Core Insights - Alibaba's financial results for the second quarter of fiscal year 2026 reflect a strategic focus on AI and cloud services, leading to revenue growth but a decline in net profit [2][3][5] - The company reported a record revenue of 495.447 billion yuan, a 3% year-on-year increase, while net profit fell by 6% to 64.106 billion yuan [3][4] - Significant capital expenditures of 31.5 billion yuan in the second quarter indicate a commitment to long-term growth despite short-term profit pressures [5][7] Revenue and Profit Analysis - In Q2 of fiscal year 2026, Alibaba achieved revenue of 247.795 billion yuan, a 5% increase year-on-year, but net profit dropped by 52% to 20.990 billion yuan [3][4] - The decline in net profit is attributed to increased investments in core business areas, particularly AI and cloud services, which are expected to yield long-term benefits [5][6] - Excluding divested businesses, revenue growth on a same-store basis was 15%, driven by strong performance in AI-driven cloud services and the rapidly expanding instant retail segment [4][5] Business Segment Performance - Alibaba's cloud revenue reached 39.824 billion yuan, marking a 34% year-on-year increase, with AI-related products contributing significantly to this growth [4][5] - The instant retail business saw a remarkable 60% increase in revenue to 22.906 billion yuan, highlighting the effectiveness of the company's strategic investments [4][5] - The overall revenue from non-core businesses, including Hema and Cainiao, declined by 25% to 62.969 billion yuan, indicating challenges in these segments [5] Capital Expenditure and Future Outlook - The company reported capital expenditures of 31.5 billion yuan in Q2, with a total of approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [6][7] - CEO Wu Yongming indicated that previous capital expenditure estimates of 380 billion yuan may be conservative, suggesting potential for increased future investments [8][9] - The focus on strategic investments is expected to lead to future growth, despite current profit pressures, as the company aims to optimize efficiency in its operations [6][9] Market Position and Stock Performance - Alibaba's cloud services hold a 35.8% market share in China's AI cloud market, significantly outperforming competitors [10] - Despite a strong performance in 2025, Alibaba's stock price fell by 1.90% on November 26, indicating market volatility and investor sentiment challenges [11]

阿里巴巴 20251125 摘要 阿里云受益于 AI 需求和公有云使用量上升，混合云同比增长超 20%， 金融云市场份额持续提升，AI 相关产品连续 9 个季度实现三位数增长， 显示出强劲的增长势头。 中国电商 GMV 同比增长 10%，客户管理年度收益率（CMAR）增长 10%，快消业务显著改善，淘宝 App 月活用户数快速增加，表明消费领 域呈现复苏态势。 阿里巴巴集团总收入同比增长 15%至 2,478 亿元人民币，但净收入同 比下降 53%至 206 亿元人民币，经营现金流和自由现金流均下降，反 映出在快速商务、AI 和云基础设施上的大量投入。 中国电商业务收入同比增长 16%至 1,326 亿元人民币，快消业务收入 大幅增长 60%，AIDC 通过优化物流和投资效率提升，实现经调整毛利 1.62 亿人民币。 快速商务业务通过优化订单结构和物流成本，每单亏损相比 7 月、8 月 下降 50%，高单价订单占比提升，平均订单价值实现两位数增长，用户 保留率和购买频率超出预期。 Q&A 阿里巴巴集团在 2025 年 9 月季度的财报中，云业务表现如何？未来增长前景 如何？ 在 2025 年 9 月季度，阿里 ...

11 月 25 日，阿里巴巴（HK09988，股价154.800港元，市值2.950万亿港元，以下简称阿里）发布2026 财年第二季度（指2025年7月~9月）业绩，集团当期收入为2477.95亿元（人民币，下同），同比增长 5%，若不考虑已处置的高鑫零售和银泰业务收入，同口径收入同比增长15%。 《每日经济新闻》记者注意到，2026财年第二季度，阿里云收入同比增长34%，AI（人工智能）相关产 品收入连续9个季度实现三位数同比增长。与此同时，电商客户管理收入（CMR）同比增长10%，即时 零售业务收入同比增长60%。 在AI和即时零售相关业务大步上涨的同时，阿里的投入的确不小。 2026财年第二季度，阿里净利润为206.12亿元，同比下降53%。经调整EBITA（扣除利息、税项及摊销 前的利润）则同比下降78%，是对即时零售、用户体验以及科技的投入所致。 阿里巴巴集团首席财务官徐宏表示："我们将利润及自由现金流投向未来布局，短期盈利能力预计将有 所波动。过去4个季度，我们在AI+云基础设施的资本开支约1200亿元。" 有业内人士认为，如此"撒钱"换来的增长，对阿里来说，当真值得吗？ 现金流量净额同比降68% ...

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]

Core Insights - Alibaba's cloud AI business revenue surged by 34% in Q3, driven by significant growth in instant retail, which saw a 60% year-on-year increase in revenue [1][2][3] - The company is focusing on both AI to B and AI to C strategies, with the Qwen3-Max model achieving global leadership in intelligence and tool utilization [1][2] - The management plans to continue investing in AI capabilities, potentially exceeding the previously committed investment of 380 billion RMB over three years due to strong customer demand [2][3] Financial Performance - Total revenue for Alibaba reached 247.8 billion RMB, with a 15% year-on-year growth when excluding certain retail segments [7] - The adjusted EBITDA decreased by 7% primarily due to strategic investments in instant retail, while net profit fell by 56% to 20.6 billion RMB [7][8] - The cloud business revenue growth accelerated to 34%, with external customer revenue increasing by 29%, driven by rising demand for AI-related products [9] AI and Cloud Strategy - Alibaba's flagship model Qwen2.5-Max ranks among the top globally in specific evaluations, enhancing the company's competitive edge in AI [3][4] - The company is a clear leader in the AI cloud market, with a market share greater than the combined total of its next three competitors [3] - AI-related product revenue has seen triple-digit year-on-year growth for nine consecutive quarters, indicating strong market demand [2][9] Instant Retail Growth - Instant retail business revenue increased by 60%, with significant improvements in unit economics and user retention [8][12] - The company aims to integrate instant retail with its broader ecosystem, enhancing customer experience and operational efficiency [5][14] - The goal is to achieve a transaction volume of 1 trillion RMB in three years through the instant retail model [14][15] Future Outlook - The company is committed to investing in its core strategies of "AI + Cloud" and consumer services, aiming to leverage synergies across its business units for long-term growth [5][6] - Management expressed confidence in the sustained demand for AI services, anticipating continued growth in the next three years despite supply chain challenges [10][25] - The company is actively working to optimize its unit economics and improve customer experience in the instant retail sector [12][15]

吴泳铭表示："我们正处于投入阶段，构建AI技术和基础设施平台，以及生活服务与电商结合的大消费 平台，创造长期战略价值。本季度，我们在这些领域加大战略投入，AI+云、大消费两大核心业务保持 强劲增长。" 数据显示，在强劲的AI需求推动和公共云收入增长带动下，阿里云季度收入达398.24亿元，同比增长 34%，增速再创新高；AI相关产品收入连续九个季度实现三位数同比增长。 本季度，阿里巴巴电商客户管理收入同比增长10%；即时零售业务收入同比增长60%，主要得益于淘宝 闪购所带来的订单量增长。电商分部单位经济效益自9月以来显著改善，用户留存率提升，平均订单价 格提高，业务规模持续增长，并带动淘宝App的月活跃消费者快速增长。 ◎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，集团收入为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%。 财报显示，阿里对AI+云、消费两大战略领域的投入持续收获成效，核心业务强劲增长。其中，阿里云 季度收入增速再创新高；即时零售带动淘宝App月活跃消费者快速增长。基于对未来的发展信心，阿里 将在两大战略方向上持续投入，驱动长 ...

每经记者：陈婷 每经编辑：文多 11月25日，阿里巴巴（HK09988，股价157.8港元，总市值3.01万亿港元，下简称阿里）发布2026财年第二季度（指7月—9月）业绩，集团当期收入2477.95 亿元（人民币，下同），同比增长5%。若不考虑已处置的高鑫零售和银泰业务收入，同口径收入同比增长15%。 | | | 截至9月30日止三個月 | | | | --- | --- | --- | --- | --- | | | 2024 | 2025 | | | | | 人民幣 | 人民警 | 美元 | %同比變動 | | | | (以百萬計,百分比及每股數據除外) | | | | 收入 | 236,503 | 247,795 | 34,808 | 5% | | 绿餐利潤 | 35,246 | 5,365 | 754 | (85)%(2) | | 提资利温率 | 15% | 2% | | | | 绿酒整 EBITDA(1) | 47.327 | 17,256 | 2.424 | (64)%(2) | | SE SEBITDA 和温馨 | 20% | 7% | | | | 部調整 EBITA(1) | 40.561 ...

本报记者 梁傲男 本季度，阿里电商客户管理收入同比增长10%，即时零售业务收入同比增长60%，用户留存率提升，平均订单价格提高， 业务规模持续增长，并带动淘宝App的月活跃消费者快速增长。 阿里生态多个业务加速接入即时零售。截至10月31日，约3500个天猫品牌将其线下门店接入即时零售。在协同效应 下，"双11"期间，天猫淘宝App的消费者实现同比双位数增长，近600个品牌成交额破亿元，天猫品牌即时零售日均订单环比9 月份增长198%。 网经社电子商务研究中心分析师陈礼腾认为，阿里正通过技术与商业模式的深度融合，构建一个更具韧性和联动性的大消 费生态，逐步提升用户黏性与活跃度。本季度的业绩体现出其生态协同效应的集中释放。 具体来看，在AI需求推动和公共云收入增长带动下，阿里云本季度收入同比增长34%，AI相关产品收入连续9个季度实现 三位数同比增长。 报告期内，阿里云持续投入全栈AI能力提升。在今年的云栖大会期间，阿里云发布从AI基础模型到高性能AI基础设施的全 栈AI升级。 依托全栈AI能力，阿里云持续引领中国蓬勃发展的AI云市场。Omdia报告显示，2025年上半年，阿里云在中国AI云市场的 份额达35. ...

Core Insights - Alibaba reported a revenue of 247.795 billion yuan for Q2 of FY2026, marking a 5% year-on-year increase, and a 15% increase when excluding the impact of divested businesses [1] - The company experienced a significant decline in profits due to investments in instant retail, user experience, and technology, with operating profit down 85% to 5.365 billion yuan and net profit down 53% to 20.612 billion yuan [1] - CEO Wu Yongming stated that an AI bubble is unlikely in the next three years, with demand for AI resources expected to exceed supply [1] Financial Performance - Operating profit decreased to 5.365 billion yuan, a drop of 85% year-on-year [1] - Adjusted EBITA fell 78% to 9.073 billion yuan [1] - Free cash flow shifted from a net inflow of 13.735 billion yuan in the same quarter last year to a net outflow of 21.84 billion yuan [1] Strategic Investments - Alibaba plans to invest 380 billion yuan over the next three years in AI and cloud infrastructure, with 120 billion yuan already spent in the past four quarters [2] - The company is focusing on building AI technology and infrastructure platforms, as well as integrating life services with e-commerce [2] - CFO Xu Hong stated that the core business revenue remains strong, with AI revenue from external commercialization increasing [2] Cloud Business Growth - Alibaba Cloud's revenue reached 39.824 billion yuan, a 34% year-on-year increase, with AI-related product revenue growing for nine consecutive quarters [3] - The company holds a 35.8% market share in China's AI cloud market, surpassing the combined share of its next three competitors [3] - Alibaba Cloud is expanding its international operations, with new data centers announced in Brazil, France, and the Netherlands [3] E-commerce Performance - The Chinese e-commerce group's revenue was 132.578 billion yuan, a 16% year-on-year increase, with the e-commerce business growing 9% to 102.933 billion yuan [6] - Instant retail revenue surged 60% to 22.906 billion yuan, driven by increased order volume from Taobao Flash Purchase [6] - The adjusted EBITA for the e-commerce group fell 76% to 10.497 billion yuan due to significant investments in instant retail [6] Instant Retail Developments - Taobao Flash Purchase has seen a significant improvement in unit economic efficiency, with losses per order halved compared to previous months [7] - The average order value for Taobao Flash Purchase has increased, contributing to overall GMV growth [7] - The company aims to achieve a transaction volume of one trillion yuan through the Flash Purchase platform in three years [7] International Digital Business - The International Digital Commerce Group (AIDC) reported a 10% year-on-year revenue increase to 34.799 billion yuan, with adjusted EBITA turning profitable at 162 million yuan [8] - The improvement in operational efficiency of AliExpress has been a key driver for this growth [8]

Core Insights - Alibaba Group reported Q2 FY2026 revenue of 247.795 billion yuan, exceeding market expectations, with a 15% year-on-year growth after excluding divested businesses [1] - The company continues to invest in AI and cloud, with strong growth in core businesses, including a 34% year-on-year increase in Alibaba Cloud revenue, reaching a new high [1] - The CEO emphasized the ongoing investment phase to build AI technology and infrastructure, as well as a large consumer platform combining lifestyle services and e-commerce [1] Group 1: AI and Cloud Developments - Alibaba Cloud launched a full-stack AI upgrade during the Cloud Summit, featuring seven new AI models across various fields, with its flagship model Qwen3-Max ranking among the top globally [2] - According to Omdia, Alibaba Cloud is projected to capture 35.8% of the Chinese AI cloud market by mid-2025, surpassing the combined share of the second to fourth competitors [2] - The company has established AI partnerships with notable organizations such as the NBA, Marriott, China UnionPay, and Bosch [2] Group 2: E-commerce and Consumer Engagement - Alibaba's e-commerce customer management revenue grew by 10% year-on-year, with instant retail revenue increasing by 60%, leading to improved unit economics and user retention [2] - Approximately 3,500 Tmall brands have integrated their offline stores into instant retail, resulting in significant growth during the Double 11 shopping festival [3] - The app Gaode achieved a record high of 360 million daily active users in October, reflecting the effectiveness of its new offline service credit system [3]