Core Insights - Alibaba's revenue for Q2 of fiscal year 2026 reached 247.8 billion RMB, a 5% year-on-year increase, surpassing market expectations of 245.2 billion RMB [1] - The company's operating profit significantly declined by 85% to 5.365 billion RMB, primarily due to heavy investments in instant retail, user experience upgrades, and advanced technology research [1][4] - Despite the profit decline, Alibaba Cloud's revenue grew by 34% to 39.824 billion RMB, marking a record high growth rate [2][4] Financial Performance - Alibaba's net cash flow from operating activities was 10.099 billion RMB, a 68% decrease compared to 31.438 billion RMB in the same period last year [2] - Free cash flow showed a net outflow of 21.840 billion RMB, contrasting with a net inflow of 13.735 billion RMB in the previous year, attributed to investments in instant retail and cloud infrastructure [2] - Capital expenditures for the quarter amounted to 31.5 billion RMB, with a total of approximately 120 billion RMB spent on AI and cloud infrastructure over the past four quarters [2] Business Segment Performance - Instant retail revenue surged by 60% to 22.906 billion RMB, while Alibaba's e-commerce customer management revenue increased by 10% [2][3] - The adjusted EBITA for the Chinese e-commerce group fell by 76% to 10.497 billion RMB, reflecting the impact of costs associated with instant retail and technology investments [3][4] - The adjusted EBITA for the cloud intelligence group grew by 35% to 3.604 billion RMB, indicating strong performance despite challenges in profitability [4] Strategic Outlook - The company is focusing on long-term investments in new business areas, which may lead to short-term fluctuations in profitability and free cash flow [4] - Alibaba's CFO indicated that the company is prioritizing future growth over immediate profit, suggesting a strategic shift towards sustaining long-term competitive advantages [4]

但即时零售和技术投入，使得阿里中国电商集团经调整EBITA（息税前利润）为104.97亿元，相较于上 年同期的443.27亿元大幅下降76%。 11月25日，阿里巴巴集团发布的2026财年第二季度财报显示，其即时零售业务收入达到229.06亿元人民 币，较上年同期的143.21亿元增长60%。 ...

Core Insights - Alibaba Group reported Q2 FY2026 revenue of 247.795 billion yuan, with a year-on-year growth of 15% after excluding the impact of divested businesses [1] Revenue Breakdown - Cloud computing revenue accelerated growth at 34% year-on-year [1] - Revenue from AI-related products has achieved triple-digit growth for nine consecutive quarters [1] - E-commerce customer management revenue (CMR) increased by 10% year-on-year [1] - Instant retail business revenue surged by 60% year-on-year [1]

财报指出，自由现金流的下降主要归因于集团对即时零售业务的持续投入，以及为支持业务发展而增加 的云基础设施相关资本支出。 11月25日，阿里巴巴集团发布的2026财年第二季度财报显示，其本季度经营活动产生的现金流量净额为 人民币100.99亿元，相较于2024年同期的人民币314.38亿元大幅下降68%。 ...

Group 1 - The company is closely monitoring trends in the retail industry and actively developing instant retail business [1] - The company is expanding cooperation with online platforms to increase product variety and the range of online discount coupons [1] - The company is continuously promoting its "Express Store" business, focusing on fresh produce to ensure delivery efficiency and enhance customer satisfaction [1]

该机构预计腾讯在中国互联网超大盘股中的利润前景最为强劲，游戏+广告业务存在上行空间，并可能 将业务重点扩展到外部AI云业务；但部分投资者担忧该公司是否会进入下一阶段的AI+推理成本投资 （这可能会抑制利润率改善，与腾讯上一轮短视频投资周期相似）。阿里巴巴云业务/资本支出前景潜 在利好（或将类似于谷歌和亚马逊业绩发布后强劲的股价表现）以及客户管理收入稳健增长；但即时零 售业务导致集团利润大幅下滑，且该业务投资将持续到12月份所在季度。 高盛在近期研报中指出，展望即将发布的中国互联网三季度业绩（腾讯/京东将于本周发布，阿里巴巴/ 美团/拼多多将于本月晚些时候发布），预计超大盘股业绩喜忧参半。 （文章来源：每日经济新闻） 值得一提的是，高盛认为，相较于全球同业/公司每股盈利增长前景而言，腾讯和阿里巴巴的估值依然 不高，并继续强调腾讯是主要的AI应用概念股，AI赋能旗下各业务线；阿里巴巴则拥有独特的全栈AI 能力、AI云+日常消费场景。 11月13日午后，港股三大指数悉数下跌，恒生科技指数跌超0.5%。主流ETF方面，A股同赛道规模最大 的恒生科技指数ETF（513180）跟随指数小幅下跌，持仓股中，比亚迪股份等少数 ...

Core Insights - The upcoming Q3 earnings reports from major Chinese internet companies are expected to reveal a harsh reality, with aggressive investments in "instant retail" significantly eroding profits despite growth in AI and cloud businesses [1][2] - Goldman Sachs predicts a substantial year-on-year profit decline of 31% for the Chinese internet sector in Q3, worsening from a 9% decline in Q2 [1][2] - The focus for investors will shift from quarterly earnings to management guidance on investment intensity and paths to narrowing losses for Q4 and 2026 [1][2] Group 1: Profit Decline and Losses - Instant retail is projected to cause significant losses for Alibaba (RMB 36 billion), Meituan (RMB 20 billion), and JD.com (RMB 13 billion) in Q3 [4] - Despite expectations of a reduction in losses for Q4, achieving a 50% reduction in losses remains unlikely at this stage [4] Group 2: AI and Cloud Business - AI is a central theme in this quarter's earnings, with cloud revenue expected to accelerate due to strong AI demand, particularly for Alibaba and Tencent [3] - Alibaba's cloud revenue is forecasted to grow by 31% year-on-year in Q3, up from 26% in the previous quarter [3] Group 3: Capital Expenditure and Profit Erosion - Major investments in AI infrastructure are leading to increased capital expenditures, which are expected to dilute short-term profits [3] - Goldman Sachs anticipates Alibaba's capital expenditures to reach RMB 460 billion for the fiscal years 2026-2028, exceeding the company's previous target of RMB 380 billion [3]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for Alibaba-W (09988) while slightly adjusting revenue forecasts for FY2026-FY2028 to 1,050.3 billion, 1,187.9 billion, and 1,305.0 billion yuan respectively, primarily due to low revenue contribution from instant retail business during its investment phase [1] Revenue Forecast Adjustments - Revenue forecasts for FY2026-FY2028 have been adjusted to 1,050.3 billion, 1,187.9 billion, and 1,305.0 billion yuan [1] - The adjustment is attributed to the low average transaction value in the instant retail business during its initial investment phase [1] Net Profit Forecast Adjustments - Adjusted net profit forecasts for FY2026-FY2028 are set at 108.4 billion, 150.2 billion, and 177.2 billion yuan [1] - The adjustments are due to higher-than-expected investment in flash purchase business and increased computational power investments related to AI applications and other business segments [1] Upcoming Financial Report Expectations - Alibaba is expected to release its Q2 FY2026 financial report soon [1] - Guosen Securities anticipates a 4% year-on-year revenue growth for Q2 FY26, projecting revenue of 245.6 billion yuan [1] - The international digital commerce group and cloud intelligence revenue are expected to grow by 17% and 30% year-on-year respectively, while the Chinese e-commerce group is projected to decline by 13% quarter-on-quarter [1] Profitability Expectations - For Q2 FY26, adjusted EBITA is expected to be 8.5 billion yuan, reflecting a 79% year-on-year decline [1] - The adjusted EBITA margin is projected at 3.5%, down 13.6 percentage points year-on-year, primarily due to peak investment in flash purchase business and increased computational demands for AI applications [1]

Group 1 - The core viewpoint of the articles highlights the importance of logistics efficiency and quality in the rapidly growing instant retail industry, with a new partnership between Mibaba and Meituan's Xiaoxiang Supermarket injecting fresh vitality into their business development [1] Group 2 - Mibaba, with ten years of experience in the logistics sector, has established a mature logistics system and extensive service network, forming a solid foundation for the collaboration [3] - To meet Xiaoxiang Supermarket's diverse delivery needs for ambient food, refrigerated fresh produce, and frozen goods, Mibaba has formed a dedicated team to provide customized services, including the deployment of suitable vehicles and the development of a transportation scheduling system to enhance logistics efficiency and reduce costs [3] Group 3 - Mibaba has implemented specialized training for all drivers involved in the project, covering product handling standards, delivery time management, and customer service protocols to ensure alignment with Meituan Xiaoxiang Supermarket's operational requirements [7] - A real-time communication mechanism has been established between the project operation team and Meituan Xiaoxiang Supermarket's relevant personnel to synchronize delivery progress and respond promptly to unexpected demands, enhancing flexibility and reliability in the delivery process [7] Group 4 - Since the start of the collaboration, the synergy between the two companies has become increasingly evident, with the number of daily transport vehicles increasing from 7-8 to over 20 within two months, while maintaining a record of zero product damage and zero delivery delays, receiving high recognition from customers [8] - Mibaba and Meituan Xiaoxiang Supermarket plan to deepen their collaboration by exploring new models of synergy between instant retail and logistics services, continuously optimizing operational plans to provide consumers with a more efficient and high-quality instant shopping experience [8]

Market Performance - US stock markets collectively declined, with major indices falling on August 30, led by technology stocks like Nvidia, resulting in a drop of over 1% for the Nasdaq index [1][2] - The closing figures were as follows: Dow Jones Industrial Average at 45,544.88, down 0.20%; S&P 500 at 6,460.26, down 0.64%; and Nasdaq at 21,455.55, down 1.15% [1][2] - For the week, the Dow Jones fell 0.19%, S&P 500 down 0.1%, and Nasdaq down 0.19%, while in August, the Dow Jones rose 3.2%, S&P 500 increased by 1.91%, and Nasdaq grew by 1.58% [1] Chinese Stocks - Despite the overall decline in US markets, the Nasdaq Golden Dragon China Index rose by 1.55% [2] - Notable Chinese stocks included Alibaba, which surged nearly 13%, and Daqo New Energy, which increased by over 11% [2] - Other rising stocks included iQIYI (up over 5%) and Baidu, Huya, and JinkoSolar (each up over 4%) [2] Alibaba Financial Results - Alibaba Group reported Q1 FY2026 revenue of RMB 247.65 billion, a 2% year-over-year increase, with a 10% increase when excluding disposed businesses [3] - Net profit reached RMB 42.38 billion, marking a 76% year-over-year growth [3] - The company noted significant growth in its instant retail business, with monthly active consumers on the Taobao app increasing by 25% year-over-year [3] Inflation Indicators - The US core PCE price index rose by 2.9% year-over-year in July, indicating inflationary pressures [4][6] - The overall PCE price index increased by 2.6% year-over-year, with a month-over-month rise of 0.2% [6] - Consumer spending, which constitutes over two-thirds of US economic activity, grew by 0.5% month-over-month, reflecting consumer resilience despite rising prices [7] Oil Market - US oil prices fell nearly 1%, with WTI crude settling at $64.01 per barrel and Brent crude at $67.46 per barrel [11] - The US recorded a historic high in oil production at 13.58 million barrels per day in June, contributing to a total liquid fuel production peak of 21.1 million barrels per day [11] - President Trump indicated that oil futures prices might soon drop below $60 per barrel [12] Precious Metals - International precious metal futures saw a general increase, with COMEX gold futures rising by 1.20% to $3,516.10 per ounce and silver futures up by 2.64% to $40.75 per ounce [14] - Weak economic data in the US supported the rise in gold prices, with the Michigan consumer sentiment index falling below expectations [14]