Core Insights - Alibaba's financial performance for the quarter ending September 30, 2025, shows a revenue of RMB 247.795 billion (USD 34.808 billion), representing a year-on-year growth of 5%. Excluding disposed businesses, the revenue growth would be 15% [1][4] - The operating profit significantly declined by 85% to RMB 5.365 billion (USD 754 million), primarily due to a reduction in adjusted EBITA, which fell by 78% to RMB 9.073 billion (USD 1.274 billion) [1][5] - Net profit attributable to ordinary shareholders was RMB 20.990 billion (USD 2.948 billion), a decrease of 52% year-on-year, mainly due to the drop in operating profit [3][5] Financial Performance - Revenue for the six months ending September 30, 2025, was RMB 495.447 billion (USD 69.595 billion), with a year-on-year growth of 3%. On a comparable basis, the growth would be 12% [4][18] - Operating profit for the same period was RMB 40.353 billion (USD 5.668 billion), down 43% year-on-year, attributed to a decrease in adjusted EBITA [5][18] - The net profit for the six months was RMB 62.994 billion (USD 8.849 billion), a decline of 7% year-on-year [5][18] Cash Flow and Investments - Net cash flow from operating activities was RMB 100.99 billion (USD 14.19 billion), down 68% from RMB 314.38 billion in the previous year [3][6] - Free cash flow showed a net outflow of RMB 21.84 billion (USD 3.068 billion), compared to a net inflow of RMB 137.35 billion in the same period last year [3][6] - As of September 30, 2025, cash and other liquid investments totaled RMB 573.889 billion (USD 80.614 billion) [3][6] Business Segments - The revenue from the Instant Retail segment for the quarter was RMB 22.9 billion, reflecting a year-on-year increase of 60% [9][17] - The Cloud Intelligence Group reported revenue of RMB 39.824 billion (USD 5.594 billion), with a year-on-year growth of 34% [8][9] - The "All Other" business segment saw a revenue decline of 25%, primarily due to the disposal of certain businesses and a drop in revenue from Cainiao [10][20] Strategic Developments - Approximately 3,500 Tmall brands have integrated their offline stores into the Instant Retail business as of October 31, 2025 [7] - Alibaba is focusing on AI initiatives, with significant investments in user experience and technology, which have impacted profitability in the short term [17][20] - The CFO indicated that the third quarter represented a peak in investment for the flash purchase business, with expectations for reduced spending in the upcoming quarter [20]

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 - The rise of malicious returns in the e-commerce sector is causing significant financial strain on businesses, leading to defensive measures like oversized tags that may not effectively resolve the underlying issues [1][5][6]. Group 1: Impact on E-commerce Businesses - E-commerce businesses are facing severe financial losses due to high return rates, with one company reporting a return amount of nearly 400 million yuan against a 5 million yuan inventory for last year's "Double 11" sales [4]. - The costs associated with returns, including warehousing, sorting, and cleaning, can exceed 10 million yuan for companies with annual sales over 100 million yuan [4]. - Malicious returns not only affect businesses but also lead to higher prices for consumers, as companies pass on losses through increased pricing [5]. Group 2: Defensive Measures and Their Limitations - In response to the issue, some businesses have implemented large tags that state "removal affects resale," resulting in a reduction of return rates from 45% to 28% in one case [6]. - However, these measures are often circumvented by consumers, leading to a cycle of increasing costs for businesses, as the production of these tags can consume significant profit margins [7]. - The introduction of password locks has shown some effectiveness, but these too can be easily compromised, indicating that defensive strategies may only provide temporary relief [7]. Group 3: Need for Systemic Solutions - The problem of malicious returns is complex and requires a multifaceted approach, including the establishment of a robust mechanism to identify and manage high-risk return behaviors through data analysis [9]. - Implementing efficient dispute resolution processes with third-party assessments can help clarify responsibilities and reduce the burden on businesses [10]. - A restructured cost mechanism for returns is essential to ensure that compliant consumers benefit while those engaging in malicious returns face higher costs, thus restoring the original intent of the "7-day no-reason return" policy [11].

Core Insights - The annual "Black Friday" shopping event has been a crucial sales battleground for Amazon, but this year, the situation has changed significantly with AliExpress surpassing Amazon in download numbers in Europe on the opening day of "Black Friday" 2025 [1] - This shift indicates that AliExpress is beginning to challenge Amazon's dominance in its core market, marking a significant milestone for the platform [1] Group 1: Market Dynamics - In 2025, AliExpress upgraded its "Super Brand Going Global Plan" and launched the "Brand+" exclusive channel to attract top brands from Amazon [1] - Major categories on Amazon have reportedly doubled their inventory in AliExpress's overseas warehouses ahead of the Double 11 shopping festival, including brands like "Cycling King" Rock Brothers and "Sofa King" COMHOMA [1] Group 2: Sales Performance - During the overseas Double 11 period, at least 200 brands on AliExpress achieved sales that were twice the daily average of Amazon [1]

Core Insights - Alibaba's flash purchase business is expected to significantly reduce its overall investment in the next quarter, indicating a strategic shift towards improving unit economics and profitability [1][2] - The CEO of Alibaba, Wu Yongming, stated that the AI demand remains strong and that the AI bubble is unlikely to exist for at least the next three years, as supply chain expansions are driven by high demand [4][5] Financial Performance - Alibaba's China e-commerce group's adjusted EBITA fell by 76% year-on-year to 10.497 billion yuan, a decrease of 33.83 billion yuan, primarily due to heavy investments in flash purchases and user experience [1] - The flash purchase business incurred losses exceeding 30 billion yuan in the third quarter, but excluding these losses, the e-commerce group's EBITA showed a modest year-on-year growth in the single digits [1] Strategic Focus - The CEO of Alibaba's China e-commerce division, Jiang Fan, highlighted that the unit economics of instant retail have significantly improved, achieving a 50% reduction in per-order losses compared to July and August [2] - Flash purchases are considered a core strategy for the Taotian platform upgrade, with rapid scale expansion and unit economics optimization laying a foundation for sustainable growth in the delivery business [2] AI Demand and Supply Chain - Wu Yongming emphasized that the demand for AI remains robust, with shortages in global storage manufacturers, CPUs, and AI servers, indicating a production expansion cycle driven by AI demand [4][5] - The company plans to accelerate its supply chain and data center pace in response to current and future AI demand, suggesting that previous infrastructure investment plans may need to be increased [5]

Group 1 - The online retail sales in China from January to October increased by 9.6% year-on-year, reflecting the advantages of a large-scale market and the deep integration of "Made in China" industrial upgrades [1] - Smart wearable products, such as AI glasses and smartwatches, saw a significant growth in online sales, with an increase of 23.1%, indicating a shift from novelty consumption to essential consumption [1] - The strong consumer demand is driving companies to invest more in core technology and product iterations, creating a virtuous cycle where market demand drives technological upgrades and technological progress stimulates consumption potential [1] Group 2 - Recent policies aimed at promoting digital consumption are being released, positioning digital consumption as a new engine for expanding domestic demand [2] - The State Council's recent meeting emphasized leading industrial upgrades through consumption upgrades and achieving a dynamic balance between supply and demand [2] - The market is witnessing structural changes, with digital consumption becoming a significant component, characterized by essential, scenario-based, segmented, and quality-oriented consumption [2] Group 3 - There is a call for more quality supply to meet new demands, and enhancing supply-demand adaptability is key to unlocking consumption potential and facilitating economic circulation [3] - Relevant departments are expected to introduce policies to enhance the adaptability of consumer goods supply and demand, which may lead to rapid development in fields such as AI terminals, ultra-high-definition video, and drones [3]

11月25日，阿里巴巴集团发布2026财年第二季度财报。报告期内，集团收入2477.95亿元，超市场预期，剔除已出 售业务影响，收入同比增长15%。 上证报中国证券网讯（记者 杨翔菲 温婷）11月25日，阿里巴巴集团发布2026财年第二季度财报。报告期内，集团 收入2477.95亿元，超市场预期，剔除已出售业务影响，收入同比增长15%。 | | | 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,百分比除外) | | | | 阿里巴巴中國電商集團： | | | | | | 電商業務 | | | | | | 客戶管理 | 71.667 | 78.927 | 11.087 | 10% | | 直營、物流及其他(2) | 22,799 | 24,006 | 3,372 | 5% | | | 94,466 | 102.933 | 14.459 | 9% | | 即時零售(3) | 14.321 | 22.906 | 3.217 | 60% | ...

Group 1 - The core transaction involves the acquisition of 51% equity in Wanyou Technology (Hong Kong) Limited for HKD 15 million by a wholly-owned subsidiary of Macroview Group Holdings [1] - Upon completion, the target company will become an indirect non-wholly owned subsidiary of Macroview Group, with the financial performance, assets, and liabilities of the target group being consolidated into the group's financial statements [1] - The seller will retain a 49% equity stake in the target company [1] Group 2 - The valuation of the 51% equity stake was determined by an independent appraiser using the market approach, applying a median price-to-earnings ratio of 15.05 from comparable listed companies to the target company's historical earnings [2] - The acquisition is viewed as a strategic step to rapidly establish influence in the e-commerce sector, expected to bring strategic benefits and commercial advantages to the group [2] - The target company's expertise in e-commerce live streaming is highly complementary to the operations of Macroview Group, allowing for significant synergies and enhanced operational efficiency through shared sales channel resources and improved technical capabilities [2]

Group 1 - The core transaction involves a conditional agreement where the buyer, Zhi Jian Limited, will acquire 51% of the issued share capital of the target company, Wanyou Technology (Hong Kong) Limited, for a total consideration of HKD 15 million [1] - Upon completion, the target company will become an indirect non-wholly owned subsidiary of the buyer, with the seller retaining a 49% stake [1] - The financial performance, assets, and liabilities of the target group will be consolidated into the buyer's financial statements following the acquisition [1] Group 2 - The valuation of the 51% stake was determined by an independent valuer using a market approach, applying a median price-to-earnings ratio of 15.05 from comparable listed companies to the target company's historical earnings for the 12 months leading up to the valuation date of September 30, 2025 [2] - The acquisition is viewed as a strategic step to rapidly establish influence in the e-commerce sector, expected to bring strategic benefits and commercial advantages to the group [2] - The target company's expertise in e-commerce live streaming is highly complementary to the buyer's operations, allowing for significant synergies through shared sales channel resources and enhanced technical capabilities [2]

专题：聚焦2025年第三季度美股财报 11月25日晚间消息，阿里巴巴（NYSE： BABA；HKEX： 9988）今日发布了截至2025年9月30日的 2026财年第二财季财报：营收为2477.95亿元，同比增长5%。若不考虑高鑫零售和银泰的已处置业务的 收入，则同口径收入同比增长将为15%。净利润为206.12亿元，同比下滑53%，主要由于运营利润的下 滑。不按美国通用会计准则，净利润为103.52亿元，同比下滑72%。归属于普通股股东的净利润为 209.90亿元。（注：阿里巴巴财年与自然年不同步，2025年4月1日至2026年9月30日为2026财年）。 第二财季，阿里巴巴中国电商集团营收1325.78亿元（约合195.53亿美元），与上年同期的1147.73亿元 相比增长16%。 阿里国际数字商业集团（AliExpress、trendyol、Lazada、Daraz、Alibaba.com） 第二财季，阿里国际数字商业集团营收347.99亿元（约合48.88亿美元），与上年同期的316.72亿元相比 增长10%。 云智能集团（阿里云） 第二财季，云智能集团营收398.24亿元（约合55.94亿美元），与 ...