11 月 25 日，阿里巴巴（HK09988，股价154.800港元，市值2.950万亿港元，以下简称阿里）发布2026 财年第二季度（指2025年7月~9月）业绩，集团当期收入为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%。 《每日经济新闻》记者注意到，2026财年第二季度，阿里云收入同比增长34%，AI（人工智能）相关产 品收入连续9个季度实现三位数同比增长。与此同时，电商客户管理收入（CMR）同比增长10%，即时 零售业务收入同比增长60%。 在AI和即时零售相关业务大步上涨的同时，阿里的投入的确不小。 2026财年第二季度，阿里净利润为206.12亿元，同比下降53%。经调整EBITA（扣除利息、税项及摊销 前的利润）则同比下降78%，是对即时零售、用户体验以及科技的投入所致。 阿里巴巴集团首席财务官徐宏表示："我们将利润及自由现金流投向未来布局，短期盈利能力预计将有 所波动。过去4个季度，我们在AI+云基础设施的资本开支约1200亿元。" 有业内人士认为，如此"撒钱"换来的增长，对阿里来说，当真值得吗？ 现金流量净额同比降68% ...

随着即时零售市场的持续扩张和竞争深化，消费者对即时配送的需求正从"送达"向"送好"升级，以往"1 对1急送"更多服务于个人消费者的重要紧急配送需求，如今正逐步拓展至更多元化的消费场景。例如， 美团外卖近期宣布升级"1对1急送"，用户外卖点餐时可根据需求自行选用。而第三方即配平台顺丰同城 则通过直接与餐饮商家开展自配送合作，将商家来自外卖平台、小程序等全渠道订单，统一升级为"1对 1急送"。目前，海底捞、阿嬷手作、鮨政等连锁品牌已接入该服务。从数据来看，顺丰同城"独享专 送"业务呈现快速增长态势：近一个月餐饮类单量同比去年同期增长3倍，此外生鲜果蔬、蛋糕及鲜花等 品类单量也增长显著。 在生鲜领域，顺丰同城与顺丰集团协同构建了全链路解决方案。以深圳蛇口海鲜市场为例，双方为商户 提供从前端货品运输到消费者末端配送的一站式服务，通过"独享专送"实现从门店到餐桌的全程品质保 障。该模式已实现对深圳全域的覆盖，帮助海鲜商户突破传统商圈限制，把生意做遍全城。 经历即时零售市场激烈竞争后，消费者越来越注重配送的时效性、安全性与服务品质，追求更快、更稳 的配送体验。埃森哲发布的《聚焦中国95后消费群体》报告显示，超过50%的" ...

Core Insights - Alibaba's net profit for Q2 of fiscal year 2026 dropped significantly to 20.6 billion yuan, a year-on-year and quarter-on-quarter decline of 53% and over 51% respectively, primarily due to massive subsidies in the food delivery and instant retail sectors [2][6] - The company's sales expenses doubled to 66.5 billion yuan, reflecting a 105% year-on-year increase, as it invested nearly 120 billion yuan in the first half of the year to compete in the market [3][4] - Alibaba's revenue for the quarter reached 247.8 billion yuan, a 5% year-on-year growth, which, when excluding divested businesses, translates to a 15% growth, aligning with JD's performance and surpassing Pinduoduo's 9% [2][4] Financial Performance - The adjusted net profit under non-GAAP standards was 10.4 billion yuan, marking a substantial 72% year-on-year decline [2][6] - Alibaba's adjusted EBITA for its China e-commerce group was approximately 10.5 billion yuan, down nearly 73% quarter-on-quarter and 76% year-on-year, largely due to losses in instant retail [6][5] - The revenue from Alibaba's cloud business was 39.8 billion yuan, showing a 34% year-on-year increase, driven by growth in public cloud services [9][10] Market Competition - The intense competition in the food delivery market led to Alibaba's significant investment in the Taobao Flash Sale, which announced a 50 billion yuan subsidy plan [3][4] - JD's marketing expenses were more restrained at 21.1 billion yuan, reflecting a 110% year-on-year increase but a decrease in quarter-on-quarter growth [4] - Instant retail revenue for Alibaba reached 22.9 billion yuan, with a year-on-year growth of 60%, indicating a strong performance despite the overall profit decline [4][5] Strategic Focus - Alibaba's CEO expressed confidence in the potential of AI and cloud services, stating that there is no AI bubble expected in the next three years, and the company plans to continue investing heavily in these areas [9][11] - The company has invested approximately 120 billion yuan in AI and cloud infrastructure over the past four quarters, with a capital expenditure of 31.5 billion yuan in the latest quarter [10][11] - Future investments in instant retail are expected to decrease, while AI investments may increase, reflecting a strategic shift in focus [8][11]

在利润承压的背景下，阿里巴巴正加速向AI驱动型公司转型。 11月25日晚间，阿里巴巴（NYSE：BABA；HKEX：9988）发布截至2025年9月30日的财报。在2026财 年第二季度（自然年2025年第三季度），阿里巴巴营收为2477.95亿元，同比增长5%。净利润为206.12 亿元，同比下滑53%。在强劲的AI需求推动和公共云收入增长带动下，阿里云季度营收同比增长34%至 398.24亿元，AI相关产品收入连续9个季度实现三位数同比增长。值得注意的是，阿里巴巴即时零售业 务收入达到229.06亿元人民币，较上年同期的143.21亿元增长60%。 与此同时，新加坡国家AI计划宣布放弃Meta模型，转而采用阿里千问技术，标志着阿里AI生态的全球 影响力进一步扩大。 阿里巴巴CEO吴泳铭在财报电话会议上表示，当前处于构建AI技术基础设施与生活服务+电商大消费平 台的关键投入期，短期利润承压是为长期壁垒铺路，集团不排除在已承诺的三年3800亿元AI+云投资外 追加投入。 AI双面出击 中信建投（601066）此前发布研报称，进入四季度后，随着奶茶类订单因季节性因素减少，以及平台逐 步回归理性运营，预计外卖补贴 ...

Core Insights - The instant retail market in China is expanding rapidly, with projections indicating it will surpass 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] - The rise of AI and instant retail is reshaping the industry value network, with instant retail expected to account for 20% to 25% of the retail market [4] - Companies face three core challenges: increased market uncertainty due to economic cycles, widening growth disparities among enterprises, and intensified competition from overcapacity and product homogeneity [1] Industry Trends - Instant retail is characterized by online ordering and offline fulfillment, meeting local demand through local retail supply [1] - The convenience of "30-minute fulfillment" is creating irreversible consumer habits and driving double-digit growth in the market [4] - The integration of AI in e-commerce is shifting decision-making from human to AI-driven processes, fundamentally altering customer acquisition strategies [4] Company Strategies - Companies are encouraged to embrace new models like AI and instant retail while maintaining operational fundamentals and continuous innovation to navigate market fragmentation [1] - The focus on offline marketing is becoming crucial for brand growth, with efforts to digitize and automate offline media to enhance market share [4] - New潮传媒 plans to expand its coverage to 300 cities by 2026 and increase its smart screen installations to 800,000, indicating a strong commitment to enhancing its digital presence [5]

尽管看上去依然热闹非凡，但毋庸置疑的是，一场行业大洗牌正在电商领域静默地进行，曾经风光无限的增长神话，正在让位于残酷的现实。 实际上，近年以来，电商平台普遍面临的增长压力已有目共睹。这一点在头部电商公司最新发布的财报中得到集中体现，阿里虽然营收仍在增长，但净利 润却暴跌；京东更是"增收不增利"；拼多多增速连续两季降至个位数。 与此同时，电商市场涌入众多新玩家，尤其是抖音和小红书的加速冲击，传统电商平台也在不断拓展业务边际，这都昭示行业走到一个新的转折点。 某种意义上，目前电商的局面，颇有点像各在座玩家进入了"惯蛋局"关键的"报牌"时刻，但没有人愿意下牌桌。 接下来的故事，谁将成为新的王者，谁又会让位于新人？当然，市场终究会给出答案。 但无论如何，零售的本质从未改变，高效地为消费者提供物超所值的商品与服务，仍是基本的生存法则。"讲故事不如守住本分"，这句话，放在电商行 业，同样适用。 01 财报背后：多因素下的重重压力 种种现象表明，电商行业正从高速增长期进入深度调整阶段，竞争格局正经历结构性转变。 国信证券研究院的数据显示，2022年，国内电商CR2（两家企业的集中率）集中度为60%，CR5为84%；而截至2 ...

Core Insights - Alibaba's Q3 2025 financial results show a revenue increase of 5% year-on-year, reaching 247.795 billion RMB, driven by its cloud and core e-commerce businesses [1][2] - However, profits have significantly declined, with operating profit down 85% to 5.365 billion RMB and net profit down 53% to 20.612 billion RMB, attributed to heavy investments in instant retail and technology [1][6] Revenue Growth Driven by E-commerce and Cloud - The revenue growth is primarily attributed to the contributions from Alibaba's China e-commerce group and cloud business, with the latter seeing a 34% year-on-year increase [2][4] - The China e-commerce group's revenue reached 132.578 billion RMB, marking a 16% increase, while the international digital commerce group grew by 10% to 34.799 billion RMB [4] Profit Decline and Cost Pressures - The intense competition in the instant retail sector has led to a 105% increase in sales and marketing expenses, totaling 66.496 billion RMB [6] - The adjusted EBITDA for Alibaba's China e-commerce group fell by 76% to 10.5 billion RMB, indicating that the instant retail battle has significantly impacted core e-commerce profitability [6][7] Strategic Focus on Instant Retail and AI - Alibaba is focusing on reducing losses in its Taobao Flash Sale segment, with plans to optimize unit economics and improve operational efficiency [8][9] - The company aims to leverage AI to enhance its e-commerce and cloud services, with a goal of becoming a leading full-stack AI service provider [9][11] Future Outlook and Investment Strategy - Alibaba's management indicated that future investments in Taobao Flash Sale may decrease as operational efficiencies improve [8] - The company is committed to enhancing user experience and expanding its ecosystem, with ambitions to achieve a trillion RMB in transaction volume within three years [8][9]

电商利润承压下滑，云业务强势突围——阿里巴巴正处于新旧增长引擎迭代的关键时期。 11月25日晚间，阿里巴巴（NYSE:BABA/09988.HK）公布了2025财年第三季度业绩。报告显示，公司当期实现营业收入2477.95亿元，同比增长5%。若剔 除已剥离的高鑫零售和银泰业务影响，收入增速达到15%。 然而，由于持续加大对人工智能（AI）及即时零售等新兴业务的战略投入，本季度阿里巴巴经营利润同比大幅下降85%至53.65亿元；经调整EBITA（息 税及摊销前利润）也同比下降78%，为90.73亿元。在非公认会计准则下，净利润为103.52亿元，同比下降72%。 作为利润承压的关键因素之一，即时零售业务的布局进展备受市场关注。阿里电商事业群CEO蒋凡在财报会上表示，公司坚定看好闪购业态与阿里生态的 协同潜力。他指出："目前我们已完成第一阶段快速规模扩张，第二阶段的单位经济效益优化进展符合预期。闪购是淘天平台升级的核心战略之一，我们 设定了三年内GMV达到1万亿元的目标，并致力于带动相关品类的整体市场份额提升。" 在备受关注的AI业务方面，阿里管理层则释放了加码投入的信号："从大方向看，此前提出的3800亿元AI ...

Market Overview - The market exhibited a fragmented low-volume trading pattern, with the Shanghai Composite Index slightly down by 0.15%, while the Shenzhen Component and ChiNext Index rose by 1.02% and 2.14% respectively. Approximately 3,600 stocks declined against over 1,600 that rose, with total trading volume reaching 1.7 trillion [1][3]. AI Hardware Sector - The AI hardware sector saw significant gains, with OCS continuing to strengthen and the CPO sector experiencing a collective rise. Key stocks such as Special Information and Zhongji Xuchuang hit new highs, while others like Saimicroelectronics and Yuxi Technology also saw substantial increases [4][6][7]. Consumer Sector - The consumer sector experienced a resurgence in the afternoon following the release of a plan by six departments aimed at enhancing the adaptability of consumer goods supply and demand. This plan anticipates the formation of three trillion-level consumption areas and ten billion-level consumption hotspots by 2027. Retail stocks like Dongbai Group and Sanjiang Shopping surged, with several stocks hitting the daily limit [9][10]. Shenzhen Local Stocks - Following the announcement of a financial support plan for enterprises in Guangdong, Shenzhen local stocks initially showed little reaction but later surged in the afternoon, led by stocks like Teli A and Shenhua A. The rally was partly driven by news regarding Vanke's debt situation and restructuring plans, which sparked interest in related local stocks [12][14][15][17]. Reader Culture - Reader Culture experienced a sudden surge of over 7% in the afternoon, closing with a 5.1% increase. The rise was attributed to heightened media attention surrounding figures like Luo Yonghao, suggesting that market movements may be influenced by social media trends rather than fundamental factors [20].

Core Insights - Alibaba's Q3 2025 financial results show a revenue increase of 5% year-on-year, reaching 247.795 billion RMB, driven by its cloud and core e-commerce businesses [1][4] - However, profits have significantly declined, with operating profit down 85% to 5.365 billion RMB and net profit down 53% to 20.612 billion RMB, attributed to heavy investments in instant retail and technology [1][8] Revenue Growth Driven by E-commerce and Cloud - Alibaba's revenue growth is primarily attributed to its Chinese e-commerce group and cloud business, with the e-commerce group generating 1,325.78 billion RMB, a 16% increase year-on-year [4][6] - The cloud segment saw a 34% increase in revenue, with AI-related products contributing significantly to this growth [6][11] Profit Decline and Cost Pressures - The company's sales and marketing expenses surged by 105% to 664.96 billion RMB, reflecting the costs associated with competitive promotions in the instant retail sector [8][9] - The adjusted EBITDA for the Chinese e-commerce group fell by 76% to 105 billion RMB, indicating that the intense competition in the food delivery market has severely impacted profitability [8][9] Strategic Focus on Instant Retail and AI - Alibaba is focusing on reducing losses in its instant retail segment, with plans to optimize unit economics and improve operational efficiency [10][11] - The company is also investing heavily in AI, aiming to become a leading full-stack AI service provider, with significant developments in both AI to B and AI to C applications [11][13] Future Outlook and Market Positioning - Alibaba's strategy includes enhancing user experience and leveraging synergies within its ecosystem to drive growth in instant retail, targeting a transaction scale of one trillion RMB over the next three years [10][11] - The company is positioning itself to capture the AI market, with new applications like the Qianwen App aiming to integrate AI into everyday user experiences [11][13]