第一财经·2025-08-29 11:46Core Viewpoint - Alibaba Group reported a revenue of 247.65 billion RMB for Q1 of fiscal year 2026, reflecting a 2% year-on-year growth, which increases to 10% when excluding divested businesses [3][4]. Financial Performance - The operating profit for Alibaba was 34.99 billion RMB, a decrease of 3% year-on-year, while adjusted EBITA fell by 14% due to increased investments in Taobao Flash Sale and user experience [3][4]. - Free cash flow showed a significant decline, with a net outflow of 18.82 billion RMB compared to a net inflow of 17.37 billion RMB in the same period last year, marking a difference of 36.19 billion RMB [4][5]. Business Segment Performance - The Chinese e-commerce segment generated a total revenue of 140.07 billion RMB, up 10% year-on-year, with customer management revenue increasing by 10% to 89.25 billion RMB [4]. - The international digital commerce segment saw a revenue increase of 19% to 34.74 billion RMB, with adjusted EBITA losses narrowing significantly from 3.71 billion RMB to 0.059 billion RMB [6][7]. - Alibaba Cloud reported a 26% revenue growth, achieving its highest growth rate in three years, driven by public cloud business and operational efficiency improvements [6]. Marketing and Investment - Sales and marketing expenses reached 53.18 billion RMB, accounting for 21.5% of revenue, up from 13.4% in the previous year, primarily due to investments in Taobao Flash Sale and customer acquisition [5]. - The introduction of Taobao Flash Sale contributed to a 12% increase in instant retail revenue, amounting to 14.78 billion RMB [5]. Workforce and Strategic Changes - The total number of employees at Alibaba decreased to 123,711 from 124,320 in the previous quarter, indicating a reduction in workforce amid competitive pressures in the market [7].