第一财经·2025-11-25 11:51Core Viewpoint - Alibaba's latest financial report indicates a mixed performance with revenue growth but significant declines in net profit and adjusted earnings [1][2]. Financial Performance Summary - For the quarter ending September 30, 2025, Alibaba reported revenue of 247.795 billion RMB, representing a 5% year-over-year increase [1][2]. - The net profit attributable to ordinary shareholders was 20.990 billion RMB, down 52% compared to the previous year [2]. - Non-GAAP net profit fell by 72% to 10.352 billion RMB from 36.518 billion RMB in the same quarter of 2024 [2]. - Operating profit decreased by 85% to 5.365 billion RMB, with an operating margin of only 2% [2]. - Adjusted EBITDA also saw a significant decline of 64%, amounting to 17.256 billion RMB, with an adjusted EBITDA margin of 7% [2]. Cloud and AI Performance - Alibaba Cloud's overall revenue grew by 34%, with AI-related product revenue achieving triple-digit year-over-year growth for nine consecutive quarters [2]. - The company's capital expenditures for the quarter were 31.5 billion RMB, totaling approximately 120 billion RMB in capital expenditures related to AI and cloud infrastructure over the past four quarters [2]. Market Reaction - Following the earnings report, Alibaba's stock rose over 4% in pre-market trading [3].