证券研究报告 阿里巴巴-W (9988 HK/BABA US) 港股通 云收入延续加速增长且闪购减亏在轨 华泰研究 中报点评 2025 年 11 月 26 日│中国香港/美国 互联网 阿里巴巴 2QFY26 总收入 2,478 亿元，同增 4.8%，好于 VA 一致预期（下同） /华泰预测的同增 2.2/2.9%，主因云业务增速超预期；经调整 EBITA 为 91 亿 元，同比-77.6%，经调整 EBITA 利润率 3.7%，逊于一致预期的 5.3%但好于 华泰预测的 3.2%。管理层在 2QFY26 业绩会上表示公司持续投入于全栈 AI 能力建设，且 AI 与阿里生态的协同效应带来了更大的发展空间，并在消费领 域继续推动各业务深度协同，大消费平台的效应已初步显现。展望后续，管 理层表示将继续投入 AI+云业务以产生更强的协同效应。我们预计随着模型实 力逐步增强和国内 AI 需求的持续增长，阿里有望以千问 APP 为中心，与阿 里旗下其它业务线如淘宝、高德、闪购和支付宝等进一步联通，帮助阿里在 ToC 端的 AI 流量入口处强化竞争力。闪购业务的持续减亏或有望为公司的中 短期利润额修复斜率提供一定支持。建议 ...

Core Viewpoint - CICC reports that Alibaba's Hong Kong and US stocks are trading at 24/23 times FY26 and 16/16 times FY27 non-GAAP P/E ratios, maintaining FY26 and FY27 revenue forecasts while raising non-GAAP net profit estimates by 12% for both years due to better-than-expected food delivery losses, offset by increased losses in other businesses [1] Group 1: Financial Performance - 2QFY26 revenue increased by 4.8% to 247.8 billion yuan, with a comparable growth of 15% after excluding asset deconsolidation effects, outperforming expectations due to strong performance in Chinese e-commerce [2] - Adjusted EBITA fell by 77.6% year-on-year to 9.1 billion yuan, primarily due to increased investment in Taobao Flash Sales, but exceeded expectations due to strong cloud and international business performance [2] Group 2: Cloud Computing - Cloud revenue grew by 34% year-on-year in 2QFY26, with internal and external customer revenue increasing by 29% and 51% respectively, driven by demand for large model training and AI feature iterations in products like Gaode, DingTalk, and Quark [3] - Cloud EBITA reached 3.6 billion yuan, corresponding to a profit margin of 9%, with capital expenditures of 31.5 billion yuan, indicating potential for upward adjustments in capital spending due to strong demand [3] - The company expects cloud revenue to maintain over 30% year-on-year growth in the coming quarters as capital expenditures increase and AI applications are implemented [3] Group 3: E-commerce Performance - Taobao Flash Sales reported an EBITA loss of 36.7 billion yuan in 2QFY26, with significant investments made during July and August to expand order volume; however, since October, losses have halved due to order structure optimization and improved fulfillment efficiency [4] - E-commerce customer management revenue (CMR) grew by 10% this quarter, but EBITA for Chinese e-commerce excluding Flash Sales showed single-digit growth; the company anticipates a 6% increase in CMR for 3QFY26 due to pressures on GMV and CMR from weak consumer spending and high base effects [5]

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 ...

Core Viewpoint - Alibaba reported its Q2 FY2026 earnings with revenue of 247.8 billion yuan, a 5% year-over-year increase, and a net profit of 20.6 billion yuan, down 53% year-over-year, primarily due to a decline in operating profit [1][2]. Financial Performance - Revenue for Q2 FY2026 was 247.8 billion yuan, with a 5% year-over-year growth. Excluding disposed businesses, the year-over-year growth would be 15% [1]. - Net profit was 20.6 billion yuan, reflecting a 53% decline year-over-year. Adjusted net profit was 10.4 billion yuan, down 72% year-over-year [1][2]. Cloud Business Outlook - The management expressed strong confidence in the growth potential of Alibaba Cloud, citing high demand for AI servers that exceeds supply. The backlog of orders continues to grow, indicating a sustained acceleration in future growth [3]. Instant Retail Business Developments - The company has focused on optimizing unit economics in its instant retail business, achieving significant progress. The average order value has increased, and logistics costs have decreased, leading to a reduction in losses per order by half compared to previous months [4][5]. - Instant retail has shown rapid growth, particularly in food and health categories, with a 30% increase in orders from brands like Hema and Cat Supermarket since August [5]. EBITDA and CMR Insights - The EBITDA for the September quarter is expected to be a peak due to prior investments. Future quarters may see reduced investments as operational efficiency improves [6]. - The core e-commerce business's customer management revenue (CMR) is influenced by payment fees and promotional costs, with expected slower growth in the next quarter due to the recent introduction of payment fees [6]. Capital Expenditure Plans - The company has a three-year capital expenditure plan of 380 billion yuan, with 120 billion yuan already invested in the past four quarters. Management may increase investments if demand continues to outpace supply [8][9]. - The return on investment for capital expenditures remains uncertain due to the evolving nature of the AI industry, but long-term demand growth is expected to support investment returns [9][11]. Strategic Focus Areas - Alibaba is prioritizing the enhancement of its AI infrastructure and model capabilities to meet customer demands. The focus includes improving the efficiency of AI resource utilization and expanding high-value application scenarios [10][11]. - The company is also exploring potential growth in other consumer sectors, including offline retail and travel services, while emphasizing the importance of business integration and collaboration [12].

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]

11月25日，阿里巴巴集团发布2026财年第二季度财报，集团收入2477.95亿元，剔除已出售业务影响， 收入同比增长15%。 其中，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：阿里云季度收入同比加 速增长34%，再创新高；大消费平台协同效应显著，即时零售带动淘宝App月活跃消费者快速增长。 阿里巴巴集团CEO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，我们在这些领域大力战略投入，AI+云、大消费 两大核心业务保持强劲增长。旺盛的AI需求推动云智能集团收入进一步加速，季度收入同比增长34%， 其中AI相关产品收入连续第九个季度实现三位数增长。在消费领域，即时零售规模扩大、单位经济效 益显著改善，带动淘宝App月活跃消费者实现快速增长。" 阿里云同比增长34% 大消费平台效应初显 在强劲的AI需求推动和公共云收入增长带动下，阿里云季度收入继续加速增长34%，AI相关产品收入连 续9个季度实现三位数同比增长。 财报显示，阿里云持续投入全栈AI能力提升。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 ...

本季度，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%，单位经济效益 (UE)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。 阿里云持续投入全栈AI能力提升。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 再到AI开发框架的全栈AI升级。其中AI模型实现7连发，覆盖语言、语音、视觉、多模态、代码等模型 领域，通义旗舰模型Qwen3-Max在大模型用Coding解决真实世界问题、Agent工具调用能力等专项测试 中处于全球第一梯队。 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。根据Omdia报告，2025年上半年，阿 里云在中国AI云市场的份额达35.8%，超过第二到第四名的总和。近期，NBA、万豪、中国银联、博世 等，都与阿里云达成AI合作。 在企业级市场加速增长的同时，阿里上线千问App，将在AI to B和to C领域齐发力。千问App公测 一周新下载量已超1000万。未来，千问还将陆续接入电商、地图、本地生活等阿里业务生态场景。 各业务加速协同，大消费平台效应初显 11月25日，阿里巴 ...

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%。 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， 阿里云季度收入达398.24亿元，同比增长 34%，增速再创新高 ；大消费平台协同效应显著，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，驱动长期增长。 | | | 截至 9月 30 日止三個月 | | | | --- | --- | --- | --- | --- | | | 2024 | 2025 | | | | | 人民幣 | 人民幣 | 美元 | %同比勞動 | | | | (以百萬計,百分比除外) | | | | 阿里巴巴中國電商集團: | | | | | | 雷伯美粉 | | | | | | 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 | 1 ...

在强劲的AI需求推动和公共云收入增长带动下，阿里云季度收入继续加速增长34%，AI相关产品收入连 续9个季度实现三位数同比增长。 【环球网财经综合报道】11月25日，阿里巴巴集团发布2026财年第二季度财报，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%。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：阿里云季度收入同比加速增长34%，再创新高；大消费平台协同效应显 著，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，驱动长期增长。 阿里巴巴集团CEO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，我们在这些领域大力战略投入，AI+云、大消费 两大核心业务保持强劲增长。旺盛的AI需求推动云智能集团收入进一步加速，季度收入同比增长34%， 其中AI相关产品收入连续第九个季度实现三位数增长。在消费领域，即时零售规模扩大、单位经济效 益显著改善，带动淘宝App月活跃消费者实现快速增长。" 阿里云强劲增长 34% ， AI 收入连续 9 ...

11月25日，阿里巴巴集团发布2026财年第二季度财报，集团收入2477.95亿元，剔除已出售业务影响， 收入同比增长15%。 其中，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：阿里云季度收入同比加 速增长34%，再创新高；大消费平台协同效应显著，即时零售带动淘宝App月活跃消费者快速增长。 阿里巴巴集团CEO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，我们在这些领域大力战略投入，AI+云、大消费 两大核心业务保持强劲增长。旺盛的AI需求推动云智能集团收入进一步加速，季度收入同比增长34%， 其中AI相关产品收入连续第九个季度实现三位数增长。在消费领域，即时零售规模扩大、单位经济效 益显著改善，带动淘宝App月活跃消费者实现快速增长。" 阿里云同比增长34% 阿里云的海外业务同步加速。 本季度，阿里云宣布计划在巴西、法国、荷兰新建地域节点，并已启用迪拜和马来西亚的新数据中心。 目前，阿里云全球基础设施覆盖29个地域、92个可用区。其全球化布局正步入收获期，新加坡国家人工 智能计划亦采用其开源生态构建东南亚多 ...