Core Viewpoint - Southbound funds have significantly increased their holdings in Alibaba Group, indicating growing investor confidence in the company [1][2]. Summary by Sections Southbound Fund Holdings - On November 26, southbound funds increased their holdings by 26.40 million shares of Alibaba-W (09988.HK) [1]. - Over the past five trading days, there have been five days of net increases, totaling 75.54 million shares [1]. - In the last 20 trading days, there were ten days of net increases, amounting to 51.25 million shares [1]. - As of now, southbound funds hold 2.157 billion shares of Alibaba-W, representing 11.29% of the company's total issued ordinary shares [1]. Daily Shareholding Changes - The total number of shares held by southbound funds on November 26 was 2.157 billion, with a change of 26.40 million shares, reflecting a 1.24% increase [2]. - The previous trading days showed the following changes: - November 25: 21.30 billion shares, +7.77 million (0.37%) [2] - November 24: 21.22 billion shares, +6.82 million (0.32%) [2] - November 21: 21.16 billion shares, +13.37 million (0.64%) [2] - November 20: 21.02 billion shares, +21.18 million (1.02%) [2]. Company Overview - Alibaba Group provides technology infrastructure and marketing platforms, operating through seven business segments [2]. - The segments include: - China Commerce: Retail businesses like Taobao, Tmall, and Hema, as well as wholesale operations [2]. - International Commerce: Retail and wholesale businesses such as Lazada and AliExpress [2]. - Local Services: Location-based services like Ele.me and Amap [2]. - Cainiao: Domestic and international logistics and supply chain management [2]. - Cloud Computing: Public and hybrid cloud services, including Alibaba Cloud and DingTalk [2]. - Digital Media and Entertainment: Platforms like Youku, Quark, and Alibaba Pictures [2]. - Innovation and Other: Includes initiatives like Damo Academy and Tmall Genie [2].

电商利润承压下滑，云业务强势突围——阿里巴巴正处于新旧增长引擎迭代的关键时期。 11月25日晚间，阿里巴巴（NYSE:BABA/09988.HK）公布了2025财年第三季度业绩。报告显示，公司当期实现营业收入2477.95亿元，同比增长5%。若剔 除已剥离的高鑫零售和银泰业务影响，收入增速达到15%。 然而，由于持续加大对人工智能（AI）及即时零售等新兴业务的战略投入，本季度阿里巴巴经营利润同比大幅下降85%至53.65亿元；经调整EBITA（息 税及摊销前利润）也同比下降78%，为90.73亿元。在非公认会计准则下，净利润为103.52亿元，同比下降72%。 作为利润承压的关键因素之一，即时零售业务的布局进展备受市场关注。阿里电商事业群CEO蒋凡在财报会上表示，公司坚定看好闪购业态与阿里生态的 协同潜力。他指出："目前我们已完成第一阶段快速规模扩张，第二阶段的单位经济效益优化进展符合预期。闪购是淘天平台升级的核心战略之一，我们 设定了三年内GMV达到1万亿元的目标，并致力于带动相关品类的整体市场份额提升。" 在备受关注的AI业务方面，阿里管理层则释放了加码投入的信号："从大方向看，此前提出的3800亿元AI ...

Core Insights - Alibaba's Q2 FY2026 results exceeded market expectations, with revenue reaching 247.8 billion RMB, showcasing significant improvement in core business profitability [1][2] - Alibaba Cloud's revenue grew by 34% year-on-year, and AI-related product revenue has maintained triple-digit growth for nine consecutive quarters [1] - Instant retail business revenue surged by 60% year-on-year, contributing to a double-digit increase in monthly active consumers on the Taobao app [1] Financial Performance - For the three months ending September 30, 2025, Alibaba reported a revenue of 247.8 billion RMB, a 5% increase compared to the previous year [2] - Key segments showed varied growth: - Cloud revenue increased by 34% - Instant retail revenue rose by 80% - International business revenue grew by 10% [2] - Despite strong financial results, Alibaba's stock experienced a decline, with Hong Kong shares down 1.33% and US shares down 2.31% on the reporting day [2] Market Position and Strategy - Alibaba's dual strategy of "deepening foundational models and accelerating industry solutions" is yielding results, with significant engagement from global developers [4] - The company is focusing on AI integration in both B2B and B2C sectors, aiming to capture more market share in AI cloud and instant retail [4] - Analysts remain optimistic about Alibaba's long-term prospects, with target prices from major investment banks indicating confidence in revenue growth driven by AI, cloud, and e-commerce synergies [4] Operational Efficiency - The financial report indicates a shift towards improved efficiency, with Alibaba Cloud becoming a core profit driver due to increased demand for AI services [5] - Instant retail metrics such as user retention and average order value have shown significant improvement, suggesting a transition from mere scale expansion to a balanced focus on scale and profitability [5] - Overall, Alibaba's Q2 results validate the resilience of its core business and the effectiveness of its AI and consumer strategy [5]

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 ...

Core Insights - Southbound funds increased their holdings in Alibaba-W (09988.HK) by 13.37 million shares on November 21, 2025, marking a 0.64% change in total shares held [1][2] - Over the past five trading days, southbound funds have increased their holdings for five days, with a total net increase of 70.468 million shares [1] - In the last twenty trading days, there were nine days of net increases, totaling 12.0078 million shares [1] - As of now, southbound funds hold 2.116 billion shares of Alibaba-W, accounting for 11.07% of the company's total issued ordinary shares [1][2] Trading Data Summary - On November 21, 2025, total shares held reached 2.116 billion, with a change of 13.37 million shares [2] - On November 20, 2025, total shares held were 2.102 billion, with a change of 21.18 million shares [2] - On November 19, 2025, total shares held were 2.081 billion, with a change of 13.30 million shares [2] - On November 18, 2025, total shares held were 2.068 billion, with a change of 14.37 million shares [2] - On November 17, 2025, total shares held were 2.053 billion, with a change of 8.25 million shares [2] Company Overview - Alibaba Group Holding Limited provides technology infrastructure and marketing platforms, operating across seven business segments [2] - The China commerce segment includes retail businesses such as Taobao, Tmall, and Hema, as well as wholesale operations [2] - The international commerce segment encompasses international retail and wholesale businesses like Lazada and AliExpress [2] - The local services segment includes location-based services such as Ele.me, Amap, and Fliggy [2] - The Cainiao segment offers domestic and international logistics services and supply chain management solutions [2] - The cloud segment provides public and hybrid cloud services to domestic and international enterprises, including Alibaba Cloud and DingTalk [2] - The digital media and entertainment segment includes Youku, Quark, Alibaba Pictures, and other content and distribution platforms, as well as online gaming [2] - The innovation and other segment includes DAMO Academy, Tmall Genie, and other businesses [2]

Core Insights - The article discusses the strategic shift within Alibaba, particularly focusing on the integration of Ele.me into the Taobao ecosystem, reflecting a broader trend of consolidation in the face of competition from Meituan and Douyin e-commerce [3][11][19] Group 1: Company Strategy - Alibaba is restructuring its operations under the leadership of Jiang Fan, who is tasked with ensuring the stability of the "old Alibaba" while supporting the "new Alibaba" focused on cloud and AI [5][11] - The integration of Ele.me into Taobao reflects a shift in strategy, where the brand is being downplayed in favor of Taobao's established presence, indicating a belief that the Ele.me brand has limited utility [3][17] - The decision to rebrand Ele.me as "Taobao Flash Purchase" signifies a move towards a more unified platform aimed at enhancing user engagement and driving sales [11][19] Group 2: Market Dynamics - The competitive landscape has shifted, with Meituan establishing a stronghold in the local delivery market, making it difficult for Ele.me to gain market share despite Alibaba's resources [15][19] - The article highlights the challenges faced by Alibaba in adapting its e-commerce model to the realities of local delivery, where operational efficiency and supply chain management are critical [9][15] - The rise of Douyin e-commerce has further complicated Alibaba's position, as it has drawn users away from Taobao, increasing customer acquisition costs significantly [10][19] Group 3: Financial Implications - Alibaba's investments in the "new retail" concept have not yielded the expected returns, leading to significant financial losses, particularly with Ele.me, which has become a financial burden rather than an asset [9][12] - The article notes that Alibaba has engaged in asset divestitures, including the sale of Intime Retail and Gome Retail, to streamline operations and reduce losses [12][19] - The financial performance of Taobao Flash Purchase is under scrutiny, with projections indicating that its contribution to revenue may fall short of the substantial investments made [19]

"双11"走到第17年，各电商平台战报不再公布具体GMV（商品交易总额），统计周期也参差不齐，横 向可比较维度并不统一，但是各家可以在时间维度上纵向与自己比较。 11月15日，阿里巴巴公布2025年天猫"双11"成绩，称这是"以四年来最好增长收官"。 对于行业和大众来说，随着大促常态化，"双11"的独特性已逐年减弱，但是对于阿里而言，今年却有巨 大变革意味：今年是淘宝升级大消费平台、淘宝闪购全面参与、AI全面应用的第一个"双11"。 根据淘天公布的数据，今年"天猫双11"全周期（10月15日至11月14），淘宝闪购零售订单同比去年增长 超2倍，天猫品牌即时零售日均订单环比9月增长了198%。融入淘天后的第一个"双11"，飞猪成交创历 史新高，同比增长超30%。 今年阿里"双11"对消费者给出了史上力度最大的优惠福利投入，首次规模化地用AI工具来发放红包，AI 红包带动品牌日均下单用户数增长86%。最终收官的战绩包括近600个品牌成交破亿元、3.4万个品牌同 比增长翻倍等。 这是阿里巴巴在2025年结束"1+6+N"（1个集团+6大重点板块+N个其他业务）时代，回归"一个阿 里"（One Alibaba）的架构 ...

Group 1 - The core point of this year's Double Eleven shopping festival is that it has become the longest in history, lasting 159 days, which is 4 days longer than last year, with major platforms averaging over 30 days of promotion [2][3] - During this year's Double Eleven, the total sales reached approximately 1.70 trillion yuan, a year-on-year increase of 14.2%, while the comprehensive e-commerce transaction volume grew by 12.3% [3][4] - The average daily sales during this year's Double Eleven were 462.6 billion yuan, indicating an 11% year-on-year decline, suggesting that the event has become less effective in stimulating consumer interest [4][8] Group 2 - The stagnation in the e-commerce market has led platforms to adopt strategies that may not be sustainable, as they attempt to maintain the appearance of growth [5] - The changing financial reporting metrics of major platforms, such as the shift from GMV to CMR and active buyer metrics, complicates the evaluation of their performance [7][8] - The lack of transparency regarding GMV growth in financial reports raises concerns about the competitive position of platforms like Taobao and Tmall [8][9] Group 3 - In response to limited GMV growth, platforms are increasing their take rates, which places additional financial pressure on merchants [9][10] - The introduction of new fees, such as a 0.6% technical service fee and full-site promotion costs, is aimed at increasing revenue from merchants [10][11] - Merchants are facing a complex fee structure that significantly reduces their profit margins, leading to dissatisfaction and potential exits from the platform [14][15][18] Group 4 - Other platforms, such as Xiaohongshu and Pinduoduo, are implementing measures to reduce costs for merchants, contrasting with Taobao's approach [26][27] - Alibaba's significant investments in AI and instant retail are driving the need for higher fees from merchants to support these initiatives [28][29][30] - The current strategy of increasing fees on merchants may lead to a long-term decline in merchant satisfaction and retention [30][31]

Core Insights - Southbound funds increased their holdings in Alibaba-W (09988.HK) by 8.25 million shares on November 17, 2025, marking a 0.40% increase in total holdings [1][2] - Over the past five trading days, southbound funds have reduced their holdings on four occasions, resulting in a cumulative net reduction of 32.71 million shares [1][2] - In the last twenty trading days, there have been 14 days of net reductions, totaling 72.90 million shares [1][2] - As of now, southbound funds hold 2.053 billion shares of Alibaba-W, which represents 10.75% of the company's total issued ordinary shares [1][2] Summary by Sections Trading Activity - On November 17, 2025, total shares held by southbound funds reached 2.053 billion, with an increase of 8.25 million shares [2] - On November 14, 2025, there was a decrease of 21.96 million shares, reflecting a -1.06% change [2] - The trading activity over the previous days shows a consistent pattern of reductions, with notable decreases on November 13 (-12.68 million shares), November 12 (-4.04 million shares), and November 11 (-2.27 million shares) [2] Company Overview - Alibaba Group Holding Limited provides technology infrastructure and marketing platforms, operating across seven business segments [2] - The segments include: - China Commerce: Retail businesses like Taobao, Tmall, and Hema, as well as wholesale operations - International Commerce: Retail and wholesale businesses such as Lazada and AliExpress - Local Services: Location-based services like Ele.me, Amap, and Fliggy - Cainiao: Domestic and international logistics services and supply chain management solutions - Cloud Computing: Public and hybrid cloud services, including Alibaba Cloud and DingTalk - Digital Media and Entertainment: Platforms like Youku, Quark, and Alibaba Pictures, along with online gaming - Innovation and Other: Includes DAMO Academy, Tmall Genie, and other ventures [2]

Core Insights - Tmall achieved its best growth in four years during the Double 11 shopping festival, driven by a strategic focus on supporting quality brands and original merchants, along with significant consumer investment [3]. Group 1 - Nearly 600 brands on Tmall achieved over 100 million in sales, and 34,091 brands saw a year-on-year growth of over 100%, surpassing last year's performance [3]. - The 88VIP membership program continues to expand, with the average daily number of purchasing members increasing by 31% compared to last year [3]. - Retail orders from Taobao Flash Sale more than doubled year-on-year [3].