Ge Long Hui·2025-12-09 11:51Core Insights - Alibaba reported FY26Q2 revenue of 247.795 billion yuan, a year-on-year increase of 4.77%, with adjusted EBITA of 9.073 billion yuan, down 77.63% year-on-year, and adjusted net profit of 10.352 billion yuan, down 71.65% year-on-year [1] Group 1: Cloud Business Performance - Cloud business revenue exceeded market expectations, growing 34.50% year-on-year to 39.824 billion yuan, with a sequential increase from FY26Q1 [2] - Adjusted EBITA margin for cloud business reached 9.0%, up from 8.8% in FY26Q1, indicating continuous improvement [2] - Alibaba Cloud holds a 35.8% market share in China's AI cloud market, maintaining a strong competitive position [2] Group 2: E-commerce and Retail Performance - CMR revenue for FY26Q2 reached 78.927 billion yuan, a year-on-year increase of 10%, driven by cross-selling and improved merchant advertising willingness [2] - The number of 88VIP members exceeded 56 million, maintaining double-digit year-on-year growth [2] - International e-commerce revenue grew 10% year-on-year to 34.799 billion yuan, with adjusted EBITA turning positive at 1.62 billion yuan due to logistics optimization [3] Group 3: Investment Outlook - Revenue projections for FY2026-FY2028 are estimated at 1.03 trillion, 1.12 trillion, and 1.24 trillion yuan, with adjusted net profits of 116 billion, 148 billion, and 179 billion yuan respectively [3] - The company is expected to benefit from the commercialization of AI applications in its cloud business, enhancing its technology and consumer attributes [3]