🔹 Revenue: ¥247.65B (Est. ¥253.17B) 🔴; +2% YoY (ex-disposals +10% YoY)
🔹 Adj. EPS: ¥14.75 (Est. ¥15.92) 🔴; -10% YoY
🔹 Adj. EBITDA: ¥45.74B (Est. ¥52.09B) 🔴; -11% YoY
🔹 Net Income: ¥42.38B; UP +76% YoY (boosted by investment gains & disposals)
🔹 Non-GAAP Net Income: ¥33.51B; DOWN -18% YoY
🔹 Diluted EPS (ADS): ¥17.98 (US$2.51); UP +82% YoY
Segment Results:
Alibaba China E-commerce Group:
🔹 Revenue: ¥140.1B; UP +10% YoY
🔹 Customer Management Revenue: ¥89.3B; UP +10% YoY
🔹 Quick Commerce (Taobao Instant Commerce): ¥14.8B; UP +12% YoY
🔹 Adjusted EBITA: ¥38.4B; DOWN -21% YoY (investment in Taobao Instant Commerce)
Alibaba International Digital Commerce Group (AIDC):
🔹 Revenue: ¥34.7B; UP +19% YoY
🔹 Adjusted EBITA: -¥59M vs. -¥3.7B YoY (losses narrowed sharply)
Cloud Intelligence Group:
🔹 Revenue: ¥33.4B; UP +26% YoY
🔹 Adjusted EBITA: ¥3.0B; UP +26% YoY
🔹 AI-related product revenue: triple-digit growth for 8th consecutive quarter
All Others:
🔹 Revenue: ¥58.6B; DOWN -28% YoY (Sun Art/Intime disposal & Cainiao decline)
🔹 Adjusted EBITA: -¥1.4B vs. -¥1.1B YoY
Cash & Capital Allocation:
🔹 Operating Cash Flow: ¥20.7B (US$2.9B); DOWN -39% YoY
🔹 Free Cash Flow: -¥18.8B (US$-2.6B) vs. +¥17.4B YoY (higher cloud infra & quick commerce spend)
🔹 Cash & Investments: ¥585.7B (US$81.8B)
🔹 Share Repurchases: US$815M in Q1; US$19.3B authorization remaining (through Mar 2027)
CEO & CFO Commentary:
🔸 CEO Eddie Wu: “Our strategic focus on consumption and AI + Cloud delivered strong growth, with new highs in monthly active consumers and daily order volume.”
🔸 CFO Toby Xu: “Customer management revenue grew 10%, Cloud revenue grew 26%, and AIDC significantly narrowed its loss. Strong core businesses give us confidence to keep investing in quick commerce and AI.”
🔸 AI-related product revenue remains a major growth engine, maintaining triple-digit YoY growth for the 8th straight quarter.
