阿里巴巴 20260319 摘要 ATH group prioritizes model-application coupling, using MaaS as the distribution channel to drive a data flywheel across 2C (Qianwen) and 2B (Wukong) segments. March 2026 quarter shows significant CMR and GMV rebound vs. December, driven by recovering consumer sentiment and instant retail momentum. Instant retail (Flash Sales) added 150M annual active consumers; target is >RMB 1 trillion GMV by FY2028 with segment profitability expected in FY2029. Pingtouge AI chips reached RMB 10B annualiz ...