阿里 正在 用史无前例的投入 构建 明天。 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 ...

Core Viewpoint - Alibaba reported its Q2 FY2026 earnings with revenue of 247.8 billion yuan, a 5% year-over-year increase, and a net profit of 20.6 billion yuan, down 53% year-over-year, primarily due to a decline in operating profit [1][2]. Financial Performance - Revenue for Q2 FY2026 was 247.8 billion yuan, with a 5% year-over-year growth. Excluding disposed businesses, the year-over-year growth would be 15% [1]. - Net profit was 20.6 billion yuan, reflecting a 53% decline year-over-year. Adjusted net profit was 10.4 billion yuan, down 72% year-over-year [1][2]. Cloud Business Outlook - The management expressed strong confidence in the growth potential of Alibaba Cloud, citing high demand for AI servers that exceeds supply. The backlog of orders continues to grow, indicating a sustained acceleration in future growth [3]. Instant Retail Business Developments - The company has focused on optimizing unit economics in its instant retail business, achieving significant progress. The average order value has increased, and logistics costs have decreased, leading to a reduction in losses per order by half compared to previous months [4][5]. - Instant retail has shown rapid growth, particularly in food and health categories, with a 30% increase in orders from brands like Hema and Cat Supermarket since August [5]. EBITDA and CMR Insights - The EBITDA for the September quarter is expected to be a peak due to prior investments. Future quarters may see reduced investments as operational efficiency improves [6]. - The core e-commerce business's customer management revenue (CMR) is influenced by payment fees and promotional costs, with expected slower growth in the next quarter due to the recent introduction of payment fees [6]. Capital Expenditure Plans - The company has a three-year capital expenditure plan of 380 billion yuan, with 120 billion yuan already invested in the past four quarters. Management may increase investments if demand continues to outpace supply [8][9]. - The return on investment for capital expenditures remains uncertain due to the evolving nature of the AI industry, but long-term demand growth is expected to support investment returns [9][11]. Strategic Focus Areas - Alibaba is prioritizing the enhancement of its AI infrastructure and model capabilities to meet customer demands. The focus includes improving the efficiency of AI resource utilization and expanding high-value application scenarios [10][11]. - The company is also exploring potential growth in other consumer sectors, including offline retail and travel services, while emphasizing the importance of business integration and collaboration [12].

11月25日晚间，阿里发布2026财年第二季度（即自然年2025年三季度）财报，即时零售与云业务成了拉动阿里的两驾"马车"。其中，即时零售业务以六成收 入增速撑起了阿里国内电商大盘的增长。当然，阿里的利润表现也付出了代价，经营利润下滑超过八成。 今年以来，阿里与京东、美团在本地生活战场鏖战半年多。尽管战役投入巨大，但各家似乎都没有收手的意愿。很显然，巨头在意的不是短期的利润得失， 而是电商新叙事的可持续性。 即时零售一跃成为阿里电商攻势最猛的业务。2026财年第二季度，阿里即时零售业务收入达229亿元，同比增长60%，增速首次超过国际电商业务。阿里认 为，这主要是得益于今年4月底上线的淘宝闪购带来的订单增长。 阿里国内电商的客户管理收入、批发业务增速则与上一季度的增速保持了一致。其中，客户管理收入同比增长10%，为789.3亿元。而批发业务收入同比增 长13%。这也意味着，本季度阿里国内电商大盘收入能同比增长16%，还是得益于即时零售的显著拉动作用。 | | | 截至９月 30 日 | | --- | --- | --- | | | 2024 | | | | 人民幣 | 人民幣 | | | | (以直萬 | ...

Core Insights - Alibaba Group reported a 60% year-on-year revenue growth in its instant retail business for the second quarter of fiscal year 2026, ending September 30, 2025 [1] - The improvement in unit economics for instant retail is attributed to enhanced logistics efficiency, high customer retention rates, and increased average order value [1] - Approximately 3,500 Tmall brands have integrated their offline stores into instant retail as of October 31 [1] Group 1 - The proportion of high-value single orders has increased, with non-tea drink orders rising to over 75% [1] - The average order value for flash sales has increased by more than double digits compared to August [1] - Alibaba's CEO of China e-commerce, Jiang Fan, emphasized the focus on user experience and high-value customer management in the next phase [1] Group 2 - The first phase of rapid scale expansion for Taobao flash sales has been completed, and the second phase is focused on optimizing economic benefits [1] - This optimization aligns with expectations and lays a foundation for the long-term sustainable development of the delivery business [1] - The confidence in long-term investment in instant retail has been bolstered by these developments [1]

Core Insights - Alibaba Group reported Q2 FY2026 revenue of 247.795 billion yuan, exceeding market expectations, with a 15% year-on-year growth after excluding divested businesses [1] - The company continues to invest in AI and cloud, with strong growth in core businesses, including a 34% year-on-year increase in Alibaba Cloud revenue, reaching a new high [1] - The CEO emphasized the ongoing investment phase to build AI technology and infrastructure, as well as a large consumer platform combining lifestyle services and e-commerce [1] Group 1: AI and Cloud Developments - Alibaba Cloud launched a full-stack AI upgrade during the Cloud Summit, featuring seven new AI models across various fields, with its flagship model Qwen3-Max ranking among the top globally [2] - According to Omdia, Alibaba Cloud is projected to capture 35.8% of the Chinese AI cloud market by mid-2025, surpassing the combined share of the second to fourth competitors [2] - The company has established AI partnerships with notable organizations such as the NBA, Marriott, China UnionPay, and Bosch [2] Group 2: E-commerce and Consumer Engagement - Alibaba's e-commerce customer management revenue grew by 10% year-on-year, with instant retail revenue increasing by 60%, leading to improved unit economics and user retention [2] - Approximately 3,500 Tmall brands have integrated their offline stores into instant retail, resulting in significant growth during the Double 11 shopping festival [3] - The app Gaode achieved a record high of 360 million daily active users in October, reflecting the effectiveness of its new offline service credit system [3]

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%。 京东作为最早的发起方，外卖身影退后，与几个月前高调的闯入者姿态截然不同。然而，京东很快又在 酒旅、七鲜小厨等业务上高调官宣，战场顺势向到店业务转移。 尽管最新的财报尚未集齐，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。 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"。 阿里从未孤立地看待闪购业务，而是将其放到整体的中国电商大盘中考虑。重金砸向外卖，用大手笔补 贴换来的，不 ...

《报告》在分析即时零售对实体经济赋能作用时指出，即时零售以需定产，重构供应链价值链，数字化 改造传统商业，也让就业边界持续拓展，有效助推实体经济转型。对于大型连锁商超而言，即时零售不 仅是渠道拓展，更促进了组织的全面变革，实现数字化再造。而传统小店与中小创业者，则通过创新本 地化供给，转型升级为邻里关系型的即时零售供给站，在新时代零售格局中找到了自己的定位。 《报告》研判，下阶段，即时零售将呈现多场景覆盖与全域下沉、AI驱动履约、"商品+服务"、网状融 合与绿色低碳的发展格局。随着技术不断进步和消费者需求日益多元化，即时零售的生态体系将更加丰 富和完善。 11月25日，商务部国际贸易经济合作研究院(下称"商务部研究院")牵头发布《即时零售行业发展报告 (2025)》(下称《报告》)认为，2026年我国即时零售规模将突破1万亿元，到2030年将达到2万亿元。这 也意味着，在"十五五"期间，我国即时零售市场规模有望跨越两个万亿台阶，年均增速将达到12.6%。 即时零售是通过线上即时下单，线下即时履约，依托本地零售供给，满足本地即时需求的零售业态。 《报告》认为，我国即时零售产业正迈向万亿级规模的关键节点。这体现在 ...

尽管最新的财报尚未集齐，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。 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。 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。 京东作为最早的发起方，外卖身影退后，与几个月前高调的闯入者姿态 ...

Core Insights - Alibaba's flash purchase business is expected to significantly reduce its overall investment in the next quarter, indicating a strategic shift towards improving unit economics and profitability [1][2] - The CEO of Alibaba, Wu Yongming, stated that the AI demand remains strong and that the AI bubble is unlikely to exist for at least the next three years, as supply chain expansions are driven by high demand [4][5] Financial Performance - Alibaba's China e-commerce group's adjusted EBITA fell by 76% year-on-year to 10.497 billion yuan, a decrease of 33.83 billion yuan, primarily due to heavy investments in flash purchases and user experience [1] - The flash purchase business incurred losses exceeding 30 billion yuan in the third quarter, but excluding these losses, the e-commerce group's EBITA showed a modest year-on-year growth in the single digits [1] Strategic Focus - The CEO of Alibaba's China e-commerce division, Jiang Fan, highlighted that the unit economics of instant retail have significantly improved, achieving a 50% reduction in per-order losses compared to July and August [2] - Flash purchases are considered a core strategy for the Taotian platform upgrade, with rapid scale expansion and unit economics optimization laying a foundation for sustainable growth in the delivery business [2] AI Demand and Supply Chain - Wu Yongming emphasized that the demand for AI remains robust, with shortages in global storage manufacturers, CPUs, and AI servers, indicating a production expansion cycle driven by AI demand [4][5] - The company plans to accelerate its supply chain and data center pace in response to current and future AI demand, suggesting that previous infrastructure investment plans may need to be increased [5]

美团闪购平台治理部负责人范越雷分享了"安心闪购"计划的最新进展：自今年5月份全面上线以来，"安 心闪购"扩展至20项服务。目前，美团平台官方取退货服务已覆盖全国53个城市近40万商家。AI能力上 线后，商家处理售后问题的人工成本下降近70%；骑手伙伴对"履约难"等问题的进线申诉率持续降低。 新京报贝壳财经讯(记者陈维城)11月25日，在商务部研究院联合美团闪购举办"即时零售生态开放日"活 动上，商务部研究院电子商务研究所所长杜国臣发布《即时零售行业发展报告(2025)》提到，我国即时 零售行业正处于迈向万亿级规模的关键节点，构建良好健康生态成为即时零售高质量发展的重要衡量标 准，主流即时零售平台正在构建以"安心"为核心的高标准服务体系，引领行业生态健康发展。 "目前行业竞争由价格驱动逐渐转向用户体验驱动，即时零售进入高效与品质并重的全新发展阶段。"杜 国臣在发布《即时零售行业发展报告(2025)》时表示，行业正从"履约快"向"服务稳""商品优"演进。报 告同时指出，构建以"安心"为核心的高标准服务体系，对于帮助商家长期可持续经营具有重要意义。主 流即时零售平台在提升服务标准方面正加大对商家的资源投入，着力构建 ...