智通财经APP获悉，阿里巴巴(09988)将于8月29日公布6月底止季绩，市场估计届时会披露更多有关业务 架构消息。据了解，阿里巴巴近日已更新业务介绍页面。截至8月，公司划分为阿里巴巴中国电商集 团、阿里国际数字商业集团、云智能集团及所有其他4大分类，意味2023年推出的"1+6+N"将步入历 史。 去年11月，阿里巴巴建立"电商事业群"，淘宝天猫、国际数字商业业务再次合流，由合伙人蒋凡统一负 责电商事业群。近月阿里再度重整业务结构，例如将外卖饿了么融合淘宝闪购，推出实时零售业务，外 界料阿里正着手调整自身结构应对市场变化。 阿里巴巴网站显示，此前属6大业务集团的菜鸟集团及大文娱集团(即大麦娱乐、优酷等业务)已重新划 分为所有其他，此前本地生活集团的飞猪旅行及淘宝闪购被纳入阿里巴巴中国电商集团。 阿里巴巴在6月发布的年报上亦已透露：为推进"用户为先"战略并进一步优化整体用户体验，2026财年 淘天集团、饿了么与飞猪将整合成为中国电商事业群，把电商平台升级为大消费平台。同时，菜鸟、高 德及虎鲸文娱集团将重分类至所有其他。 此前，阿里巴巴的"1+6+N"业务分类，代表"1"个阿里巴巴集团，旗下有"6"大业务集团： ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Group (09988) with a target price of HKD 144, while the current price is HKD 103.6 [5]. Core Viewpoints - Alibaba's GMV is stabilizing and expected to recover due to a user-first strategy, despite a slowdown in overall e-commerce growth in China [1][19]. - The company is focusing on enhancing user experience and optimizing its membership program, 88VIP, which has accumulated over 42 million high-engagement users contributing more than 25% of GMV [1][19]. - Alibaba's share buyback program has reached unprecedented levels, with a total of 3.381 billion shares repurchased for USD 38.74 billion, indicating a strong commitment to shareholder returns [3]. Summary by Sections 1. Market Potential and Changes - China's e-commerce penetration still has room for growth, with online retail sales reaching CNY 13.79 trillion in 2022, accounting for 27.2% of total retail sales [1][13]. - The report highlights that Alibaba's market share in online retail has declined from 59%-64% in 2018-2019 to 49% by FY24Q4, attributed to intensified competition [16][19]. - The user-first strategy is expected to enhance consumer retention and purchasing frequency, leading to a potential recovery in GMV [19][32]. 2. Organizational Changes and Strategic Focus - Alibaba has streamlined its organizational structure, focusing on two core businesses: Taobao and Alibaba Cloud, under the leadership of new CEO Wu Yongming [2][5]. - The company is implementing a comprehensive promotion strategy to enhance monetization rates for small and medium-sized merchants, leveraging AI to optimize advertising effectiveness [2][5]. 3. International E-commerce Growth - The report notes that AliExpress is seeing growth through a combination of fully managed and semi-managed services, which account for over 70% of orders, enhancing user experience and attracting new users [4]. - Lazada has achieved its first positive EBITDA in July 2024, supported by a robust logistics network and payment system [4]. 4. Cloud Services and AI Integration - Alibaba Cloud remains the largest IaaS provider in the Asia-Pacific region, with a focus on AI-driven strategies to enhance service offerings and reduce costs [4]. - The report emphasizes the continuous iteration of the Tongyi model, which has shown strong performance in various applications, indicating a commitment to AI development [4].