Core Insights - Alibaba is making significant investments in both AI and instant e-commerce, with a quarterly expenditure of 38 billion and a total investment of 100 billion in AI over the past year, indicating a high-stakes strategy to capture market share and future growth opportunities [1][3][4] Group 1: Financial Performance - The latest financial report reveals a projected loss of 22 billion in instant e-commerce for the quarter, highlighting the aggressive spending strategy to compete in the market [3] - Alibaba's capital expenditure for AI infrastructure has surged to 38.6 billion in a single quarter, reflecting a 2.2 times year-on-year increase [3] Group 2: Market Strategy - The company is employing a "burn money for growth" strategy, which has led to a 21% decline in profits for Chinese e-commerce groups, but has resulted in a 25% increase in monthly active buyers on the Taobao app [3] - Alibaba Cloud has seen a 26% growth this quarter, with AI-related revenue growing for eight consecutive quarters, now accounting for over 20% of external revenue [3] Group 3: Strategic Outlook - The dual focus on instant e-commerce and AI represents a rare case of a company betting heavily on two trillion-dollar markets simultaneously, with the potential for significant long-term rewards [4] - The CEO emphasizes a "start-up mentality" in pursuing these strategic investments, indicating a commitment to long-term growth despite short-term profit losses [4]

Core Viewpoint - Alibaba is making significant investments in its instant e-commerce and AI sectors, leading to short-term profit erosion but aiming for long-term growth and market leadership [4][7][19] Capital Expenditure - The company reported a capital expenditure of 38 billion RMB for the quarter, a 57% increase quarter-on-quarter and a 2.2 times increase year-on-year [2][8] - A substantial investment of approximately 11 billion RMB is directed towards the instant e-commerce business, with expected losses reaching 22 billion RMB in the upcoming quarter [2][6] Impact on Profitability - The establishment of the China E-commerce Group (CEG) has resulted in a decline of 10 billion RMB in adjusted profit due to these investments [3][5] - The short-term profit erosion is a strategic choice to prioritize growth over immediate financial returns [4][19] Growth in Instant E-commerce - Instant e-commerce has shown promising initial returns, with daily order volume reaching 80 million in August, significantly narrowing the gap with market leader Meituan [10][12] - The instant e-commerce sector has positively impacted the core e-commerce business, leading to a 25% increase in monthly active buyers on the Taobao app [12][19] Future Projections - Alibaba aims for its instant e-commerce business to contribute approximately 1 trillion RMB in GMV by 2028, representing a potential 10% increase in its current e-commerce scale [17] - The management anticipates a 50% reduction in loss per order within the next two months through operational efficiency improvements [17] AI Investments - The company is also heavily investing in AI, with capital expenditures reflecting a strong belief in the future potential of this sector [8][19] - The robust demand for AI services is expected to drive accelerated growth in Alibaba Cloud's revenue [3][17] Market Sentiment - Analysts from Nomura emphasize the need for investors to assess the balance between short-term pain and long-term value in Alibaba's strategy [4][19] - The company's commitment to its strategic transformation is evident through its willingness to incur short-term losses for future growth opportunities [18][19]

Core Viewpoint - Nomura Securities believes Alibaba is making substantial investments in instant e-commerce and artificial intelligence to secure long-term growth and market dominance, despite short-term profit pressures [1][4]. Investment Strategy - Alibaba's capital expenditure reached 38 billion RMB this quarter, a 57% increase quarter-on-quarter and a 2.2 times increase year-on-year [2][8]. - The company anticipates that losses in the instant e-commerce segment could peak at approximately 22 billion RMB in the upcoming quarter [2][7]. - The newly established China E-commerce Group (CEG) experienced a decline in adjusted profit by 21% year-on-year, amounting to a decrease of 10 billion RMB due to these investments [6][3]. Short-term Impact - The significant investments have led to a substantial erosion of short-term profits, with CEG's EBITDA dropping by 10 billion RMB in just one quarter [3][6]. - Despite the losses, initial returns are promising, with instant e-commerce contributing to a 25% increase in monthly active buyers for the core e-commerce platform, Taobao [3][12]. Market Positioning - Alibaba's daily order volume in instant e-commerce reached 80 million, significantly narrowing the gap with market leader Meituan, which is estimated to exceed 90 million orders [10]. - The order structure is improving, with less than 30% of orders related to low-price promotions, indicating a healthier order mix [11]. Long-term Vision - Alibaba aims for its instant e-commerce business to contribute approximately 1 trillion RMB in GMV by 2028, representing a 10% increase in its current e-commerce scale [17]. - The management expects to reduce losses per order by 50% within the next two months through operational efficiency and economies of scale [17]. AI and Cloud Business - The strong demand for AI has led to a significant increase in Alibaba Cloud's capital expenditure, which reached 38 billion RMB this quarter, reflecting the company's confidence in future growth [8][18]. - Management expresses optimism about continued acceleration in cloud revenue growth, supported by the substantial capital investments [18]. Conclusion - Alibaba is strategically using its profit losses to signal its commitment to transformation, with the potential for significant long-term growth if the investments in instant e-commerce and AI succeed [19][20].

Core Viewpoint - Nomura Securities believes Alibaba is making substantial investments in instant e-commerce and artificial intelligence to secure long-term growth and market dominance, despite short-term profit pressures [1][2]. Investment Strategy - Alibaba is engaging in "cost-no-object" investments in AI and instant e-commerce, significantly impacting its financial statements [2][3]. - The newly established China E-commerce Group (CEG) reported a 21% year-over-year decline in adjusted profit, amounting to a decrease of 10 billion RMB, primarily due to a 11 billion RMB investment in instant e-commerce [2][3]. Financial Performance - Alibaba's capital expenditure reached 38 billion RMB this quarter, a 57% increase quarter-over-quarter and a 2.2 times increase year-over-year, indicating strong confidence in AI's future prospects [3][7]. - The expected loss for the instant e-commerce segment is projected to peak at 22 billion RMB, with funds allocated for expanding delivery teams and increasing order volume [2][3]. Market Impact - Despite significant investments, initial returns are promising, particularly in enhancing the overall ecosystem's growth [4][5]. - As of August, Alibaba's daily order volume in instant e-commerce reached 80 million, narrowing the gap with market leader Meituan, which is estimated at over 90 million orders [5][6]. User Engagement - Instant e-commerce has positively impacted Alibaba's core e-commerce business, with a 25% year-over-year increase in monthly active buyers on the Taobao app [6][7]. - Customer management revenue (CMR) grew by 10% year-over-year, aligning with market expectations, and management expressed confidence in maintaining similar growth rates in the coming quarters [6][7]. Long-term Vision - Alibaba's current strategy is characterized as a long-term bet, with ambitious goals for instant e-commerce to contribute approximately 1 trillion RMB in GMV by 2028, representing a 10% market increment [7][8]. - The company aims to reduce losses per order by 50% within two months through operational efficiency and economies of scale, indicating a focus on building a sustainable business model [7][8]. Conclusion - Alibaba is signaling its commitment to strategic transformation through significant investments in instant e-commerce and AI, which not only aim to catch up with competitors but also activate growth potential in its core business [8].

战略更清晰：稳路线、打明牌、提速度。 2024 年 3 月，饿了么在其 "百人团" 年度战略管理会上，经历了一场对饿了么来说具有里程碑意义的管理 交接。 在阿里内部被称为 "变革大师" 的俞永福，在其顺利完成对饿了么组织革新的历史使命后，宣布将饿了么 董事长和 CEO 职务交棒给吴泽明和韩鎏两位 "80 后"。自此，这两名年轻新锐的高管，将开始带领饿了么 一万多名员工，开启挑战更大的 "新三年"。 对任何一家公司来说，核心掌舵人的更替，意味着组织迈入新的历史阶段，需要新团队解决新的核心问 题。与此同时，这对组织本身也是一场战略定力以及人心稳定的深层挑战。 管理团队换代 8 个月，饿了么比外部预期更快、也更平稳完成了这场管理团队和战略方向的过渡。 11 月 15 日，阿里巴巴控股集团发布 2024 年三季度财报（阿里 2025 财年第二季度），包含饿了么和高德 在内的本地生活集团收入增长 14% 至 177.25 亿元，经营损益亏损继续收窄至 3.91 亿元，同比减亏达 85%。新一季成绩，再度大幅超出市场预期。 根据饿了么官方的数据，本季度，受益于夏季各类社会性热点中的营销与业务突破，饿了么在订单量、交 易额 ...

饿了么继续保持高质量增长。 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15日公布2025财年第二季度业绩。季度内，本地生活 集团继续保持高质量增长：受饿了么和高德订单增长所驱动，本地生活集团同比收入增长14%至 177.25亿元；在单位经济效益改善和业务规模持续提升之下，本地生活集团季度经调整EBITA（经 营损益）亏损继续从去年同期的25.64亿元继续收窄至3.91亿元，超出市场预期。 新一季财报数据表明，伴随即时电商消费市场趋势的加速发展，在新管理团队对既定长期战略的稳健 执行下，饿了么"新三年"发展态势持续稳健向好。在今年夏季，饿了么除了在欧洲杯、巴黎奥运会 等社会性热点营销上表现抢眼，订单量、交易额、月活跃用户等多项关键业务指标，在季度内突破历 史峰值。 欧洲杯、奥运会带火本地消费 即时电商今夏迎来新高峰 每年7月至9月期间，各类即时到家消费需求步入年度高峰，平台和商家生态的供给和活动力度也迎 来新峰值。在今年夏季，欧洲杯和巴黎奥运会两大全球性赛事的举办，更助燃了即时电商的热度、进 一步激发了本地"宅家观赛"的消 ...