美股IPO·2025-11-25 11:20Core Viewpoint - Alibaba's Q2 revenue reached 247.8 billion RMB, a year-on-year increase of 4.8%, slightly exceeding market expectations, while adjusted net profit plummeted by 72% to 10.35 billion RMB, indicating significant pressure on profitability [3][4][10]. Revenue and Profitability - The cloud intelligence business was a highlight, with revenue soaring 34% year-on-year to 39.82 billion RMB, surpassing market estimates [3][6]. - Instant retail revenue was 22.91 billion RMB, a 60% increase year-on-year, primarily driven by the launch of "Taobao Flash Purchase" [3][10]. - Adjusted EBITDA decreased by 64% to 17.26 billion RMB, falling short of expectations [4][10]. Business Segment Performance - The Chinese e-commerce segment contributed 132.58 billion RMB in revenue, a 16% increase, while the cloud intelligence segment led with a 34% growth [6][11]. - The international digital commerce group turned profitable with an adjusted EBITDA of 1.62 billion RMB, compared to a loss of 2.91 billion RMB in the same period last year [11]. Investment and Strategic Focus - The company invested approximately 120 billion RMB in AI and cloud infrastructure over the past four quarters, indicating a strong commitment to these areas [8]. - The launch of the "Qianwen" app, which achieved over 10 million downloads in a week, is seen as a strategic move in the AI space [8]. User Experience and Market Strategy - The company has restructured its operations to focus on a "user-first" strategy, integrating various services under the Alibaba China E-commerce Group, which saw a revenue increase of 16% [10]. - Sales and marketing expenses doubled year-on-year, reflecting the company's investment in user experience [10].