阿里的AI战略始终围绕其商业生态展开，重兵布局AI，加速技术前瞻性布局，是平衡短期变现与长期竞争力的现实选择 文｜吴俊宇 编辑｜谢丽容 商业历史上穿越战略迷茫和低谷的企业不多。20世纪90年代年代IBM"大象重新起舞"、2014年之后微软成功实现"云转型"，这都是经典案例。 今天中国市场，类似的故事正在重演——阿里的AI（人工智能）转型。 过去四年，阿里的股价经历了漫长的寒冬。2020年10月阿里股价攀至历史高点后，随后四年由于政策监管压力、电商战场竞争，阿里股价逐渐下滑并徘徊 在80美元的低点。 2025年以来（1月1日-8月27日），阿里纽交所股价已上涨44%。截至8月28日，阿里收盘价120美元，总市值2896亿美元。 2月24日，阿里集团宣布未来三年投入3800亿元用于建设云和AI基础设施，超过去十年总和。这让"重估阿里"成为资本市场的主流声音。花旗、高盛、摩 根大通、摩根士丹利等国际投行都在重估阿里。在国际投资者眼中，阿里不只是一家电商公司，更有可能转型成一家AI（人工智能）公司。 （备注：阿里集团业务划分，与组织架构无关） 年初，"重估阿里"只是一种市场预期。它面临诸多变量：AI还未明显拉动阿里业 ...

Core Insights - Alibaba's Q2 revenue grew by 2% year-on-year, reaching RMB 247.65 billion, which was below the expected RMB 253.17 billion [4][3] - Net profit surged by 76% to RMB 42.38 billion, while Non-GAAP net profit decreased by 18% to RMB 33.51 billion [4][3] - Capital expenditures increased significantly from approximately RMB 119 billion in the same quarter last year to about RMB 387 billion this quarter [10][4] Revenue Breakdown - Instant retail business revenue increased by 12% year-on-year, reaching RMB 14.78 billion [6][7] - Alibaba's China e-commerce group revenue grew by 10%, with customer management revenue also up by 10% to RMB 89.25 billion [6][8] - Cloud Intelligence Group revenue accelerated by 26% to RMB 33.40 billion, driven by public cloud growth and AI-related products [9][6] Profitability and Cash Flow - Adjusted EBITA for the core Chinese e-commerce group fell by 21% to RMB 38.84 billion, primarily due to significant investments in the instant retail business [7][6] - Free cash flow turned negative, recording a net outflow of RMB 18.8 billion compared to a net inflow of RMB 17.4 billion in the same period last year [10][4] Investment and Future Outlook - The company is heavily investing in AI infrastructure and new business initiatives, as reflected in the substantial increase in capital expenditures [10][4] - Despite the pressure on profitability, the company continues to execute its shareholder return plan, having repurchased approximately 7 million ADS for $815 million [10][4]

Core Insights - Alibaba Group reported a 10% year-on-year revenue growth for Q1 FY2026, with a net profit increase of 76% [1] - The strong performance is attributed to investments in AI and cloud services, as well as the growth in the e-commerce sector [1] Group 1: Financial Performance - The overall revenue of Alibaba Group reached 1400.72 billion yuan, with the Chinese e-commerce group's customer management revenue at 892.52 billion yuan, both showing a 10% year-on-year increase [3] - Alibaba Cloud revenue grew by 26% year-on-year, marking the highest growth rate in three years, driven by AI demand [2] - The international digital commerce group's revenue increased by 19%, nearing breakeven [5] Group 2: Strategic Investments - Alibaba announced a capital expenditure of 386 billion yuan for AI and cloud infrastructure, a 220% year-on-year increase [2] - The company plans to invest 500 billion yuan in the consumer sector to capitalize on growth opportunities in AI and consumption [1] Group 3: E-commerce Growth - The monthly active users of the Taobao app increased by 25% year-on-year in the first three weeks of August, driven by the rapid growth of instant retail [3] - The number of 88VIP members grew by double digits year-on-year, reaching 53 million, following the launch of a new membership system [3] Group 4: Business Integration - The strategic integration of Taotian Group, Ele.me, and Fliggy into Alibaba's Chinese e-commerce group has created a comprehensive consumption platform [4] - The integration has led to positive business synergies, with continuous breakthroughs in monthly active consumers and daily order volumes [4] Group 5: Future Outlook - Alibaba's CEO emphasized the focus on consumption and AI+cloud strategies for strong growth, indicating a commitment to long-term investments in these areas [5]

Core Insights - Alibaba Group reported a revenue of 247.65 billion yuan for Q1 of fiscal year 2026, reflecting a 10% year-over-year growth after excluding the impact of divested businesses [2] - The net profit for the quarter was 42.38 billion yuan, representing a 76% increase compared to the previous year, exceeding market expectations [2] Group Performance - The strong growth in core business revenue is attributed to successful investments in the AI and cloud sectors, with Alibaba Cloud revenue increasing by 26%, marking a three-year high [3][5] - AI-related product revenue has achieved triple-digit year-over-year growth for eight consecutive quarters [3][5] Strategic Focus - CEO Wu Yongming emphasized the focus on consumer and AI+cloud strategies, which have led to significant growth and consumer engagement [4] - The company is committed to investing in AI and cloud infrastructure, with capital expenditures reaching 38.6 billion yuan, a 220% year-over-year increase [5] AI Development - Alibaba has established a comprehensive technology stack for AI, supporting various industries and driving long-term growth [5] - Recent advancements include the launch of new AI models and applications, such as the AI-native application in Amap and upgrades in DingTalk [6] E-commerce Growth - The instant retail business has significantly contributed to the growth of monthly active consumers on the Taobao app, which increased by 25% year-over-year in the first three weeks of August [7][9] - The integration of various platforms under Alibaba's Chinese e-commerce group has enhanced user experience and operational efficiency [8][9] Membership and Customer Management - The 88VIP membership program continues to grow, with over 53 million members, reflecting a double-digit year-over-year increase [9] - Customer management revenue has also seen a 10% year-over-year growth, indicating improved operational efficiency across Alibaba's business segments [9]

8月29日晚间，阿里巴巴集团发布2026财年第一季度财报显示，报告期内，剔除已出售业务影响，集团整体收入同比 增长10%，净利润同比增76%。其中，阿里云收入同比增长26%，AI相关产品收入连续八个季度实现三位数同比增 长。 "在持续强劲的AI需求推动下，云智能集团收入加速增长，AI收入在云外部商业化收入占比显著。"阿里巴巴集团CEO吴 泳铭表示，面向未来，阿里将围绕"大消费"和"AI+云"两大战略重心投入。 此外，据了解，近期阿里巴巴正寻求为明年到期65亿美元银行贷款进行再融资，有关谈判仍在进行中。 收入同比增长 最新发布的财报信息显示，2026财年第一季度（截至2025年6月30日止季度），阿里集团收入达2476.52亿元（人民币）， 同比增长2%；若不考虑高鑫零售和银泰的已处置业务的收入，同口径收入同比增长为10%。 报告期内，集团经营利润达349.88亿元，同比下降3%。阿里财报显示，这主要是由于经调整EBITA（一项非公认会计准 则财务指标）的减少，部分被无形资产摊销、非现金股权激励费用的减少，以及去年同期的一次性计提准备金所抵销。 财报季内，集团归属于普通股股东的净利润为431.16亿元，净利润实 ...

Core Insights - The integration of AI and cloud computing is reshaping the technology and business landscape, marking a new starting point for the industry [2][4] - In 2024, China witnessed the emergence of 50 trillion-level parameter models, leading to a 74.1% year-on-year growth in intelligent computing power, significantly outpacing general computing growth [1] - Baidu's intelligent cloud has become a leader in the AI field, leveraging its comprehensive AI technology stack to drive innovation and transformation in cloud services [4][6] Industry Trends - The cloud computing sector is undergoing unprecedented changes due to the incorporation of AI technologies, which are redefining service architectures and value propositions [1][4] - The competitive landscape in cloud computing is shifting from cost-based competition to a focus on innovative solutions that address specific business challenges [4][6] Company Developments - Baidu has made significant advancements in AI, launching the first deep learning framework "PaddlePaddle" in 2016 and the AI chip "Kunlun" in 2018, establishing a robust foundation for its AI capabilities [4][5] - Baidu's intelligent cloud has achieved a 24.6% market share in China's AI public cloud market, maintaining its position as the leader for six consecutive years [6][7] - The "Cloud Intelligence Integration" strategy of Baidu's intelligent cloud is set to evolve further, aiming to enhance intelligence capabilities and expand its market penetration [6][7] Product Innovations - The Baidu "Baihe" AI computing platform has been upgraded to version 5.0, focusing on enhancing inference capabilities and optimizing resource utilization [6][7] - The "Qianfan" platform has transitioned to version 4.0, providing a one-stop enterprise service platform centered around AI agents, aimed at accelerating application deployment [7] Financial Performance - Baidu's intelligent cloud revenue grew by 27% year-on-year, contributing to the company's AI new business surpassing 10 billion yuan for the first time, with a 34% year-on-year increase [7]

Core Viewpoint - Alibaba Group reported a revenue growth of 10% year-on-year for Q1 FY2026, with total revenue reaching 247.65 billion yuan and net profit increasing by 76% to 42.38 billion yuan, exceeding market expectations [2][3]. Group Performance - The core business revenue growth remains strong due to effective investments in AI + Cloud and consumer sectors, with Alibaba Cloud revenue increasing by 26%, marking a three-year high, and AI-related product revenue achieving triple-digit growth for eight consecutive quarters [3][4]. Strategic Focus - CEO Wu Yongming emphasized the focus on consumer and AI + Cloud strategies, highlighting significant investments in instant retail that have led to increased consumer engagement and record-high monthly active users and daily order volumes [4][5]. AI and Cloud Investments - Alibaba's capital expenditure on AI + Cloud reached 38.6 billion yuan, a year-on-year increase of 220%, reinforcing its commitment to cloud and AI infrastructure, which is a key driver of cloud business growth [5][6]. AI Application Development - The company has developed a comprehensive technology stack for AI, supporting various industries, and has launched several AI-native applications, including a fully AI-driven version of Amap and upgraded DingTalk [6][7]. Consumer Platform Integration - The integration of Taobao, Ele.me, and Fliggy into Alibaba's China e-commerce group has resulted in a 25% year-on-year increase in monthly active buyers on the Taobao app, showcasing the positive effects of platform synergy [8][9]. Operational Efficiency - Alibaba's international digital commerce group saw a 19% year-on-year revenue increase, nearing breakeven, while other businesses like Hema, Amap, and Alibaba Health also showed continuous improvement in operational performance [9].

新浪科技讯 8月29日晚间消息，在2026财年Q1财报分析师电话会上，阿里巴巴集团CEO吴泳铭表示，以 AI+云为核心的科技平台、购物与生活服务融合的大消费平台，是阿里集团面临的两大历史性战略机 遇。阿里巴巴将以驱动业务强劲增长为核心目标，坚定投入未来发展，这也是阿里巴巴发展26年后的再 次创业。 吴泳铭详解了阿里为何在AI+云、消费两大战略领域分别投入3800亿和500亿元，以及两大战略领域要 实现的目标。 这些投入持续收获成效，阿里云实现26%的高速增长，在AI相关收入连续8个季度三位数增长的带动 下，本季度AI收入占外部商业化收入的比例已超过20%。阿里在即时零售领域的投入也快速取得阶段效 果，8月整体即时零售月度活跃买家数达3亿，带动淘宝app 25%的月度活买家数增长，中国电商集团的 日订单量持续突破新高。 在AI领域，吴泳铭表示，"AI技术对所有行业的改变升级以及AI与云计算的深度结合，是未来十年技术 领域最大的行业机会。" 阿里巴巴拥有全球第四、亚洲第一的云，也拥有从AI算力、AI云平台、AI模型、开源生态到AI应用的 全栈技术能力。"本季度，阿里在AI+云的Capex投资达386亿元。过去四个 ...

Core Insights - The company reported strong performance in its two main business segments, cloud services and cloud products, with cloud services achieving profitability for the first time in the first half of 2025 [1] - The company implemented a strategic adjustment in 2024, focusing on increasing high-margin business scale and optimizing organizational processes to enhance overall competitiveness [1] Financial Performance - In the first half of 2025, the company achieved a gross profit of 5.32 million yuan in cloud services, with a gross margin of 6.60%, an increase of 7.89 percentage points year-on-year [1] - The gross margin for cloud products remained high at 63.04% [1] - The company reported a net profit attributable to shareholders of -41.56 million yuan, a year-on-year narrowing of 10.43% [1] Cloud Services Strategy - The company focused on value enterprise clients with stable digitalization needs and significantly developed AI computing power services, capturing major market opportunities in the AI computing sector [2] - The cloud services business achieved a gross profit of 4.38 million yuan and AI computing cloud revenue of 22.82 million yuan in the first half of 2025 [2] - The company emphasized creating standardized, user-friendly, and reliable products to meet clients' digital needs, enhancing research and development efficiency [2] Channel Strategy - The company adopted a value channel strategy, focusing on "core channels + benchmark channels" and viewing channel partners as external partners to collaboratively meet customer needs [3] - In the first half of 2025, the company expanded its service boundaries through strategic partnerships with various organizations and participated in key projects [3]

每经记者｜郑雨航 每经编辑｜段炼 高涵 ① 【三大期指齐跌】道指期货跌0.37%、标普500指数期货跌0.35%、纳指期货跌0.51%。 ② 【热门中概股盘前涨跌不一】热门中概股盘前涨跌不一， 腾讯音乐、理想汽车涨超1%，百度涨近1%，小鹏汽车跌超1%。 ③ 【比特币持续下跌至11万美元下方】比特币跌至109940.2美元，过去24小时内跌2.82%；以太坊跌至4375.62美元，过去24小时内跌4.79%。 ④ 【英伟达盘前跌近1%】英伟达盘前跌近1%。消息面上，该公司Q2数据中心销售额不及预期。 ⑤ 【阿里云增长26%超预期，阿里巴巴涨近3%】阿里巴巴盘前涨近3%，该公司发布的截至自然年2025年6月末的2026财年第一财季财报显示，剔除已出 售业务影响，集团整体收入同比稳健增长10%。净利润同比增长76%，超市场预期。由于对AI+云、消费两大战略领域的投入持续收获成效，核心业务收 入增长保持强劲。阿里云收入同比增长26%，创三年新高。 ⑥ 【戴尔盘前跌超6%】戴尔盘前跌超6%。消息面上，该公司公布的财报显示，第二季度营收与利润超出市场预期，但AI服务器订单下滑。 ⑦ 【英特尔已于28日获得美国政府57亿 ...