饿了么更名淘宝闪购，阿里巴巴中期盈利承压

Core Viewpoint - Alibaba is currently in a nurturing phase for new growth engines, leading to short-term pressure on profitability [1] Group 1: Business Strategy and Adjustments - Ele.me has been rebranded to "Taobao Flash Purchase," marking a strategic shift in Alibaba's e-commerce business to enhance collaboration with Taobao and achieve the goal of "30-minute delivery" [3] - The company is focusing on expanding its instant retail sector, upgrading user experience, and investing in cutting-edge technology [3] Group 2: Financial Performance Overview - For the first half of the 2026 fiscal year, Alibaba reported revenues of 495.45 billion yuan, a 3% year-on-year increase [5] - The revenue breakdown includes: - China e-commerce group: 272.65 billion yuan, up 12% - International digital commerce group: 69.54 billion yuan, up 14% - Cloud intelligence group: 73.22 billion yuan, up 30% - Other segments: 121.57 billion yuan, down 27% [5][6] - Operating profit decreased by 43% to 40.35 billion yuan, while adjusted EBITA fell by 44% to 47.92 billion yuan [7] Group 3: Investment and Future Outlook - Alibaba's investment in instant retail and AI cloud infrastructure is significant, with capital expenditures reaching 120 billion yuan over the past four quarters [8] - The instant retail business generated 37% growth in revenue, reaching 37.69 billion yuan compared to 27.52 billion yuan in the previous year [8] - The company plans to refine user experience and focus on high-value customers while managing losses in the instant retail sector [8] Group 4: Cash Flow and Expenses - Sales and marketing expenses surged from 65.17 billion yuan to 119.67 billion yuan, accounting for 24.2% of total revenue [9] - Net cash flow from operating activities dropped by 53% to 30.77 billion yuan, while free cash flow shifted from a net inflow of 31.11 billion yuan to a net outflow of 40.66 billion yuan [9]