阿里巴巴 (BABA.US/09988.HK) 2026财年第一季度业绩电话会
文章语言：
简
繁
EN
Share
Minutes
原文
会议摘要
Alibaba Group's performance conference call revealed that the company's core business revenue is growing steadily, with the revenue of the Cloud Intelligence Group accelerating by 26%, and AI-related revenue accounting for over 20%. The group announced a plan to invest 380 billion yuan in building cloud and AI infrastructure over the next three years, and 50 billion yuan in the consumer sector, seizing the two major historical opportunities of AI and domestic demand. The instant retail business 'Taobao Flash Sale' is developing rapidly, with 300 million active buyers and a record high daily order volume, driving positive growth in GMV and CMR on the e-commerce platform. The management emphasized balancing short-term and long-term returns, continuing to invest in AI and retail fields to achieve long-term profitability and market leadership.
会议速览
Overview of Alibaba Group's Q2 2025 performance conference callThis telephone conference focused on the Alibaba Group's performance in the June quarter of 2025, discussing forward-looking statements related to performance, business, and financial results, while also introducing the use of non-GAAP financial indicators. It was mentioned that the conference recording will be uploaded to the website.
Alibaba Group's performance is steadily growing, with impressive results from AI and cloud businesses.Alibaba Group's performance in this quarter has shown steady growth, with overall revenue increasing by 10% year-on-year after excluding High Xin and Intime Retail Group. The core businesses have performed strongly, with revenue from China's e-commerce, cloud intelligence, and international digital commerce groups increasing by 10%, 26%, and 19% respectively. The development of AI applications has accelerated, with Alibaba Cloud's AI products gaining greater acceptance among customers, and AI revenue accounting for over 20%. The group has integrated Taoteam, Ele.me, and Fliggy to establish the China e-commerce group, improving the consumer experience. Significant progress has been made in the field of instant retail, with a monthly active buyer count reaching 300 million.
Alibaba announces a 380 billion investment in AI and cloud technology, creating a consumer platform for one billion consumers.Alibaba plans to invest 380 billion yuan over the next three years to build AI and cloud infrastructure, with the goal of creating a large consumer platform that meets the needs of 1 billion consumers, leading the 30 trillion yuan consumer market. It emphasizes that the deep integration of AI technology and cloud computing is the biggest industry opportunity in the next decade.
Alibaba focuses on consumer and AI, driving the growth of e-commerce and cloud business.The company has adjusted its financial disclosure standards around two core strategies: consumption and the AI home. It has integrated the Taotian Group, Ele.me, and Fliggy to form the Chinese e-commerce group, transforming into a comprehensive consumer platform. The instant retail business has achieved stage results, driving a 25% increase in active users of the Taobao APP. Cloud business is accelerating by 26%, with a sharp increase in AI demand. Artificial intelligence cloud (AIC) is approaching break-even, with some outflow of free cash flow, but the company has sufficient funds to support long-term investment and maintain financial stability.
Alibaba Group's Q3 performance: Stable growth in China's e-commerce, cloud business driven by AI innovation.Alibaba repurchased shares worth $815 million this quarter, with China's e-commerce revenue reaching 140.1 billion yuan, a 10% year-on-year increase. Customer management revenue increased, and there was a significant increase in the number of buyers on the Taobao app during the 618 shopping festival, with instant retail business revenue growing by 12%. AIDC revenue increased by 19%, adjusted losses narrowed, approaching breakeven. Cloud business revenue grew by 26%, with AI revenue seeing a three-digit increase, and the adjusted EBITA profit margin remained stable at 8.8%. The group is committed to improving operational and investment efficiency, continuously investing in customer growth and technological innovation, especially in AI products and services.
Alibaba adjusts its business divisions, increases investment in AI, and focuses on consumer platforms and cloud infrastructure.Alibaba adjusts the operational division reporting standards, simplifies the financial reporting structure, increases investment in AI, focuses on comprehensive consumer platforms and next-generation AI plus cloud infrastructure, promotes supply chain collaboration effects, expands existing infrastructure capabilities, supports AI workload deployment, strengthens future-oriented core capabilities, and demonstrates long-term technology investment commitments.
Management discusses the investment plan and long-term value of fast-moving consumer goods business.The conversation revolved around the growth opportunities and investment strategies in the fast-moving consumer goods (FMCG) business in China. The management shared their vision for the FMCG business, emphasizing their long-term value creation investment plan, including investments in instant retail and food delivery services. The latest developments in the Fango business were discussed, along with how expected investments will impact future gross merchandise value (GMV) and gross profit margins.
Development and future vision of Taobao Flash Sale businessThe dialogue reviewed the significant achievements of Taobao's flash sale since its launch in terms of users, merchants, logistics, and marketing promotion, including the daily peak orders, user transaction volume, and significant growth in the number of riders. Management expressed optimistic expectations for the future development of the flash sale business, emphasizing that the initial goals have been exceeded and looking forward to the long-term value and impact of the business on GMV, GNV, and CMR growth.
Flash sale mode drives the growth of e-commerce users and increase in revenue.Flash sale mode significantly increases the scale and activity of Taobao users, driving a 20% increase in DAU, increasing user active days, while also promoting advertising income and reducing market costs. It is expected that in the long term, this will significantly increase e-commerce revenue.
Flash sale operating efficiency improvement and long-term profit outlook.Discussions have been held on measures such as optimizing user structure, order structure, and improving fulfillment efficiency in Flash Sales. It is expected that losses will be reduced by half in the short term. In the long term, it is believed that by increasing order density and refining operations, the company can achieve industry-leading efficiency while maintaining price competitiveness, ultimately bringing positive economic benefits to the platform.
The development of instant retail formats and platform economy contributions in non-food retail categories.Discussed the development of non-food retail categories in the instant retail format, including the entry-native mode and the combination of remote entry, by improving supply chain efficiency and delivery speed through lightning warehouses, box horse front warehouses, etc. It is expected that the platform will add 1 trillion new transactions within the next three years, with platform investments creating millions of jobs, promoting industry transformation and economic development.
Analysis of the growth rate and industry performance of Alibaba Cloud businessDiscussed the strong growth of Alibaba Cloud's business, with a year-on-year growth rate of 26% this quarter, analyzed growth expectations for the next few quarters and fiscal year 2026, compared the monetization and profitability prospects of overseas markets, mentioned the performance differences in different industries this quarter, and future capital expenditure planning.
Aliyun AI product growth expectations and market demand analysisThe conversation discussed the expected growth rate of Alibaba Cloud's AI products, pointing out that there is strong demand for AI products from customers, which is reflected in the development of new applications and the upgrading of traditional application functionalities. At the same time, there is an increasing demand for training and inference, especially for proprietary model training and training after open-source models. This has become a new opportunity, and it is expected that Alibaba Cloud's growth rate will continue to improve in the coming quarters.
Alibaba Cloud is laying out AI technology with the goal of surpassing the market average growth rate.The discussion focused on the impact of AI technology on the concentration of the cloud computing market, pointing out that developers tend to choose vendors with a comprehensive product portfolio. With its advantages in traditional cloud services and AI technology, Alibaba Cloud aims to achieve above-average growth in the Chinese market, prioritizing the acquisition of more users and applications over short-term margin improvement. It also mentioned a plan to continue investing 380 billion yuan in the AI field, despite possible fluctuations in capital expenditure due to supply chain disruptions every quarter, the overall investment strategy remains unchanged.
Expansion of takeout and dine-in businesses in synergy: Exploring diversified services driven by user demand.The conversation focused on discussing the successful experience in the delivery business and exploring the future development strategy of on-site business. It emphasized the provision of diversified services through meeting user needs and coordinating offline business, and has conducted testing and pilot projects in some cities in order to further expand the local life service market.
Management explains consumer market and AI investment strategy and CMR growth expectations.The management detailed a 50 billion investment plan in the consumer market, including instant retail, food delivery, supply chain, and user end, emphasizing the importance of adjusting the pace of investment according to market conditions. At the same time, discussions were held on the expected growth of CMR in the future, pointing out that although the base effect brought by the increase in basic service fees last year will weaken, the improvement in overall site penetration rate and the increase in traffic and consumption frequency brought by food delivery and instant retail are expected to continue to drive the accelerated growth of CMR.
Analysis of investment in the high-value consumption market and CMR growth strategyDiscussed the fifty billion investment in the consumer market, emphasizing the incremental nature of investments and strategies synchronized with market conditions. Analyzed the key factors driving CMR growth, including the increase in take rate attributed to service fee adjustments and the higher penetration rate of AI-driven commercial products. Predicted that CMR will continue to maintain high growth in the coming quarters.
Large-scale model evolution and the AI agent era: Capability enhancement and product application progressThe conversation revolves around the shift from training large models to the era of AI agents, discussing the importance of models needing to have a better understanding of longer contexts, tool usage capabilities, and connections with enterprise systems. It also emphasizes the new opportunities for cloud computing vendors in this process, such as providing sandbox environments to support AI agent operations. Additionally, it mentions the development of model encoding capabilities and products that integrate with the corporate ecosystem, aiming to enhance efficiency in task resolution for both internal enterprise and consumer ends.
Alibaba Takeout and Flash Shopping Market Strategy Reflection and New LayoutThe discussion focused on Alibaba's reflection and adjustment of its strategy in the food delivery market since its acquisition of Ele.me in 2018. It highlighted Ele.me's progress in basic capabilities building and the new opportunities brought by its integration with Taobao. It proposed a shift in investment logic from single business to comprehensive income of e-commerce ecosystem, and looked forward to new strategies for coordinated development in terms of merchants, transportation capacity, and users.
Capital Investment and Returns: Finding the Balance Between Retail and AI InvestmentDiscussed the issue of return on investment in the two major fields of instant retail and AI. Emphasized the balance between short-term and long-term returns, pointing out that instant retail, although not profitable, has already shown results, while AI investment has driven cloud business growth. In the future, both will bring good returns.
要点回答
Q：At the same time as the rapid growth of AI demand, do you see a trend of traditional computing and storage products being driven by AI applications?
A：Yes, we have indeed observed that AI applications are driving rapid growth in traditional computing and storage products. At the same time, SAP has reached a strategic partnership with Alibaba Cloud in the cloud and AI fields. This not only represents the recognition of Alibaba Cloud's infrastructure and AI capabilities by internationally renowned companies, but also reflects the tremendous market opportunities brought by the deep integration of AI and cloud computing.
Q：How is the development of AI native applications in Alibaba Group?
A：Alibaba Group's AI native applications are further developing, for example, Gaode Maps has been fully AI-ized and launched the world's first map-based AI native application, aiming to popularize spatial intelligence in rapidly changing real-life scenarios. In addition, DingTalk has also completed AI upgrades, creating the world's first AT-driven work information flow, exploring the next generation of work application forms. AI search, AI advertising, and other applications on the Taobao platform have also made significant progress and seen huge opportunities.
Q：In the field of consumption, how have the integration progress and achievements of Alibaba China's e-commerce group been?
A：We have completed the strategic integration of Taotian Group, Ele.me, and Fliggy, and established the Alibaba China E-commerce Group to jointly build a large consumer platform. This integration is not only a structural adjustment at the organizational level, but also an upgrade of consumer experience. By integrating the supply chain, user and member benefits, we have launched the Taobao VIP membership system, connected the member benefits between various businesses, and improved the overall user consumption experience. Since the integration, the monthly active buyer number of instant retail has increased significantly, driving a new high in daily order volume for the Alibaba China E-commerce Group.
Q：How does Alibaba plan its core strategy for AI plus cloud?
A：Facing the future, we firmly believe that the integration of AI and cloud as the core technology platform and the large consumer platform integrating shopping and lifestyle services are two historic strategic opportunities for Alibaba. Therefore, we plan to invest 380 billion yuan in building cloud and AI hardware infrastructure in the next three years, and an additional 50 billion yuan in investments in the consumer sector. Through the transformation and upgrade of all industries with AI technology, as well as the deep integration of AI and cloud computing, Alibaba will seize the biggest industry opportunities in the technology field in the next decade.
Q：What is Alibaba's layout and future outlook in the Chinese e-commerce market?
A：Alibaba is based in China, the world's largest e-commerce market and a highly potential service consumer market. It is committed to building a new form of integration of consumption and original e-commerce, meeting the full-scene shopping and lifestyle consumption needs of 1 billion consumers, creating the largest consumer platform with the best experience, the largest number of consumers, and the highest consumption frequency, leading the 30 trillion large consumer market. In the next three years, we will start again with an entrepreneurial spirit, with driving strong business growth as our core goal, continuously investing in strategic areas, enhancing competitive advantages, and gaining confidence in long-term growth.
