36氪未来消费·2025-05-16 06:32Core Viewpoint - Alibaba's recent quarterly report showed a revenue growth of 7% year-on-year, slightly below market expectations of over 8%, while adjusted operating profit increased by 36%, meeting market expectations [4][5]. Financial Performance - In Q4 of FY2025, Alibaba's revenue growth was 7% year-on-year, slightly below the expected 8% [4]. - Adjusted operating profit increased by 36%, aligning with market expectations [4]. - Excluding certain factors, Alibaba's revenue growth was around 10%, surpassing market expectations [5]. - The international business segment led revenue growth at 22% year-on-year, while Alibaba Cloud achieved a record high revenue growth of 18% [5]. - Taobao's revenue growth was 9%, showing improvement compared to previous quarters, while Cainiao's revenue declined by 12% [5]. Market Reaction - Following the earnings report, Alibaba's stock fell over 5% in pre-market trading and nearly 8% during the day, reflecting market disappointment with the results [5]. - The market's high expectations for Alibaba's AI and cloud investments contributed to the negative sentiment, especially after previous positive reports from competitors like JD and Tencent [5][6]. AI and Cloud Business Expectations - The market has high expectations for Alibaba's AI and cloud business, with some institutions predicting growth rates of 25-30%, which may be overly optimistic [8][11]. - Despite a year-on-year revenue growth of 18% for Alibaba Cloud, the market anticipated even higher growth, leading to disappointment [8]. - Alibaba's capital expenditures (Capex) for Q1 were 24.6 billion yuan, down 22% from the previous quarter, raising concerns about the company's commitment to AI and cloud investments [11][12]. Competitive Landscape - Taobao's customer management revenue (CMR) grew by 12%, exceeding market expectations, indicating improved commercialization efficiency [15]. - The competitive environment remains intense, with rivals like JD and Tencent increasing their investments in e-commerce and cloud services [18]. - Alibaba's GMV growth was slightly below the market average, highlighting the need for strategic investments to maintain market share [18]. Long-term Strategy - Alibaba is focused on maintaining its core e-commerce business while ensuring high investment and growth in Alibaba Cloud to build market confidence in its transformation [19].