阿里巴巴-W：業績符合預期，雲智能、本地生活盈利持續釋放

公司披露FY25Q2季度報告。FY25Q2阿里實現收入2365億元，低於彭博一致預期1.2%。經調整EBITA為406億元，低於彭博一致預期1.3%。調整後淨利潤為364億元，基本符合彭博一致預期。股份回購方面，截至FY25Q2，公司回購了4.14億股普通股，總金額為41億美元。截至2024年9月30日，公司流通股總數為186.2億股普通股，相比2024年6月30日淨減少4.05億股普通股。截至2024年9月30日，根據董事會授權的股份回購計劃（有效期至2027年3月），剩餘額度為220億美元。

FY25Q2E takeaways: smart cloud and local services maintained robust profits

Key metrics: Alibaba recently released unaudited results for FY25Q2E (fiscal quarter ended September 2024):

•Revenue was RMB236.5bn, 1.2% below the Bloomberg consensus forecast (BBG);

•Adjusted EBITA was RMB40.6bn, 1.3% worse than BBG, and adjusted net profit was RMB36.4bn, roughly in line with BBG. 

Buybacks: the company repurchased 414m common shares for a total of USD4.1bn as of FY25Q2, with 18.62bn common shares outstanding as of 30 Sep 2024, 405m fewer net than at 30 June 2024. This leaves USD22bn remaining under the share repurchase program authorized by the Board of Directors, which remains in effect until March 2027. 

分業務：淘寶天貓集團收入990億元，低於彭博一致預期0.1%，其中零售收入930億元，包括客戶管理收入704億元，直銷收入226億元；經調整EBITA達446億元，低於彭博一致預期2.9%。雲智能集團和本地生活盈利持續釋放，EBITA大幅好於預期。本地生活收入177億元，超彭博一致預期1.6%，經調整EBITA -4億元，好於彭博一致預期57.4%。雲智能集團收入296億元，基本符合彭博一致預期，經調整EBITA 27億元，超彭博一致預期21.3%。

Business breakdown: smart cloud and local services maintained revenue trends in FY25Q2E, and EBITA was much better than expected: 

•Taobao and Tmall: 

-Revenue was RMB99.0bn, 0.1% below BBG, with retail contributing RMB93.0bn, of which RMB70.4bn came from customer management and RMB22.6bn from direct sales.

-Adjusted EBITA was RMB44.6bn, 2.9% below BBG.

•Local services: revenue was RMB17.7bn, 1.6% better than BBG, while the adjusted EBITA loss of RMB400m was 57.4% better than BBG.

•Smart cloud: revenue amounted to RMB29.6bn, in line with BBG; while adjusted EBITA was RMB2.7bn, 21.3% better than BBG.

淘寶天貓集團：FY25Q2收入990億元，經調整EBITA為446億元。1）公司加大對戰略舉措的投資，包括具有價格競爭力的產品、客戶服務、會員計劃福利以及技術創新，這些舉措帶來更高的購買頻率以及購物體驗改善。2）9月1日起，公司對平臺已完成交易的GMV實施軟件服務費，取消天貓商家的年費，並向部分中小商家提供軟件服務費返利。商家通過使用全站營銷工具“全站推”提升營銷效率，公司預計商家在平臺上的營銷投入將會增加。3）雙十一購物節期間淘寶和天貓的GMV實現強勁增長，並創下購買人數的新高紀錄。4）88VIP會員的數量同比繼續實現兩位數增長，本季度達到4600萬。高端消費者提高了購買頻率並推動GMV增長。

Taobao and Tmall: merchandise, merchant and technological initiatives 

Revenue amounted to RMB99.0bn and adjusted EBITA came to RMB44.6bn in FY25Q2E, while the following factors were in play:

•Strategic measures: Alibaba increased its investments in strategic initiatives, such as competitively priced products, customer service, membership program benefits and technological innovations, all of which enhanced the user experience and drove up purchase frequency. 

•Merchant initiatives: with the following measures in place, the company believes merchants will increase their marketing investments on its platform:

-Fee optimizations: the company started to charge a software service fee on 1 Sep based on GMV of completed purchases on the platform. At the same time, it removed annual fees for Tmall merchants and provided software service fee rebates to certain SME merchants. 

-Quanzhantui: the use of its site-wide marketing tool Quanzhantui helped merchants improve their marketing efficiency.

•GMV uptrend: Taobao and Tmall combined achieved strong GMV growth during the Double-11 shopping festival and set a new record for the number of purchasers. 

•Premium shoppers: the number of 88VIP members maintained double-digit yoy growth to reach 46m in the quarter. Premium shoppers increased their purchase frequency, which drove GMV growth.

雲業務：FY25Q2收入296億元，經調整EBITA 27億元。本季度整體收入（剔除阿里巴巴合併子公司）同比增長超7%，主要由公共雲的兩位數增長推動，包括AI相關產品的日益採用。AI相關產品收入連續第五個季度實現同比三位數增長。雲智能集團在2024雲棲大會上發佈了多項新技術，包括：1）發佈開源的Qwen 2.5系列，其中旗艦模型Qwen 2.5-72B在多項基準測試中表現卓越，超越行業內其他參與者。2）降低API調用的收費標準，大幅提升通義千問模型的成本效率。3）加強AI基礎設施的可擴展性和性能。推出GPU容器服務，升級AI服務器以及高性能網絡產品。

Smart cloud: public cloud grew at a double-digit as AI products gained traction

Public cloud boost: revenue amounted to RMB29.6bn and adjusted EBITA came to RMB2.7bn in FY25Q2E; excluding Alibaba consolidated subsidiaries, revenue grew over 7% yoy in the quarter. The primary driver was double-digit growth in public cloud services, mostly due to the increasing adoption of its AI products. Growth in AI-driven products saw triple-digit yoy growth for the fifth quarter in a row. 

New tech: Alibaba’s smart cloud business unveiled a number of new technologies at the 2024 Apsara Conference, including: 

•Qwen v2.5: its flagship large language model (LLM) Tongyi Qianwen (Qwen) version 2.5-72B performed well in multiple benchmark tests, surpassing other industry players. 

•Lower API call rates: the company reduced charge rates for API calls and greatly increased Qwen LLM cost efficiencies. 

•Enhanced AI infrastructure scalability and profitability: the company launched GPU container services and upgraded its AI servers and high-performance network products.

AIDC：FY25Q2收入317億元，經調整EBITA -29億元。業績增長主要得益於跨境業務的擴展，特別是速賣通的“Choice”業務。速賣通和Trendyol平臺繼續在歐洲及海灣地區的部分市場加大投資以提升品牌認知度。公司優化運營和投資的效率，使“Choice”業務的單位經濟效益在環比基礎上有所改善。速賣通推出“AliExpressDirect”模式，利用本地庫存擴大產品選擇範圍並優化履約效率。

Global ecommerce: cross-border business growth driven by Choice

Alibaba’s international digital commerce (AIDC) business generated revenue of RMB31.7bn in FY25Q2E, with an adjusted EBITA loss of RMB2.9bn. The earnings improvement was mainly due to cross-border business growth, especially Choice, its AliExpress ecommerce business. 

•AliExpress and Trendyol: the company increased investments on these platforms into markets such as Europe and the Gulf region to widen brand awareness. 

•Choice: the company optimized efficiencies in its operations and investments, which improved unit economics in qoq terms at its Choice business. 

•AliExpress Direct: the launch of AliExpress Direct leveraged local inventories and expanded product selection, while lifting fulfillment efficiency.

其他業務：菜鳥收入246億元，經調整EBITA 5500萬元，主要由跨境物流履約解決方案收入增長所帶動。本地生活收入177億元，經調整EBITA-4億元，主要由高德和餓了麼訂單增長，市場營銷服務收入增長帶動。DME收入57億元，經調整EBITA-1.8億元。 

Other businesses: Cainiao driven by cross-border logistics fulfillment solutions 

•Cainiao: revenue was RMB24.6bn with adjusted EBITA at RMB55m in the quarter, mainly driven by cross-border logistics fulfillment solutions. 

•Local services: revenue was RMB17.7bn, with an adjusted EBITA loss of RMB400m; business was mainly driven by growing orders at Amap and Ele.me, as well as growth in marketing services. 

•Digital media and entertainment: DME revenue was RMB5.7bn, with an adjusted EBITA loss of RMB180m.