外卖熄火，阿里还在大胆烧钱

Core Insights - Alibaba's latest financial report reveals a mixed performance, with significant investments impacting profits while revenue shows modest growth [1][2][4] - The company is actively investing in AI and instant retail, indicating a strategic shift towards long-term growth despite short-term profit sacrifices [2][6][14] Financial Performance - For the second fiscal quarter of 2026, Alibaba reported revenues of 2,477.95 billion yuan, a 5% year-on-year increase, and a 15% increase when excluding divested businesses [1] - Operating profit fell by 85% to 53.65 billion yuan, while adjusted EBITA decreased by 78% to 90.73 billion yuan, and net profit dropped by 53% to 206.12 billion yuan [1][2] Investment Strategy - Alibaba is entering an investment cycle, planning to invest 380 billion yuan over three years in AI infrastructure, with 120 billion yuan already spent in the past four quarters [2][14] - The CFO indicated that the initial investment figure might be conservative, suggesting potential for increased spending based on demand [2][16] Market Competition - The intense competition in the instant retail sector has led to a significant increase in sales and marketing expenses, which rose by 104.8% to 665 billion yuan [5][9] - Instant retail revenue grew by 60% year-on-year, but the associated costs have heavily impacted overall profitability [9][11] Future Outlook - Alibaba's management has indicated a shift towards optimizing efficiency in the instant retail segment, with expectations of reduced spending in the upcoming quarter [6][12] - The company aims to integrate its e-commerce and AI strategies, focusing on enhancing user experience and operational efficiency [13][14] AI and Cloud Business - Alibaba Cloud's revenue grew by 34% to 398.24 billion yuan, with AI-related products achieving triple-digit growth for nine consecutive quarters [15][16] - The company is positioning itself as a "full-stack AI service provider," emphasizing the importance of integrated cloud services for clients [17]