阿里巴巴-2026 财年第二季度前瞻：云业务加速盖过短期盈利压力

October 8, 2025 11:51 AM GMT Alibaba Group Holding | Asia Pacific CMR growth to remain robust at 10% YoY: According to NBS, online retail sales of goods rose 7.7% YoY in July-August (vs. 6.3% in 2Q25). While the benefit from software service fees introduced last September is fading, we expect continued improvement in take-rate, supported by rising adoption of Quanzhantui and incremental CMR contribution from quick commerce (QC) initiatives. These investments have driven a 25% increase in Taobao's MAU. Conso ...