Ge Long Hui·2025-12-02 19:45Overall Performance - Alibaba's FY2026 Q2 revenue reached 247.8 billion yuan, a year-on-year increase of 5%, exceeding Bloomberg's expectations by 1% [1] - Excluding disposed businesses, the like-for-like revenue growth was 15% year-on-year [1] - Adjusted EBITA was 9.1 billion yuan, down 78% year-on-year, and below Bloomberg's expectations by 36% [1] - Non-GAAP net profit was 10.4 billion yuan, down 72% year-on-year, also falling short of Bloomberg's expectations by 38% [1] Core E-commerce - CMR increased by 10% to 78.9 billion yuan, driven by an improved take rate and the introduction of basic software service fees starting in September [2] - Instant retail revenue surged by 60% year-on-year to 22.9 billion yuan, with the company transitioning from scale expansion to user experience optimization [2] - During the Double 11 shopping festival, Taobao App saw double-digit growth in purchasing users, and the number of 88VIP members exceeded 56 million [2] Cloud Business - Cloud Intelligence Group revenue reached 39.8 billion yuan, a year-on-year growth of 34%, up from 26% in the previous quarter [3] - External customer revenue grew by 29%, with adjusted EBITA increasing by 35% to 3.6 billion yuan [3] - AI-related product revenue has seen triple-digit growth for nine consecutive quarters, becoming a core growth driver [3] - Alibaba Cloud holds a 35.8% market share in China's AI cloud market, ranking first [3] AIDC Performance - AIDC revenue grew by 10% year-on-year to 34.8 billion yuan, with adjusted EBITA achieving profitability for the first time at 162 million yuan [3] - The improvement was attributed to enhanced user experience and efficiency in investments [3] - AliExpress expanded its overseas hosting model to over 30 countries, and the B2B segment launched the AI Agent procurement engine, Accio, to improve matching efficiency [3] Investment Outlook - Revenue projections for Alibaba from FY2026 to FY2028 are 1,041.4 billion yuan, 1,160.2 billion yuan, and 1,286.1 billion yuan, reflecting year-on-year growth of 4.5%, 11.4%, and 10.9% respectively [4] - Non-GAAP net profit estimates for the same period are 100.1 billion yuan, 150 billion yuan, and 190.5 billion yuan, with year-on-year changes of -36.6%, +49.8%, and +27.1% respectively [4] - The company maintains a "buy" rating [4]