12月5日，饿了么官方正式宣布：即日起"饿了么"App在更新至最新版本后将全面焕新为"淘宝闪购"。 此次更名被市场视为阿里巴巴集团控股有限公司（下称阿里巴巴，BABA.N、09988.HK）对其电商业务的战略定位调整，即饿了么从独立外卖平台转型 为即时零售履约基础设施，与淘宝流量入口深度协同，完成"30分钟送万物"目标。 投资时间网、标点财经研究员 董琳 新增长引擎正处培育期，阿里巴巴短期盈利承压 投资时间网、标点财经研究员注意到，前一日，阿里巴巴发布了完整版2026财年中期（截至2025年9月30日止六个月）业绩报告。整体来看，在新增长引 擎的培育期下，阿里巴巴盈利能力短期承压。一方面，公司在电商和云业务保持稳健增长态势、多项业务运营效率优化的情况下，收入实现增长；另一 方面，由于在即时零售赛道拓展、用户体验升级及前沿科技研发三大领域的持续投入，公司利润出现一定程度下滑。 此外，中期业绩报告披露，今年5月，阿里巴巴订立买卖协议，向全球出行巨头Uber出售Trendyol GO85%的股权，以约7亿美元（折合人民币50亿元）的 现金对价完成交易，出售事项产生的收益约60亿元，该笔收益已计入2025年上半年投资 ...

| | | 截至9月30日止三個月 | | | | --- | --- | --- | --- | --- | | | 2024 | 2025 | | | | | 人民幣 | 人民幣 | 美元 | %同比變動 | | | | (以百萬計,百分比及每股數據除外) | | | | 收入 | 236,503 | 247,795 | 34.808 | 5% | | 經營利潤 | 35.246 | 5.365 | 754 | (85)%(2) | | 經營利潤率 | 15% | 2% | | | | 經調整 EBITDA(1) | 47,327 | 17,256 | 2.424 | (64)%(2) | | 經調整 EBITDA 利潤率(1) | 20% | 7% | | | | 經調整 EBITA(1) | 40.561 | 9.073 | 1.274 | (78)%(2) | | 經調整 EBITA 利潤率(1) | 17% | 4% | | | | 淨利潤 | 43.547 | 20.612 | 2.895 | (53)%(2) | | 歸屬於普通股股東的淨利潤 | 43.874 | 20.990 | 2.948 ...

Core Insights - Alibaba reported Q2 revenue of 247.8 billion RMB, a 5% year-on-year increase, surpassing the forecast of 245.2 billion RMB [1] - Adjusted net profit for the quarter was 103.5 billion RMB, below the expected 168 billion RMB [1] - The Chinese e-commerce segment generated 132.6 billion RMB, reflecting a 16% growth, exceeding the forecast of 128.5 billion RMB [2] Revenue Breakdown - The Cloud Intelligence Group saw a significant revenue increase of 34% to 39.8 billion RMB, outperforming market expectations of 37.99 billion RMB [2] - Instant retail business revenue reached 22.9 billion RMB, a 60% increase, driven by the launch of "Taobao Flash Purchase" in April 2025 [2] - The Chinese e-commerce group's customer management revenue was 7.2 billion RMB, a 10% increase, while logistics and other revenue grew by 5% to 24 billion RMB [4] Market Reaction - Following the earnings report, Alibaba's stock price surged by 4.10% in pre-market trading [4]