Core Insights - Alibaba's cloud computing revenue grew by 34% year-on-year, slightly exceeding expectations of 38 billion RMB [1] - The company's overall revenue increased by 4.8% year-on-year, reaching 247.8 billion RMB (34.8 billion USD), compared to 242.65 billion RMB in the same period last year [1] - Alibaba's Chinese e-commerce group revenue grew by 16% year-on-year [1] Financial Performance - Adjusted EBITDA decreased by 78% year-on-year to 9.1 billion RMB, attributed to investments in the fast commerce sector [2] - Capital expenditures (capex) amounted to approximately 120 billion RMB, with Q3 capex at 31.5 billion RMB, an increase of 80.1% year-on-year but a decrease of 18.6% quarter-on-quarter [2] - Overall gross margin declined significantly, with the gross margin dropping from 15% to 2% year-on-year, and adjusted EBITDA margin fell from 20% to 7% year-on-year [2] Cloud Computing Insights - Alibaba Cloud's EBITDA margin was 9.0%, surpassing Bloomberg's expectation of 8.7% and slightly up from 8.8% in the previous quarter [2] - The company is currently in the ramp-up phase for its self-developed Pingtouge chips, which began production in June [3]

格隆汇11月25日｜阿里巴巴(BABA.US)盘前一度涨超5%至168.88美元。消息面上，公司第二财季营收 2478亿元(人民币，下同)，高于预估的2452亿元；中国电商事业集团营收1325.8亿元，高于预估的 1285.3亿元；云智能集团收入398.2亿元，同比增长34%，高于市场预估的379.9亿元；即时零售业务收 入为229.06亿元(32.17亿美元)，同比增长60%，主要是得益于2025年4月底推出的"淘宝闪购"所带来的订 单量增长。阿里巴巴表示，AI+云与消费两大核心业务本季度持续实现强劲增长。 来源：格隆汇APP ...

Core Insights - Alibaba Group reported a significant increase in its instant retail business revenue, reaching 22.906 billion RMB, which represents a 60% growth compared to 14.321 billion RMB in the same period last year [1] - However, the adjusted EBITA for Alibaba's China e-commerce group fell sharply to 10.497 billion RMB, a 76% decline from 44.327 billion RMB year-over-year [1] Financial Performance - Instant retail business revenue: 22.906 billion RMB, up 60% from 14.321 billion RMB [1] - Adjusted EBITA: 10.497 billion RMB, down 76% from 44.327 billion RMB [1]

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]

Core Viewpoint - The issue of "malicious returns" in the e-commerce clothing sector has led to the implementation of oversized tags by merchants as a defensive measure, which has sparked significant discussion and debate [1][2][4] Group 1: Impact on E-commerce Businesses - Malicious returns have caused substantial financial strain on e-commerce businesses, with reports indicating that a company with over 100 million yuan in sales had a net profit of only 2-3 million yuan, while costs related to returns, including warehousing and sorting, reached nearly 10 million yuan [1] - During last year's "Double 11" shopping festival, one e-commerce operator reported a return amount of nearly 4 million yuan out of 5 million yuan in inventory, with shipping insurance costs alone reaching 120,000 yuan [1][2] Group 2: Consumer Consequences - Consumers may face higher prices as businesses pass on losses from malicious returns, and they risk receiving "second-hand new" items due to extended pre-sale periods as merchants wait for returns to finalize orders [2] - The convenience of return processes, such as home pickup and drop-off at stations, has lowered the time cost for consumers, encouraging the behavior of returning items without genuine intent [2] Group 3: Defensive Measures and Their Limitations - Some merchants have adopted oversized tags, which have reportedly reduced return rates significantly; for instance, one store saw a drop from 45% to 28% in return rates after implementing these tags [3] - However, these measures are not foolproof, as some consumers have found ways to circumvent them, such as carefully cutting tags to try on items [4] Group 4: Need for Systemic Solutions - The complexity of the issue necessitates a comprehensive approach to address malicious returns, with suggestions for platforms to develop a robust governance system that includes identifying malicious return patterns through data analysis [5] - Establishing efficient dispute resolution mechanisms and involving third-party assessment for returned items can help clarify responsibilities and reduce the burden on merchants [6] - The original intent of the "7-day no-reason return" policy was to protect consumer rights, and it is crucial for platforms to optimize rules to create a fair trading environment that discourages malicious returns while benefiting compliant consumers [6]

阿里巴巴第二财季营收2,478.0亿元人民币，预估2,452亿元人民币。阿里巴巴第二财季调整后每ADS收 益 4.36元人民币，预估6.34元人民币。第二财季调整后息税折旧及摊销前利润172.6亿元人民币，预估 193亿元人民币。第二财季调整后净利润103.5亿元人民币，预估168亿元人民币。第二财季阿里国际数 字商业集团收入348.0亿元人民币，预估378.5亿元人民币。第二财季云智能集团收入398.2亿元人民币， 预估379.9亿元人民币。第二财季中国电商事业集团收入1,325.8亿元人民币，预估1,285.3亿元人民币。 阿里巴巴盘前涨超1%。 ...

每经AI快讯，11月25日消息，阿里巴巴第二季度营收2,478.0亿元人民币。 （文章来源：每日经济新闻） ...

Group 1 - The core point of the news is the closure of multiple stores by "Paitexiansheng," a pet fresh food brand founded by Hou Yi, the founder of Hema, due to significant operational pressure, with plans to close all physical stores by mid-December while continuing online operations [1] - Hou Yi's entrepreneurial journey with "Paitexiansheng" has faced challenges just a year after its establishment, highlighting the difficulties faced by entrepreneurs from Alibaba [2] - The trend of Alibaba alumni starting their own businesses has seen mixed success, with notable figures achieving significant accomplishments, while others, like Hou Yi, are facing setbacks [2] Group 2 - Alibaba's founder, Jack Ma, expressed a vision in 2018 that a significant portion of China's top companies would have CEOs from Alibaba, indicating the potential for successful entrepreneurship among its alumni [3] - The corporate culture at Alibaba has played a crucial role in shaping the behaviors and decision-making processes of its employees, with Ma emphasizing the importance of values in guiding the company [5][6] - Alibaba's value system has evolved through different phases, from "Dugu Nine Swords" to "New Six Pulses," reflecting the company's growth and the need for a more adaptable framework as it expanded [7][8] Group 3 - The "New Six Pulses" value system introduced by Alibaba emphasizes customer focus, employee welfare, and adaptability, which are critical for navigating the fast-changing business landscape [8] - The emphasis on values and culture at Alibaba is so strong that performance evaluations heavily weigh adherence to these values, indicating a unique organizational approach that alumni carry into their ventures [9] - The entrepreneurial landscape for Alibaba alumni is characterized by a high survival rate compared to the general market, although the success of individual ventures varies significantly [39]

2025 年，速卖通升级了"超级品牌出海计划"，并推出了"Brand+"专属频道，吸引亚马逊头部品牌开始 流向速卖通。双 11 前亚马逊"五大类目王"集体将速卖通海外仓的备货量翻倍，其中不乏"骑行王"洛克 兄弟、"沙发王"COMHOMA、"车载冰箱王"冰虎以及智能清洁知名品牌ILIFE等。 海外双11期间，至少200个品牌在速卖通达成超亚马逊日均2倍的销售额。 目前"黑五"大促仍在继续，今年速卖通"海外双11"与"黑五"无缝衔接，卖家可从11月8日持续售卖至12 月3日，形成长达一个月的连续销售窗口期。 每年"黑色星期五"都是欧美消费者最重要的购物狂欢节之一，也是亚马逊全年最关键的销售战役和核心 主场，但今年这一局面被打破——据知名应用分析平台Sensor Tower数据，2025年"黑五"开卖首日（11 月20日），阿里巴巴旗下跨境电商平台速卖通AliExpress在欧洲下载量超过亚马逊。业内人士指出，作 为电商"出海四小龙"中唯一能在品牌出海赛道与亚马逊正面竞争的平台，"黑五"在欧洲实现下载量反 超，标志着速卖通开始向亚马逊的核心主场发起挑战。 图：2025"黑五"开卖首日，速卖通在欧洲下载量超过亚马逊 ...

每经AI快讯，阿里巴巴-W(09988.HK)涨超3%，截至发稿，涨3.04%，报159.2港元，成交额68.82亿港 元。 ...