Core Insights - Alibaba is positioned as a dominant player in China's online retail market, with its two main platforms, Taobao and Tmall, contributing significantly to its revenue and profitability [4][6] - The company generates substantial cash flow, allowing it to finance growth initiatives and return capital to shareholders through stock buybacks, despite operating some money-losing ventures [2][7] - Alibaba's e-commerce business has a high adjusted EBITDA margin of 44%, indicating strong profitability potential [6][7] Revenue and Profitability - Nearly half of Alibaba's revenue accounts for more than its entire profitability, highlighting a complex financial structure [3] - Taobao and Tmall together accounted for 45% of Alibaba's consolidated revenue in fiscal 2025 and delivered 113% of its adjusted EBITDA [6] Shareholder Returns - Alibaba has a modest dividend yield of 0.7% but prefers to return cash to shareholders through stock buybacks, having repurchased shares for 14 consecutive quarters, reducing its fully diluted share count by 13% since the end of fiscal 2021 [7]