Mei Ri Shang Bao·2025-11-27 23:09Core Insights - Alibaba's Q2 FY2026 financial report shows revenue growth but a significant decline in profit, primarily due to increased marketing investments in instant retail and technology [2][3] - The company's revenue reached 247.8 billion RMB, a 5% year-on-year increase, while operating profit plummeted by 85% to 5.4 billion RMB [2] - Alibaba's cloud business emerged as a key growth driver, with revenue of 39.8 billion RMB, reflecting a 34% year-on-year increase, supported by strong AI product sales [3] Alibaba's Financial Performance - Revenue for Q2 FY2026 was reported at 247.8 billion RMB, marking a 5% increase compared to the previous year [2] - Operating profit decreased to 5.4 billion RMB, down 85% year-on-year, attributed to reduced adjusted EBITA [2] - Adjusted EBITA fell by 78% to 9.1 billion RMB, influenced by investments in instant retail and user experience [2] Marketing and Investment Strategy - Alibaba's marketing and sales expenses surged to 66.5 billion RMB, more than doubling from the previous year [2] - The CEO indicated that the company is in an investment phase to build AI technology and infrastructure, aiming for long-term strategic value [2] - The high investment in flash sales during July and August was a significant factor in the financial losses reported [2] Cloud Business Highlights - The cloud segment reported revenue of 39.8 billion RMB, with a 34% year-on-year growth [3] - AI-related product revenue has seen triple-digit year-on-year growth for nine consecutive quarters, becoming a crucial driver for cloud business growth [3] - The proportion of AI revenue in external commercial income from the cloud business is increasing [3] Competitors' Performance - JD.com also reported revenue growth but a decline in profit, with Q3 revenue at 299.1 billion RMB, a 14.9% increase, while net profit fell by 54.7% to 5.3 billion RMB [4] - Didi's Q3 performance showed a 13.8% increase in order volume, reaching 4.685 billion orders, with a GTV growth of 14.8% to 115.8 billion RMB [5] - Pinduoduo's Q3 revenue was 108.3 billion RMB, a 9% increase, with adjusted net profit rising by 14% to 31.4 billion RMB [5]