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]

Core Viewpoint - Alibaba's latest financial report reveals a slight revenue increase of 5% year-on-year, but a significant decline in operating profit by 85%, attributed to the fierce competition in the food delivery market and heavy investments in AI infrastructure [1] Group 1: Financial Performance - Alibaba's revenue increased by 5% year-on-year, but operating profit saw a drastic decline of 85% during the reporting period [1] - The food delivery battle has led to substantial cash outflows for Alibaba, despite a 60% increase in instant retail revenue driven by the launch of "Taobao Flash Purchase" [1] Group 2: Market Competition - The food delivery market has seen Alibaba, JD.com, and Meituan all experiencing steady revenue growth, yet net profits have declined by double digits, indicating a stark contrast in performance [1] - The competition intensified in the third quarter, with Alibaba aggressively targeting Meituan, resulting in a surge of daily orders from 100 million to 250 million [1] Group 3: Strategic Insights - Alibaba's strategy involves not just competing in food delivery but also enhancing its overall e-commerce business, integrating retail operations, and creating a competitive edge in the market [2] - JD.com has shifted its focus from food delivery to in-store services, while Meituan has been preparing to expand its offerings beyond food delivery into a broader range of instant retail categories [2] Group 4: Marketing and Consumer Engagement - The intense competition serves as a marketing strategy and a means to enhance competitive capabilities, focusing on operational efficiency, resource integration, and innovative business models [3] - The battle for consumer attention in the food delivery sector is crucial, with companies prioritizing comprehensive strength over mere profitability [3]

Core Insights - The report predicts that China's instant retail market will exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030, with an average annual growth rate of 12.6% during the 14th Five-Year Plan period [1][2] Group 1: Market Growth and Trends - Instant retail is characterized by online ordering and offline fulfillment, relying on local retail supply to meet immediate local demand [1] - The industry is transitioning from price-driven competition to user experience-driven competition, entering a phase that emphasizes both efficiency and quality [1] - "Assurance" has emerged as a higher-level certainty and is now a core standard for user experience in instant retail [1] Group 2: Service Standards and Business Sustainability - Major instant retail platforms are enhancing service experiences, delivery fulfillment, and after-sales guarantees, establishing "fast and assured" as the new service benchmark [1] - A high-standard service system centered around "assurance" is crucial for the long-term sustainable operation of instant retail businesses, covering delivery timeliness, product quality, after-sales service, and customer communication [1] Group 3: Economic Impact and Future Development - Instant retail is reshaping the supply chain value chain and digitally transforming traditional commerce, effectively promoting the transformation of the real economy [2] - For large chain supermarkets, instant retail not only expands channels but also drives comprehensive organizational change and digital reconstruction [2] - Traditional small stores and entrepreneurs are innovating localized supply to transition into neighborhood-based instant retail supply stations, finding their place in the new retail landscape [2] - The future of instant retail is expected to feature multi-scenario coverage, AI-driven fulfillment, a combination of goods and services, networked integration, and a focus on green and low-carbon development [2]

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]

Core Insights - The instant retail industry in China is at a critical juncture, moving towards a trillion-yuan scale, with a focus on building a healthy ecosystem as a key measure of high-quality development [1] - The competition in the industry is shifting from price-driven to user experience-driven, marking a new development phase that emphasizes efficiency and quality [1] - Establishing a high-standard service system centered around "assurance" is crucial for sustainable long-term operations for merchants [1] Industry Developments - The "Assured Flash Purchase" plan has expanded to 20 services since its full launch in May, with official return services covering nearly 400,000 merchants across 53 cities [2] - The introduction of AI capabilities has led to a nearly 70% reduction in labor costs for merchants handling after-sales issues [2] - The complaint rate from delivery partners regarding "fulfillment difficulties" has been continuously decreasing [2]

Core Insights - The article highlights the positive performance of several Chinese concept stocks, particularly Alibaba, NIO, and Pony.ai, following the release of their financial results, which exceeded market expectations in various aspects [1][2][3]. Alibaba - Alibaba's latest financial report for the second fiscal quarter of 2026 shows revenue of 2477.95 billion RMB, a year-on-year increase of 4.8%, surpassing market expectations of 2452 billion RMB [2]. - The Cloud Intelligence Group emerged as a key growth driver, with revenue reaching 398.2 billion RMB, a significant 34% increase year-on-year, exceeding the forecast of 379.9 billion RMB [2][5]. - AI-related product revenue has seen triple-digit year-on-year growth for nine consecutive quarters, indicating strong adoption among enterprise clients [5]. - The Chinese e-commerce segment remains Alibaba's largest revenue source, contributing 1325.8 billion RMB, a 16% increase year-on-year, also exceeding market estimates [4][5]. - Alibaba's CFO noted that the company invested approximately 1200 billion RMB in AI and cloud infrastructure over the past four quarters [5]. NIO - NIO reported third-quarter revenue of 217.9 billion RMB, reflecting a year-on-year increase of 16.7% and a quarter-on-quarter increase of 14.7% [8]. - The company delivered 87,071 smart electric vehicles, marking a 40.8% year-on-year increase, with a gross profit of 30.2 billion RMB, up 50.7% year-on-year [8][12]. - NIO's cash and cash equivalents totaled 367 billion RMB at the end of the third quarter, showing a significant increase of nearly 10 billion RMB quarter-on-quarter [8]. Pony.ai - Pony.ai reported a substantial year-on-year revenue growth of 72% for the third quarter, reaching 1.81 billion RMB, with its Robotaxi business generating 477 million RMB, a remarkable 89.5% increase [12]. - The company anticipates achieving a fleet size of over 1,000 vehicles by the end of the year and plans to triple this number to over 3,000 by the end of 2026 [12][16]. - Pony.ai's CFO emphasized the importance of profitability in their Robotaxi business, noting that the unit economics have turned positive in Guangzhou, with an average of 23 orders per vehicle per day [17].

Core Insights - The instant retail industry in China is at a critical juncture, poised to reach a trillion-yuan scale, driven by simultaneous expansion and innovation in business models [1] Market Growth - The instant retail market in China is projected to reach 781 billion yuan in 2024, marking a year-on-year growth of 20.15%, significantly outpacing the growth rates of national online retail and total social consumer goods retail [1] - By 2025, the market size is expected to reach 971.4 billion yuan, surpassing 1 trillion yuan by 2026, and potentially reaching 2 trillion yuan by 2030, with an average annual growth rate of 12.6% during the 14th Five-Year Plan period [1] Demand Characteristics - The demand side is characterized by three main trends: youthfulness, immediacy, and health consciousness. In 2024, the age group of 31-45 years will account for 55% of consumers, a 5% increase from 2023 [5] - As of March 2025, over two-thirds of users on Meituan's instant delivery platform are from the post-90s generation, while over 60% of users on Taobao's instant delivery platform are aged 25-40 by July 2025 [5] - 51.5% of users expect rapid delivery innovations, with 55% of beauty and personal care purchases being for social gatherings and 52.7% for emergency gifts, requiring fulfillment within 30 minutes [5] - Approximately 80% of consumers are willing to pay a premium for health-oriented products, with 70.7% considering zero-additive products more reliable [5] Supply Chain Dynamics - Front warehouses are a key supply chain component, contributing over 50% of transaction volume, with increasing density since 2024, covering a 3-kilometer radius in first- and second-tier cities [5] - Platform-based front warehouses account for nearly 60%, with Meituan planning to exceed 100,000 lightning warehouses by 2027, while self-operated front warehouses represent over 40% [5] Quality Assurance and Service Evolution - By the end of 2024, Meituan's instant delivery service will have partnered with over 5,600 large chain retailers and 570 brand merchants, while Taobao's instant delivery service saw a 110% increase in new brand entries by July 2025 [6] - Instant retail is evolving from mere product transactions to comprehensive life service offerings, focusing on speed, reliability, scenario adaptation, and supply chain collaboration rather than just price competition [6] - Future developments in instant retail will feature comprehensive coverage, multi-scenario applications, AI-driven fulfillment, integration of goods and services, and a focus on green and low-carbon practices [6]