Broker Name: (Broker name not explicitly stated in the provided document. Inferred: The style and content suggest a sell-side equity research report, likely from a major broker covering Alibaba, but the specific broker is not named.)
Date of Report: (Date not explicitly stated in the provided document. Inferred: Refers to Alibaba 2QFY3/26 results, so the report is likely from late 2025 or early 2026.)
Excerpt from {broker} report:
Report Summary
- Alibaba reported strong revenue growth in cloud and quick-commerce/food delivery segments, with overall revenue up 5% year-over-year and beating consensus estimates.
- Non-GAAP net profit fell 72% year-over-year due to heavy investment in quick-commerce, but these investments resulted in significant market share gains and improved unit economics.
- Cloud Intelligence Group revenue growth accelerated to 34% year-over-year, driven by robust demand for AI products, leading management to consider increasing its 3-year RMB380bn capex plan.
- Food delivery (quick commerce) saw solid growth and better user retention even as subsidies were reduced, with Alibaba achieving about 40% GMV share in November 2025.
- Despite the profit miss, management remains positive about cloud and quick-commerce synergies and expects quick-commerce losses to decline in the following quarter.
- The broker maintains a BUY rating on Alibaba due to its strong cloud revenue growth, full-stack AI capability, and positive outlook for both domestic and overseas cloud markets.
Above is an excerpt from a report by {broker}. Clients of {broker} can be the first to access the full report from the {broker} website : {website}
