, focusing on enhancing market share in related categories [1] Market Position - Alibaba Cloud leads the Chinese public cloud IaaS market with a 26.8% share, while the overall market is expected to exceed 100 billion RMB in the first half of 2025 [6] - The company anticipates a continued imbalance between AI resource demand and supply over the next three years, driven by explosive growth in AI demand [7][8]