本报记者 梁傲男 本季度，阿里电商客户管理收入同比增长10%，即时零售业务收入同比增长60%，用户留存率提升，平均订单价格提高， 业务规模持续增长，并带动淘宝App的月活跃消费者快速增长。 阿里生态多个业务加速接入即时零售。截至10月31日，约3500个天猫品牌将其线下门店接入即时零售。在协同效应 下，"双11"期间，天猫淘宝App的消费者实现同比双位数增长，近600个品牌成交额破亿元，天猫品牌即时零售日均订单环比9 月份增长198%。 网经社电子商务研究中心分析师陈礼腾认为，阿里正通过技术与商业模式的深度融合，构建一个更具韧性和联动性的大消 费生态，逐步提升用户黏性与活跃度。本季度的业绩体现出其生态协同效应的集中释放。 具体来看，在AI需求推动和公共云收入增长带动下，阿里云本季度收入同比增长34%，AI相关产品收入连续9个季度实现 三位数同比增长。 报告期内，阿里云持续投入全栈AI能力提升。在今年的云栖大会期间，阿里云发布从AI基础模型到高性能AI基础设施的全 栈AI升级。 依托全栈AI能力，阿里云持续引领中国蓬勃发展的AI云市场。Omdia报告显示，2025年上半年，阿里云在中国AI云市场的 份额达35. ...

2025.11. 25 本文字数：1368，阅读时长大约2.5分钟 作者 | 第一财经 陈杨园 "至少三年内，AI泡沫是不太存在的。"11月25日晚间，财报发布后的电话会上，阿里巴巴CEO吴泳 铭如此表示，他提到阿里云AI服务器等上架节奏严重跟不上客户需求，在手订单仍在进一步增加。 "闪购会减亏并带来战略增长，阿里云持续增长并看到了广阔的AI需求"，随着三季度财报的发布， 这成了阿里最希望释放的两个信号。不过，财报显示，本季度阿里中国电商集团经调整EBITA同比下 降76%，对淘宝闪购及用户体验等方面的投入带来利润承压，阿里需要回答的问题还有很多。 即时零售如何改善单位经济效益（UE）是一大问题。 财报电话会议透露的信息显示，三季度，闪购业务带来的亏损超过300亿元。阿里巴巴集团首席财务 官徐宏表示，若剔除闪购业务的亏损，中国电商集团EBITA同比增长中单位数。报告期内，中国电商 集团经调整EBITA为104.97亿元，同比下降76%，减少338.3亿元。徐宏表示，因激烈的行业竞争 和阿里在用户体验方面的大力投入，该EBITA会在季度间有所波动。 阿里巴巴中国电商事业群CEO蒋凡则提到，即时零售单位经济效益（ ...

Core Insights - Alibaba reported a revenue of 247.795 billion yuan for Q2 of FY2026, marking a 5% year-on-year increase, and a 15% increase when excluding the impact of divested businesses [1] - The company experienced a significant decline in profits due to investments in instant retail, user experience, and technology, with operating profit down 85% to 5.365 billion yuan and net profit down 53% to 20.612 billion yuan [1] - CEO Wu Yongming stated that an AI bubble is unlikely in the next three years, with demand for AI resources expected to exceed supply [1] Financial Performance - Operating profit decreased to 5.365 billion yuan, a drop of 85% year-on-year [1] - Adjusted EBITA fell 78% to 9.073 billion yuan [1] - Free cash flow shifted from a net inflow of 13.735 billion yuan in the same quarter last year to a net outflow of 21.84 billion yuan [1] Strategic Investments - Alibaba plans to invest 380 billion yuan over the next three years in AI and cloud infrastructure, with 120 billion yuan already spent in the past four quarters [2] - The company is focusing on building AI technology and infrastructure platforms, as well as integrating life services with e-commerce [2] - CFO Xu Hong stated that the core business revenue remains strong, with AI revenue from external commercialization increasing [2] Cloud Business Growth - Alibaba Cloud's revenue reached 39.824 billion yuan, a 34% year-on-year increase, with AI-related product revenue growing for nine consecutive quarters [3] - The company holds a 35.8% market share in China's AI cloud market, surpassing the combined share of its next three competitors [3] - Alibaba Cloud is expanding its international operations, with new data centers announced in Brazil, France, and the Netherlands [3] E-commerce Performance - The Chinese e-commerce group's revenue was 132.578 billion yuan, a 16% year-on-year increase, with the e-commerce business growing 9% to 102.933 billion yuan [6] - Instant retail revenue surged 60% to 22.906 billion yuan, driven by increased order volume from Taobao Flash Purchase [6] - The adjusted EBITA for the e-commerce group fell 76% to 10.497 billion yuan due to significant investments in instant retail [6] Instant Retail Developments - Taobao Flash Purchase has seen a significant improvement in unit economic efficiency, with losses per order halved compared to previous months [7] - The average order value for Taobao Flash Purchase has increased, contributing to overall GMV growth [7] - The company aims to achieve a transaction volume of one trillion yuan through the Flash Purchase platform in three years [7] International Digital Business - The International Digital Commerce Group (AIDC) reported a 10% year-on-year revenue increase to 34.799 billion yuan, with adjusted EBITA turning profitable at 162 million yuan [8] - The improvement in operational efficiency of AliExpress has been a key driver for this growth [8]

阿里 正在 用史无前例的投入 构建 明天。 阿里迎来了一个多项指标超出预期的财季。 集团整体营收达 2478 亿元，剔除高鑫零售和银泰后，同比增长 15% ，超出市场预期。云业务增长强劲，同比增速高达 34% ，大幅超出市场预期。中 国电商 集团 收入同比增长也达到 16% 。 财报发布后，阿里美股盘前涨超 3% 。受多项 AI 相关市场消息刺激，财报发布的前 2 天，阿里股价一直呈上涨趋势。 市场持续对阿里 AI 进展的高度关注之下，财报会上，阿里 CEO 吴泳铭还首次强调了新的 AI 战略：阿里正在 AI to B 和 AI to C 两大方向齐发力—— 在 AI to B 领域，做世界领先的全栈 AI 服务商，服务千行百业不断增长的 AI 需求；在 AI to C 领域，基于性能领先的 AI 模型和阿里生态优势，打造面 向 C 端用户的 AI 超级原生应用，推动 AI 从千行百业到人人可用。 他进一步解释称： "这 将激发核心业务 产生 更大 的 协同效应， 成为驱动阿里持续增长、迈向新高度的动能引擎。 " 财报会上，吴泳铭还透露，目前看来， AI 服务器上架速度跟不上客户订单的增长，不排除进一步增投的 ...

Core Viewpoint - Alibaba reported its Q2 FY2026 earnings with revenue of 247.8 billion yuan, a 5% year-over-year increase, and a net profit of 20.6 billion yuan, down 53% year-over-year, primarily due to a decline in operating profit [1][2]. Financial Performance - Revenue for Q2 FY2026 was 247.8 billion yuan, with a 5% year-over-year growth. Excluding disposed businesses, the year-over-year growth would be 15% [1]. - Net profit was 20.6 billion yuan, reflecting a 53% decline year-over-year. Adjusted net profit was 10.4 billion yuan, down 72% year-over-year [1][2]. Cloud Business Outlook - The management expressed strong confidence in the growth potential of Alibaba Cloud, citing high demand for AI servers that exceeds supply. The backlog of orders continues to grow, indicating a sustained acceleration in future growth [3]. Instant Retail Business Developments - The company has focused on optimizing unit economics in its instant retail business, achieving significant progress. The average order value has increased, and logistics costs have decreased, leading to a reduction in losses per order by half compared to previous months [4][5]. - Instant retail has shown rapid growth, particularly in food and health categories, with a 30% increase in orders from brands like Hema and Cat Supermarket since August [5]. EBITDA and CMR Insights - The EBITDA for the September quarter is expected to be a peak due to prior investments. Future quarters may see reduced investments as operational efficiency improves [6]. - The core e-commerce business's customer management revenue (CMR) is influenced by payment fees and promotional costs, with expected slower growth in the next quarter due to the recent introduction of payment fees [6]. Capital Expenditure Plans - The company has a three-year capital expenditure plan of 380 billion yuan, with 120 billion yuan already invested in the past four quarters. Management may increase investments if demand continues to outpace supply [8][9]. - The return on investment for capital expenditures remains uncertain due to the evolving nature of the AI industry, but long-term demand growth is expected to support investment returns [9][11]. Strategic Focus Areas - Alibaba is prioritizing the enhancement of its AI infrastructure and model capabilities to meet customer demands. The focus includes improving the efficiency of AI resource utilization and expanding high-value application scenarios [10][11]. - The company is also exploring potential growth in other consumer sectors, including offline retail and travel services, while emphasizing the importance of business integration and collaboration [12].

Core Insights - Alibaba is aggressively expanding in both AI to B and AI to C sectors, aiming to establish a dominant position in the AI landscape [1][5][19] Group 1: AI Strategy - Alibaba's CEO, Wu Yongming, outlined a clear AI strategy focusing on becoming a leading full-stack AI service provider for enterprises while also developing AI applications for consumers [1][3] - The dual approach is expected to create significant synergies that will drive Alibaba's sustained growth and elevate its market position [3][4] Group 2: Market Performance - In the latest fiscal quarter, Alibaba Cloud reported a robust 34% year-on-year revenue growth, driven by strong AI demand, with AI-related product revenue achieving triple-digit growth for nine consecutive quarters [5][7] - Alibaba Cloud holds a commanding 35.8% market share in China's AI cloud market, surpassing the combined share of its closest competitors [7][19] Group 3: Product Development - The Qwen3-Max model has reached a global top-tier performance level, surpassing competitors like GPT-5 and Claude Opus 4, establishing Alibaba's technological edge [11][12] - The rapid growth of the Qwen App, which surpassed 10 million downloads in its first week, highlights the timely emergence of consumer AI applications [8][9] Group 4: Ecosystem Integration - Alibaba's strategy involves integrating the Qwen App into its broader ecosystem, including e-commerce, maps, and local services, enhancing user interaction and service delivery [13][16] - This integration aims to redefine user experiences, allowing for seamless interactions across various services [16][17] Group 5: Competitive Landscape - Alibaba's unique approach of leveraging both model performance and ecosystem advantages differentiates it from domestic competitors, positioning it favorably in the global AI competition [12][19] - The company's open-source strategy and ecosystem integration are seen as critical factors in its ability to compete effectively on a global scale [18][19]

Core Viewpoint - Google is challenging Nvidia's dominance in the AI chip market by promoting its TPU chips for local deployment in data centers, aiming to capture a significant market share and generate substantial revenue growth [2][5][10]. Group 1: Google's TPU Strategy - Google has begun marketing its TPU chips for deployment in clients' own data centers, moving beyond its traditional cloud rental model [8][9]. - Meta is negotiating with Google to use TPU chips worth billions in its data centers by 2027, while also renting Google Cloud chips next year [4][10]. - This potential deal could allow Google to capture 10% of Nvidia's annual revenue, translating to billions in new income [5]. Group 2: AI Model Breakthrough - Google's Gemini 3 language model, trained primarily on TPU chips, has received positive market reactions, suggesting it may outperform competitors like OpenAI's ChatGPT [5][18]. - The Gemini 3 model is reported to be faster and more capable than its competitors, which could enhance Google's position in the AI market [20][22]. - The success of Gemini 3 is expected to bolster the adoption of TPU chips, as it demonstrates their effectiveness in training advanced AI models [19][20]. Group 3: Competitive Landscape - Nvidia's CEO Jensen Huang is responding to Google's TPU advancements by investing in companies like Anthropic and OpenAI, ensuring they continue to use Nvidia's GPUs [6][7][24]. - Analysts suggest that Google's advancements could disrupt the AI investment ecosystem, leading to increased capital expenditures and uncertainty in investment returns for other companies [26][27]. - The competitive dynamics are shifting, with Google potentially narrowing the gap with Nvidia in the training chip market, which was previously considered Nvidia's stronghold [22][28].

Core Viewpoint - Alibaba is at a pivotal moment in 2025, with significant opportunities arising from the convergence of AI and large-scale consumption, leading to renewed attention from the capital markets [1]. Financial Performance - In Q2 of FY2026, Alibaba reported revenues of 247.795 billion yuan, exceeding market expectations, with a year-on-year growth of 15% after excluding the impact of divested businesses [2]. - The cloud computing segment, driven by AI, saw a remarkable revenue growth of 34%, with AI-related product revenues achieving triple-digit growth for the ninth consecutive quarter [2]. - Adjusted net profit for the quarter was 10.352 billion yuan, reflecting a 72% year-on-year decline, as the company invests heavily in future growth [3]. Strategic Investments - Alibaba's management is committed to maintaining high-intensity strategic investments in AI and large consumption, aiming to seize future growth opportunities [3]. - The company plans to enhance its AI and cloud infrastructure investments, with capital expenditures reaching 31.5 billion yuan in Q3 and approximately 120 billion yuan over the past four quarters [7]. - Goldman Sachs projects Alibaba's total capital expenditures from FY2026 to FY2028 to reach 460 billion yuan, significantly higher than the previously set target of 380 billion yuan [8]. AI Development - Alibaba's AI capabilities have gained widespread market recognition, with the self-developed Qwen model achieving global influence and surpassing competitors in open-source model downloads [9][11]. - The Qwen model has been adopted by significant projects, such as Singapore's national AI initiative, further solidifying its global presence [11]. - Alibaba Cloud's revenue from AI-related services grew by 34% to 39.824 billion yuan, driven by increased demand for AI-integrated cloud products [12]. Large Consumption Strategy - Alibaba launched the "Taobao Flash Sale" business in April, integrating various services to create a unified large consumption platform [18]. - By August, the new Taobao membership system was introduced, enhancing cross-business member benefits and achieving a peak of 1.2 billion daily orders for Taobao Flash Sale [22]. - The integration of online and offline services is expected to generate an additional 1 trillion yuan in transactions over the next three years [25]. Market Response - Alibaba's stock price has surged over 90% this year, with a market capitalization nearing 3 trillion HKD, reflecting investor confidence in the company's new strategic direction [5]. - The company's efforts in AI infrastructure and large consumption strategies have resulted in strong internal morale and positive market sentiment [30].

Core Viewpoint - Alibaba's second fiscal quarter revenue reached 247.8 billion yuan, showing a year-on-year growth of 5%, slightly exceeding market expectations, but adjusted net profit plummeted 72% to 10.35 billion yuan, indicating significant pressure on profitability [1] Group 1: Financial Performance - Revenue for the second fiscal quarter was 247.8 billion yuan, a 5% year-on-year increase, slightly above market expectations [1] - Adjusted net profit fell 72% year-on-year to 10.35 billion yuan, highlighting a substantial decline in profitability [1] Group 2: Business Segments - The Cloud Intelligence Group emerged as a performance highlight, with revenue soaring 34% year-on-year to 39.82 billion yuan, surpassing market estimates of 37.99 billion yuan [1] - Instant retail business revenue reached 22.906 billion yuan, a 60% year-on-year increase, primarily driven by the order volume growth from the launch of "Taobao Flash Purchase" in April 2025 [1] Group 3: Investment Strategy - The company has invested approximately 120 billion yuan in AI and cloud infrastructure over the past four quarters [1] - Alibaba plans to "actively" invest in enhancing its artificial intelligence capabilities and may consider additional investments beyond the previously committed 380 billion yuan over three years, as the initial investment may appear small given customer demand [1]

Core Viewpoint - The collaboration between Baiwang Co., Ltd. and Huawei Cloud aims to provide an integrated management system for tax compliance and supply chain risk control using AI and big data technologies [1] Group 1: Solution Overview - The intelligent risk compliance solution is centered around the "Golden Shield Transaction Management Intelligent Agent" [1] - The solution integrates Huawei Cloud's DCS, CCE, and OCR services, achieving an 80% improvement in invoice information extraction efficiency [1] - The recognition time for a single invoice has been reduced to under 2 seconds, with data query latency controlled at the millisecond level (10 milliseconds) [1] - Resource utilization has increased by over 35% [1] Group 2: Risk Management Framework - The solution covers the entire transaction process, including pre-transaction compliance assessment, in-process key indicator monitoring, and post-transaction regular inspections [1] - A layered risk identification framework is established, allowing for dynamic assessment of supplier risk levels [1] - The system integrates basic enterprise information, financial data, and tax regulatory indicators, presenting analysis results through risk profiling and visual dashboards [1] Group 3: Strategic Goals - The partnership, formalized in July 2023, aims to shift enterprises from passive compliance to proactive intelligent control [1] - The solution is currently targeted at group enterprises, focusing on reducing compliance costs and enhancing risk control efficiency through digital intelligence [1]