BABA(US:BABA) 小熊跑的快·2025-11-25 11:54Core Insights - Alibaba's cloud computing revenue grew by 34% year-on-year, slightly exceeding expectations of 38 billion RMB [1] - The company's overall revenue increased by 4.8% year-on-year, reaching 247.8 billion RMB (34.8 billion USD), compared to 242.65 billion RMB in the same period last year [1] - Alibaba's Chinese e-commerce group revenue grew by 16% year-on-year [1] Financial Performance - Adjusted EBITDA decreased by 78% year-on-year to 9.1 billion RMB, attributed to investments in the fast commerce sector [2] - Capital expenditures (capex) amounted to approximately 120 billion RMB, with Q3 capex at 31.5 billion RMB, an increase of 80.1% year-on-year but a decrease of 18.6% quarter-on-quarter [2] - Overall gross margin declined significantly, with the gross margin dropping from 15% to 2% year-on-year, and adjusted EBITDA margin fell from 20% to 7% year-on-year [2] Cloud Computing Insights - Alibaba Cloud's EBITDA margin was 9.0%, surpassing Bloomberg's expectation of 8.7% and slightly up from 8.8% in the previous quarter [2] - The company is currently in the ramp-up phase for its self-developed Pingtouge chips, which began production in June [3]