快速扩规模后，站稳新增长阶段。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，阿里巴巴控股集团于11月25日晚间公布2026财年第二季度业绩。从财报来看， 淘宝闪购在经历快速的规模化增长后，已进入在保持市场规模前提下、持续实现效率优化的新阶段。 财报数据显示，截至2025年9月30日止三个月，即时零售业务收入年同比增长60%；9月以来，得 益于履约物流效率的提升、高客户留存率及客单价的上升，即时零售业务单位经济效益已实现显著改 善。与此同时，阿里生态多个业务加速接入即时零售。截至10月31日，约3500个天猫品牌将其线下 门店接入即时零售。 阿里巴巴中国电商事业群CEO蒋凡在电话会上表示，过去两个月平台的高笔单价订单占比提升，非 茶饮的订单已经上涨到75%以上，闪购最新笔单价环比8月份上涨超过两位数。 "下一阶段，我们会持续精耕细作用户体验，聚焦高价值用户的经营，聚焦零售品类发展"，蒋凡表 示，淘宝闪购在第一阶段完成了规模的快速扩张，第二阶段的经济效益优化符合预期，这为外卖业务 长期可持续发展奠定了基础，也增加了在即时零售长期投入的信心。 近期， ...

阿里迎来了一个多项指标超出预期的财季。 集团整体营收达2478亿元，剔除高鑫零售和银泰后，同比增长15%，超出市场预期。云业务增长强劲，同比增速高达34%，大幅超出市场预期。 中国电商集团收入同比增长也达到16%。 财报发布后，阿里美股盘前涨超3%。受多项AI相关市场消息刺激，财报发布的前2天，阿里股价一直呈上涨趋势。 市场持续对阿里AI进展的高度关注之下，财报会上，阿里CEO吴泳铭还首次强调了新的AI战略：阿里正在AI to B和AI to C两大方向齐发力——在 AI to B领域，做世界领先的全栈AI服务商，服务千行百业不断增长的AI需求；在AI to C领域，基于性能领先的AI模型和阿里生态优势，打造面向 C端用户的AI超级原生应用，推动AI从千行百业到人人可用。 他进一步解释称："这将激发核心业务产生更大的协同效应，成为驱动阿里持续增长、迈向新高度的动能引擎。" 财报会上，吴泳铭还透露，目前看来，AI服务器上架速度跟不上客户订单的增长，不排除进一步增投的可能。 今年以来，阿里在AI+云基建、即时零售、千问AI to C三场激烈的战争中，持续坚定的投入，并集中资源打仗，这也使得其保持了凶猛的增长势 头 ...

商务部研究院电子商务研究所所长杜国臣指出，前置仓的规模化与数字化发展显著提升了履约效率，已 成为支撑即时零售生态的关键环节，贡献了全渠道一半以上的交易额。展望未来，"全域下沉"与"多场 景拓展"成为即时零售增长的主引擎，国内县域市场存在巨大增长空间。同时，人工智能与大数据将全 面赋能，贯穿于选品、补货、配送、营销、售后各个环节。 来源：中国青年报客户端 报告指出，2026年我国即时零售规模将突破1万亿元，预计到2030年，将达到2万亿元，"十五五"期间年 均增速达到12.6%。据测算，2024年我国即时零售规模达7810亿元，同比增长20.15%，比同期全国网络 零售增速高出12.95个百分点，比同期社会消费品零售总额增速高出16.65个百分点，即时零售已成为我 国零售业增长的新动能。 报告指出，目前即时零售用户对健康消费高度关注，约80%的消费者愿意为健康属性产品支付溢价。从 平台数据看，有70.7%的即时零售消费者觉得0添加产品更可靠。健康产品及其定制服务将成为即时零 售的重要增长点。 即时零售平台加快拓展县域市场，成为即时零售增长的重点领域。报告以美团闪购举例，目前，美团闪 购已覆盖了全国2800个县市 ...

| | | 截至9月30日止三個月 | | | | --- | --- | --- | --- | --- | | | 2024 | 2025 | | | | | 人民幣 | 人民幣 | 美元 | %同比變動 | | | | (以百萬計,百分比及每股數據除外) | | | | 收入 | 236,503 | 247,795 | 34,808 | 5% | | 經營利潤 | 35,246 | 5,365 | 754 | (85)%(2) | | 经营利潤率 | 15% | 2% | | | | 绿調整 EBITDA(1) | 47.327 | 17,256 | 2.424 | (64)%(2) | | 經過整 EBITDA 利潤率() | 20% | 7% | | | | 經調整 EBITA(1) | 40,561 | 9.073 | 1,274 | (78)%(2) | | 經濃鬆 EBITA 利潤率(1) | 17% | 4% | | | | 淨利潤 | 43.547 | 20,612 | 2.895 | (53)%(2) | | 歸屬於普通股股東的淨利潤 | 43,874 | 20,990 | 2.948 ...

吴泳铭表示："我们正处于投入阶段，构建AI技术和基础设施平台，以及生活服务与电商结合的大消费 平台，创造长期战略价值。本季度，我们在这些领域加大战略投入，AI+云、大消费两大核心业务保持 强劲增长。" 数据显示，在强劲的AI需求推动和公共云收入增长带动下，阿里云季度收入达398.24亿元，同比增长 34%，增速再创新高；AI相关产品收入连续九个季度实现三位数同比增长。 本季度，阿里巴巴电商客户管理收入同比增长10%；即时零售业务收入同比增长60%，主要得益于淘宝 闪购所带来的订单量增长。电商分部单位经济效益自9月以来显著改善，用户留存率提升，平均订单价 格提高，业务规模持续增长，并带动淘宝App的月活跃消费者快速增长。 ◎记者 杨翔菲 温婷 11月25日，阿里巴巴集团发布2026财年第二季度财报。报告期内，集团收入为2477.95亿元，超市场预 期，剔除已出售业务影响，收入同比增长15%。 财报显示，阿里对AI+云、消费两大战略领域的投入持续收获成效，核心业务强劲增长。其中，阿里云 季度收入增速再创新高；即时零售带动淘宝App月活跃消费者快速增长。基于对未来的发展信心，阿里 将在两大战略方向上持续投入，驱动长 ...

每经记者：陈婷 每经编辑：文多 11月25日，阿里巴巴（HK09988，股价157.8港元，总市值3.01万亿港元，下简称阿里）发布2026财年第二季度（指7月—9月）业绩，集团当期收入2477.95 亿元（人民币，下同），同比增长5%。若不考虑已处置的高鑫零售和银泰业务收入，同口径收入同比增长15%。 | | | 截至9月30日止三個月 | | | | --- | --- | --- | --- | --- | | | 2024 | 2025 | | | | | 人民幣 | 人民警 | 美元 | %同比變動 | | | | (以百萬計,百分比及每股數據除外) | | | | 收入 | 236,503 | 247,795 | 34,808 | 5% | | 绿餐利潤 | 35,246 | 5,365 | 754 | (85)%(2) | | 提资利温率 | 15% | 2% | | | | 绿酒整 EBITDA(1) | 47.327 | 17,256 | 2.424 | (64)%(2) | | SE SEBITDA 和温馨 | 20% | 7% | | | | 部調整 EBITA(1) | 40.561 ...

本报记者 梁傲男 本季度，阿里电商客户管理收入同比增长10%，即时零售业务收入同比增长60%，用户留存率提升，平均订单价格提高， 业务规模持续增长，并带动淘宝App的月活跃消费者快速增长。 阿里生态多个业务加速接入即时零售。截至10月31日，约3500个天猫品牌将其线下门店接入即时零售。在协同效应 下，"双11"期间，天猫淘宝App的消费者实现同比双位数增长，近600个品牌成交额破亿元，天猫品牌即时零售日均订单环比9 月份增长198%。 网经社电子商务研究中心分析师陈礼腾认为，阿里正通过技术与商业模式的深度融合，构建一个更具韧性和联动性的大消 费生态，逐步提升用户黏性与活跃度。本季度的业绩体现出其生态协同效应的集中释放。 具体来看，在AI需求推动和公共云收入增长带动下，阿里云本季度收入同比增长34%，AI相关产品收入连续9个季度实现 三位数同比增长。 报告期内，阿里云持续投入全栈AI能力提升。在今年的云栖大会期间，阿里云发布从AI基础模型到高性能AI基础设施的全 栈AI升级。 依托全栈AI能力，阿里云持续引领中国蓬勃发展的AI云市场。Omdia报告显示，2025年上半年，阿里云在中国AI云市场的 份额达35. ...

Core Insights - Alibaba's Q2 FY2026 financial report highlights significant growth in its instant retail and cloud businesses, with instant retail revenue increasing by 60% year-on-year, marking a pivotal shift in the company's growth strategy [1][3] - The company's overall revenue reached 2,477.95 billion yuan, reflecting a 5% year-on-year increase, and a 15% increase when excluding divested businesses [4] Instant Retail Business - Instant retail has emerged as Alibaba's most aggressive growth area, with revenue reaching 22.9 billion yuan in Q2 FY2026, surpassing the growth rate of international e-commerce for the first time [3] - The growth in instant retail is attributed to the launch of Taobao Flash Purchase in April, which significantly boosted order volume [3] - Customer management revenue grew by 10% to 78.93 billion yuan, while wholesale business revenue increased by 13%, contributing to a 16% overall growth in domestic e-commerce revenue [3] International E-commerce Performance - International e-commerce growth has slowed, with revenue growth dropping from 19% in the previous quarter to 10%, totaling 34.8 billion yuan [3] - Despite the revenue fluctuations, international business achieved adjusted EBITA profitability for the first time, turning a loss of 2.9 billion yuan from the previous year into a profit of 1.62 million yuan [3] Cloud Business Stability - Alibaba Cloud revenue grew by 34% to 39.82 billion yuan, driven by strong demand for AI and public cloud services, with AI-related product revenue achieving triple-digit year-on-year growth for nine consecutive quarters [3] Profitability and Investment - The company's operating profit fell by 85% to 5.365 billion yuan due to substantial investments in instant retail and user experience [5] - Sales and marketing expenses increased significantly, rising from 13.7% to 26.8% of total revenue, amounting to 66.5 billion yuan [5] - Cash flow from operating activities decreased by 68% to 10.1 billion yuan [5] Competitive Landscape - The competition among Alibaba, JD.com, and Meituan in the instant retail market has intensified, with all players investing heavily, leading to a general decline in profitability [7] - The focus is shifting from price wars to operational efficiency and ecosystem collaboration, with Alibaba integrating various services to enhance customer experience [7] Long-term Strategy - Experts suggest that despite short-term profit pressures, Alibaba's investments in instant retail and AI technology are strategically aimed at long-term value creation [8] - The integration of instant retail and traditional e-commerce is expected to solidify Alibaba's market leadership, with significant potential for future growth in customer lifetime value [8]

外卖不是新兴行业，自身讲不出新故事。算不上风口，比不了AI，几乎成为电商零售线上最便宜的赛 道，但如今，几个巨头却愿意为了争夺几杯奶茶，打一场最贵的商战。 巨头，都不是什么"冤大头"。 外卖大战大半年后，阿里交出了利润跳水的业绩答卷。11月25日，阿里最新财报显示，报告期内阿里收 入同比微增5%。但同时，盈利显著承压，公司期内经营利润同比大幅下滑85%。 外卖大战和AI基建投入让阿里付出大笔现金流，但"淘宝闪购"也带动即时零售收入大增60%，淘宝App 月活显著提升。 淘宝闪购4月30日升级上线，在这场近年来最大的商战中，阿里入局越来越深，京东声量渐弱，而美团 一直都在。 尽管最新的财报尚未集齐，但从上个季度数据已经能清晰看到得失。 横向对比，在外卖大战的帮助下，阿里、京东、美团的营收均稳步攀升，但净利润却双位数下滑，业绩 冰火，冷暖自知。 三季度是外卖大战炮火猛烈的阶段，阿里猛攻美团为主线，三家巨头几个月烧掉数百亿，将外卖行业的 订单峰值从一天1个亿做大到2.5亿。 大力出奇迹。若放在大平台身上，这是聚焦短期目标的合理战术。用巨资补贴冲高任何单一数字，打外 卖战更是立竿见影。 在一个格外注重性价比的时代，对 ...

Core Insights - Alibaba reported a revenue of 247.795 billion yuan for Q2 of FY2026, marking a 5% year-on-year increase, and a 15% increase when excluding the impact of divested businesses [1] - The company experienced a significant decline in profits due to investments in instant retail, user experience, and technology, with operating profit down 85% to 5.365 billion yuan and net profit down 53% to 20.612 billion yuan [1] - CEO Wu Yongming stated that an AI bubble is unlikely in the next three years, with demand for AI resources expected to exceed supply [1] Financial Performance - Operating profit decreased to 5.365 billion yuan, a drop of 85% year-on-year [1] - Adjusted EBITA fell 78% to 9.073 billion yuan [1] - Free cash flow shifted from a net inflow of 13.735 billion yuan in the same quarter last year to a net outflow of 21.84 billion yuan [1] Strategic Investments - Alibaba plans to invest 380 billion yuan over the next three years in AI and cloud infrastructure, with 120 billion yuan already spent in the past four quarters [2] - The company is focusing on building AI technology and infrastructure platforms, as well as integrating life services with e-commerce [2] - CFO Xu Hong stated that the core business revenue remains strong, with AI revenue from external commercialization increasing [2] Cloud Business Growth - Alibaba Cloud's revenue reached 39.824 billion yuan, a 34% year-on-year increase, with AI-related product revenue growing for nine consecutive quarters [3] - The company holds a 35.8% market share in China's AI cloud market, surpassing the combined share of its next three competitors [3] - Alibaba Cloud is expanding its international operations, with new data centers announced in Brazil, France, and the Netherlands [3] E-commerce Performance - The Chinese e-commerce group's revenue was 132.578 billion yuan, a 16% year-on-year increase, with the e-commerce business growing 9% to 102.933 billion yuan [6] - Instant retail revenue surged 60% to 22.906 billion yuan, driven by increased order volume from Taobao Flash Purchase [6] - The adjusted EBITA for the e-commerce group fell 76% to 10.497 billion yuan due to significant investments in instant retail [6] Instant Retail Developments - Taobao Flash Purchase has seen a significant improvement in unit economic efficiency, with losses per order halved compared to previous months [7] - The average order value for Taobao Flash Purchase has increased, contributing to overall GMV growth [7] - The company aims to achieve a transaction volume of one trillion yuan through the Flash Purchase platform in three years [7] International Digital Business - The International Digital Commerce Group (AIDC) reported a 10% year-on-year revenue increase to 34.799 billion yuan, with adjusted EBITA turning profitable at 162 million yuan [8] - The improvement in operational efficiency of AliExpress has been a key driver for this growth [8]