阿里巴巴（09988.HK）：潜在空间超38%！读懂阿里这波“战略性深蹲”

阿里巴巴2025年12月份季度（即2026财年第三季度）财报出炉了，很多人看到利润大跌就慌了神。但在禅兄眼里，这根本不是什么“暴雷”，而可能是一次“深蹲”。

今天，再聊一下阿里巴巴最新的投资逻辑、财务底牌和估值水平！

一、 财务表现：利润“腰斩”背后的真相，是在为未来买单

先看大家最关心的财务数据。有些投资人一看标题“利润大跌”就吓跑了，但这恰恰是外行看热闹，内行看门道。

1、营收稳健，核心业务其实在涨： 这一季度，阿里总收入达到2848.43亿元人民币，同比增长2% 。如果把已经处理掉的高鑫零售和银泰这些“包袱”刨出去，同口径下的收入其实增长了9% 。这说明阿里的基本盘是稳的。

2、利润大降的“罪魁祸首”是战略投资： 经营利润同比下降了74%，经调整EBITA下降了57%（降至233.97亿元） 。钱去哪了？这是一次“利润重置”（Profit reset） 。阿里把大把的真金白银砸向了即时零售（淘宝闪购）、用户体验以及最核心的AI技术研发 。

3、现金流依然是“印钞机”级别： 自由现金流虽然因为投入即时零售下降了71%，但依然有113.46亿元人民币 。而且，阿里账上躺着5601.75亿元（约801.04亿美元）的现金及其他流动投资 。有这底气，才敢在AI的牌桌上持续“All in”。

二、 投资逻辑：别再只当它是电商，它已经是“全栈AI+云”巨头

很多人的思维还停留在“阿里=淘宝”的年代。错！未来的阿里，投资逻辑的核心是“大模型+云+芯片”的全栈AI能力 。

1、云业务重回高增长，AI成最强引擎： 阿里云这季度收入猛增36%，达到432.84亿元 。最恐怖的是，它的AI相关产品收入已经连续第10个季度实现三位数（百分百以上）的增长 ！

2、“千问”大爆发，C端B端通吃： 2026年1月，阿里发布了Qwen 3.5大模型，并且把千问App和淘宝、高德、支付宝全面打通 。到了2月底，千问C端应用的月活跃用户直接突破了3亿 ！据高盛预测，在未来5年内，阿里的AI MaaS（模型即服务）加上云的外部年收入将突破1000亿美元，这意味着未来有超过40%的年复合增长率 。

3、底牌中的底牌——自研芯片： 阿里的平头哥自研芯片出货量已经超过47万片，年化收入达到百亿人民币规模，而且60%是外部客户在用 。高盛明确指出，自研芯片、国内最大规模的云基础设施以及前沿的千问模型，是阿里区别于中国其他互联网巨头的独特护城河 。

三、 电商与国际业务：守住基本盘，打响反击战

有了AI的想象力，我们还得看看阿里的“现金奶牛”能不能稳住。

1、国内电商触底反弹： 阿里巴巴中国电商集团收入159347百万元人民币，增长6% 。其中，代表核心变现能力的客户管理收入（CMR）在去年12月季度达到1%的增长 。高盛预计，随着消费复苏，3月份季度的CMR增速有望加速到5%左右 。

2、即时零售（淘宝闪购）狂奔： 这块业务收入暴增56% 。管理层定下了宏大的目标：到2028财年（FY28），即时零售的GMV要达到1万亿人民币，并在2029财年实现盈利 。高盛的数据也显示，相比美团和京东，阿里在即时零售的单位经济效益（UE）正在持续改善 。

3、出海业务（AIDC）亏损大幅收窄： 阿里国际数字商业集团收入增长4% ，经调整EBITA亏损大幅收窄至20.16亿元 ，这主要得益于速卖通（AliExpress）运营效率的显著提升 。

四、 估值分析：放眼全球，这是一只被严重低估的“现金牛”

做投资，禅兄最看重“安全边际”。目前阿里的估值处于什么水平？高盛给出的12个月目标价是186美元（美股）和180港元（港股），维持“买入”评级，并列入亚太区强力买入名单（Conviction List） 。以目前134.43美元的价格计算，潜在上涨空间高达38.4% 。

高盛采用的是分类加总（SOTP）估值法 。他们给阿里核心电商业务的市盈率估值仅为12倍 。而在全球视野下，同样具备“电商+云+AI”逻辑的亚马逊或微软，市盈率动辄在30倍甚至40倍以上。

高盛直言，在不到3000亿美元的市值下，目前的估值根本没有完全反映出阿里“全栈AI”的定位和国际云业务的潜力 。即使短期利润承压，高盛依然预测阿里在2027财年和2028财年将迎来强劲的利润复苏，每股收益（EPS）预计分别增长44%和38% 。

五、 禅兄总结

基于以上逻辑，我给一些建议：

1. 逆向思维，买在炮火连天时： 财报发布后，因为利润数据不好看，股价可能会有短期波动。但记住，短期的股价疲软，恰恰为有远见的投资者创造了更绝佳的买入点 。
2. 把阿里当作“科技股”而不是“传统零售股”来拿： 估值体系正在切换。当你看到它的AI产品收入连续十个季度三位数增长 、平头哥芯片年化收入破百亿 时，就该用对标全球顶级科技巨头的眼光来看待它，而不是单纯纠结于电商业务的内卷。
3. 盯紧“自由现金流”与“回购”： 只要阿里的账上还趴着大几千亿的现金 ，只要它的主业还在造血，它就有足够的弹药完成AI时代的跨越。

写在最后：

本杰明·格雷厄姆说过：“市场短期是一台投票机，长期是一台称重机。” 现在的阿里巴巴，正处于脱下旧铠甲、换上AI新引擎的“阵痛期”和“重置期” 。用大白话讲：为了明天能跑得更快，今天必须得蹲下去系个鞋带。看懂了这个逻辑，你就知道手里的筹码有多珍贵了。

【本季度的财报电话会议】

Eddie Wu
Thank you, and welcome to this quarter's earnings call. Over the past quarter, we maintained strong investment momentum in our two strategic priorities, ai plus cloud and consumption. Cloud intelligence group revenue growth accelerated to 36%. While our quick Commerce business continued to expand in scale with ongoing improvement in unit economics.

感谢各位参加本季度的财报电话会议。过去一个季度，我们在“人工智能+云”及消费这两大战略重点领域保持了强劲的投资势头。云智能集团收入增速加快至36%。与此同时，我们的即时零售业务规模持续扩大，单位经济效益也在不断改善。

With the dawn of the ai agent era, the Addressable market for ai infrastructure providers like Alibaba is set to grow Exponentially. Ai models and their capabilities are rapidly being embedded into mainstream work environments across all industries, with token consumption surging across sectors. Cloud and software budgets for enterprise it services have traditionally represented only around 5% of corporate revenue, as Model-Driven agents begin to handle mainstream work tasks across industries, our total Addressable market will expand by several multiples.

随着人工智能代理时代的来临，像阿里巴巴这样的人工智能基础设施提供商，其潜在市场规模有望呈指数级增长。人工智能模型及其能力正迅速融入各行业的主流工作环境，各领域的token消耗激增。传统上，企业IT服务的云和软件预算仅占公司收入的5%左右。随着模型驱动代理开始处理各行业的主流工作任务，我们的整体潜在市场规模将扩大数倍。

From ai infrastructure to the application layer, Alibaba has built a complete Full-Stack ai capability set to support the exponential growth in ai demand. Faced with an industry transformation and strategic opportunity of this magnitude, Alibaba group is itself entering a new phase of entrepreneurial Reinvention and critical investment oriented toward the future.

从人工智能基础设施到应用层，阿里巴巴已构建起完整的全栈人工智能能力，以支撑人工智能需求的指数级增长。面对如此规模的行业变革与战略机遇，阿里巴巴集团自身正进入一个新的阶段——以未来为导向的创业重塑与关键投资阶段。

Next, let me share Alibaba's ai strategic roadmap. We have complete Full-Stack ai capabilities. Chips and cloud computing form the ai infrastructure layer. While the ai application layer is anchored by Alibaba token Hub and comprises foundation models, mass, and both enterprise and consumer applications.

接下来，我将分享阿里巴巴的人工智能战略路线图。我们具备完整的全栈人工智能能力。芯片与云计算构成人工智能基础设施层。人工智能应用层以阿里巴巴token中心（Alibaba token Hub）为核心，涵盖基础模型、Mass以及企业级与消费级应用。

Together, these give us end-to-end coverage across the full stack from ai infrastructure to applications. Given the enormous and sustained growth momentum of the ai market, combined with Alibaba's Full-Stack positioning across the ai value chain, the business goal of Alibaba's ai strategy is very clear.

这些共同构成了我们从人工智能基础设施到应用的全栈端到端覆盖能力。鉴于人工智能市场巨大且持续的增长势头，加之阿里巴巴在人工智能价值链的全栈布局，阿里巴巴人工智能战略的业务目标非常明确。

Over the next five years, our goal is to surpass us $100 billion in combined cloud and ai external revenue, including mass. Regarding our infrastructure, driven by sustained, strong ai demand, cloud intelligence group's revenue from external customers accelerated to 35% this quarter, with Ai-Related product revenue delivering Triple-Digit Year-Over-Year growth for the 10th consecutive quarter.

未来五年，我们的目标是实现云和人工智能（含Mass）对外营收合计超过1000亿美元。在基础设施方面，受持续强劲的人工智能需求驱动，本季度云智能集团的外部客户收入增速达到35%，其中人工智能相关产品收入已连续第十个季度实现三位数的同比增长。

Cloud intelligence group's market share has grown for three consecutive quarters, rising to 36%, with our lead continuing to widen. Alibaba cloud's cumulative external revenue through February for fiscal year 2026 officially surpassed 100 billion Rmb. Over the past three months, token consumption on the model studio platform has grown by six times.

云智能集团的市场份额已连续三个季度增长，升至36%，领先优势持续扩大。截至2026财年2月，阿里云累计外部收入正式突破人民币1000亿元。过去三个月，模型工作室平台的令牌消耗量增长了六倍。

We expect MAS to become cloud intelligence group's largest revenue product. T-Head's proprietary GPU chips have achieved scaled mass production. As of February 2026, T-Head had cumulatively shipped 470,000 ai chips. In Real-World business Deployments through Alibaba cloud, more than 60% of T-Head chips serve external customers, and we've completed scaled adoption for external customer ai workloads.

我们预计MAS将成为云智能集团收入最高的产品。平头哥（T-Head）自主研发的GPU芯片已实现规模化量产。截至2026年2月，平头哥（T-Head）已累计出货47万颗人工智能芯片。在基于阿里云的实际业务部署中，平头哥（T-Head）芯片超60%服务于外部客户，且已完成外部客户人工智能工作负载的规模化应用。

T-Head now supports Ea workloads of over 400 enterprise customers across industries, including Internet financial services and autonomous driving. We're confident that T-Head's compute supply capacity will continue to expand, contributing high-quality compute to our cloud infrastructure and mass platform, strengthening the overall competitiveness of our cloud services.

平头哥（T-Head）目前已支持互联网金融服务、自动驾驶等多个行业超400家企业客户的企业级（EA）工作负载。我们有信心，平头哥（T-Head）的计算供应能力将持续拓展，为云基础设施和大众平台提供高质量计算，增强云服务的整体竞争力。

Regarding our application there, centered on the core mission of creating, delivering, and applying tokens, we established the new Alibaba token Hub business group, Ath. It comprises Tongi laboratory, the mass business line, the Qn business unit, the Wukong business unit, and the ai innovation business unit.

关于我们在此领域的应用，围绕token的创建、交付与应用这一核心使命，我们成立了新的阿里巴巴令牌中心（Alibaba Token Hub，ATH）业务集团。该集团由通义实验室、大众业务线、千问（Qn）业务单元、悟空业务单元及人工智能创新业务单元组成。

It is the organizational foundation for executing Alibaba's ai strategy and the Hub for efficient coordination across our ai businesses. During Chinese new year, we launched our latest generation large model, Qn 3.5+, which delivered outstanding performance across comprehensive benchmarks in reasoning, coding, and Agentic capabilities, Qn 3.5 plus demonstrated significant improvements in inference efficiency through Foundational architectural innovation.

它是阿里巴巴人工智能战略执行的组织基础，也是各人工智能业务高效协同的中心。春节期间，我们发布了最新一代大模型千问（Qn）3.5+，其在推理、编码及智能体（Agentic）能力等综合基准测试中表现卓越。通过基础架构创新，千问（Qn）3.5+的推理效率显著提升。

Building on Qn 3.5, we will soon release the next generation of models Optimized for coding and Agentic use cases. On the consumer application side, powered by the strength of our models, Qwin's Consumer-Facing monthly active users have surpassed 300 million. During Chinese new year, we deepened integration across Alibaba's Ecosystem, connecting Qwin App with Taobao instant Commerce, Alipay, Fliggy, Damai, and Amap, giving it unique capabilities relevant to everyday life and becoming China's first All-In-One personal ai system for life, work, and learning.

在千问（Qn）3.5的基础上，我们即将发布针对编码和智能体（Agentic）用例优化的下一代模型。在消费者应用端，依托模型优势，通义千问（Qwin）的消费者端月活跃用户已突破3亿。春节期间，我们深化了阿里巴巴生态系统内的整合，将通义千问（Qwin）App与淘宝即时零售、支付宝、飞猪、大麦及高德地图相连通，使其具备独特的日常生活相关功能，成为中国首个集生活、工作、学习于一体的个人人工智能系统。

We've also recently launched Wukong, our enterprise ai agent platform. Wukong is the world's first Ai-Native Enterprise-Grade agent platform, enabling Ai-Powered upgrades to enterprise Workflows while remaining compatible with each organization's data Permissions and management processes. It serves as the unified interface for Alibaba's ai capabilities in enterprise work environments, and the B2B capabilities of businesses across Alibaba's full Ecosystem will be progressively integrated to support Wukong in becoming the best ai work system.

我们最近还推出了企业级人工智能代理平台“悟空”（Wukong）。Wukong 是全球首个原生人工智能企业级智能体平台，可推动企业工作流程的人工智能升级，同时兼容各组织的数据权限与管理流程。它是阿里巴巴在企业工作环境中人工智能能力的统一接口，阿里巴巴整个生态系统中企业的 B2B 能力将逐步整合，以支持 Wukong 成为最佳人工智能工作系统。

On Alibaba's other strategic priority, the consumption segment, we continue to advance our strategic initiatives. This quarter, our quick Commerce business further expanded in scale with continued share growth. High customer retention, and sequential improvement in both unit economics and average order value.

在阿里巴巴的另一战略重点——消费领域，我们持续推进各项战略举措。本季度，我们的即时零售业务规模进一步扩大，市场份额持续增长。客户留存率高，单位经济效益和平均订单价值均环比改善。

At the same time, quick Commerce and E-Commerce demonstrated clear synergies, driving Taobao App monthly active consumers to double-digit Year-Over-Year growth. That concludes my remarks. I'll now hand over to Toby to share the financial update. Thank you.

同时，即时零售与电子商务业务协同效应显著，推动淘宝 App 月活跃用户实现两位数同比增长。我的发言到此结束。现在我将交给托比（Toby）分享财务更新情况。谢谢。

Toby Xu
Alibaba集团
Thank you, Eddie. Our strategic priorities are clear. We remain focused on ai plus cloud and consumption businesses. We are seeing great momentum with gains in technology, customer adoption, market share, and user engagement. On ai plus cloud, we have the full stack ai capabilities with all three core elements, model, cloud infrastructure, and chips, and leadership in each with queen, Alibaba cloud, and that.

谢谢埃迪（Eddie）。我们的战略重点清晰明确。我们持续聚焦人工智能+云计算及消费业务。我们在技术、客户采用、市场份额及用户参与度方面均展现出强劲发展势头。在“人工智能 + 云”领域，我们拥有全栈人工智能能力，涵盖模型、云基础设施和芯片三大核心要素，并通过 Queen、阿里云及相关芯片在各领域保持领先地位。

We also operate the most comprehensive consumer Ecosystem in China that can Monetize through ai. The launch of Queen App was a major milestone, and it can bring our consumer applications together. On consumption, our quick Commerce business continued to gain Gmd market share in December quarter, while unit economics and Aov also continued to improve.

我们还运营着中国最全面的消费者生态系统，能够通过人工智能实现变现。Queen App 的推出是一个重要里程碑，它能够整合我们的各类消费者应用。在消费领域，本季度（12月季度）我们的即时零售业务持续提升 Gmd 市场份额，单位经济效益和平均订单价值（Aov）也持续改善。

Now let's look at the financial results. On a consolidated basis, total revenue was R & B $284.8 billion. Excluding revenue from Sunna and Intime, revenue on a Like-For-Like basis would have grown by 9%. Total adjusted Ebitda decreased by 57%, primarily due to our strategic investments in Technology-Related innovation initiatives and consumption front, including quick Commerce business.

现在来看财务业绩。合并层面，总收入为2848亿人民币。若剔除 Sunna 和银泰的收入，经同比调整后的收入增长率为 9%。调整后息税折旧摊销前利润（Ebitda）总额下降 57%，主要原因是我们在技术相关创新举措和消费前端（包括即时零售业务）的战略投入。

Partly offset by the improved operating results in cloud business and enhanced operating efficiencies across various businesses. Our gamut income was R & B $15.6 billion, a decrease of 66%. Operating cash flow was an inflow of R & B $36 billion. Free cash flow was R & B $11.3 billion, a decrease of R & B $27.7 billion from the same quarter last year.

部分被云业务经营业绩的改善以及各业务运营效率的提升所抵消。我们的总色域收入为156亿人民币，同比下降66%。经营现金流净流入360亿人民币。自由现金流为113亿雷亚尔，较去年同期减少277亿雷亚尔。

We are reinvesting our cash flow to be a leader in ai and quick Commerce. As of December 31, 2025, we held U.S. dollar $42.5 billion in net cash. Excluding that with maturities beyond five years, our net position stands beyond U.S. dollar $60 billion. This balance sheet strength gives us confidence to reinvest for long-term growth.

我们正将现金流再投资，以成为人工智能和即时零售领域的领导者。截至2025年12月31日，我们持有净现金425亿美元。剔除期限超过五年的部分，我们的净头寸超过600亿美元。这种资产负债表实力使我们有信心为长期增长进行再投资。

Now let's look at our consumption businesses. Revenue from China E-Commerce group was R & D $159.3 billion, an increase of 6%. Customer management revenue increased by 1%. The slowdown in revenue growth was primarily due to weaker transaction activities and Phase-Down of the impact of software service fee implementation.

现在来看我们的消费业务。中国电商集团收入为1593亿，增长6%。客户管理收入增长1%。收入增长放缓主要是由于交易活动减弱以及软件服务费实施影响的逐步减弱。

The Taobao App achieved a double-digit increase in Mac during the quarter, driven by the growing Mindshare and increasing scale of our quick Commerce business. Revenue from our quick Commerce business increased 56% to Rmb $20.8 billion. During the quarter, we executed our plan to further grow the scale of our quick Commerce business, improve user experience, improve Ue, and increase Aov month over month during the quarter.

本季度，在心智份额提升和即时零售业务规模扩大的推动下，淘宝App的月活跃用户数实现了两位数增长。即时零售业务收入增长56%，达208亿人民币。本季度，我们执行了进一步扩大即时零售业务规模、改善用户体验、提升单位经济效益并实现单客平均交易额环比增长的计划。

Alibaba China E-Commerce group adjusted Ebitda with R & B 34.6 billion, a decrease of 43%, primarily due to the investment in quick Commerce, user experiences, and technology. Going forward, this adjusted Ebitda will continue to fluctuate quarter over quarter due to intense competition and significant investment in user experience.

阿里巴巴中国电商集团调整后息税折旧摊销前利润为346亿，下降43%，主要原因是在即时零售、用户体验和技术方面的投入。展望未来，由于激烈的竞争和在用户体验方面的重大投入，调整后息税折旧摊销前利润将继续出现季度波动。

Revenue from AIDC grew 4% this quarter. Aidc's adjusted Ebitda loss narrowed significantly year over year. Driven by a combination of logistic optimization and investment efficiency Enhancement. The Ue of Aliexpress's choice business also improved on a sequential basis. Next, let's look at the business updates and results of cloud intelligence group.

本季度阿里云智能（AIDC）收入增长4%。阿里云智能（AIDC）的调整后息税折旧摊销前利润（EBITDA）亏损同比大幅收窄。这得益于物流优化和投资效率提升的共同作用。速卖通（Aliexpress）精选业务的单位经济效益（UE）环比也有所改善。接下来，我们来看云智能集团的业务更新和业绩。

Our cloud business delivered another quarter of accelerating growth. Revenue from external customers grew 35%, up from 29% last quarter. Ai-Related products continue to lead this momentum. We delivered our 10th consecutive quarter of Triple-Digit growth in ai revenue. Its share of external cloud revenue continues to increase.

我们的云业务再次实现季度加速增长。外部客户收入增长35%，高于上一季度的29%。人工智能相关产品持续引领这一增长势头。我们的人工智能收入连续第10个季度实现三位数增长。其在外部云收入中的占比持续提升。

This is a clear reflection of the scale and acceleration in our ai business. The adjusted Ebitda margin remained relatively stable at 9%. We will continue to invest in customer growth and technology innovation to increase adoption of ai cloud infrastructure and strengthen our market leadership. All other segment revenue decreased by 25% to Rmd67.3 billion.

这清晰反映出我们人工智能业务的规模与增速。调整后息税折旧摊销前利润（EBITDA）利润率保持相对稳定，为9%。我们将继续投资于客户增长和技术创新，以提高人工智能云基础设施的采用率并巩固我们的市场领先地位。其他所有分部收入下降25%，至673亿人民币。

Mainly due to the disposal of Sunna and In-Time businesses, as well as a decrease in revenue from China, partly offset by the increase in revenue from fresh apple and Alibaba health. All others adjusted Ebitda with a loss of $9.8 billion, primarily due to the increased investment in technology businesses, including queen models and Consumer-Facing queen, partly offset by the improved results of China, Hujing, Dme, and other businesses.

主要由于Sunna和银泰业务的处置，以及中国地区收入下降，但部分被生鲜苹果和阿里健康的收入增长所抵消。其他业务调整后息税折旧摊销前利润亏损98亿美元，主要原因是对科技业务（包括Queen models和面向消费者的Queen）的投资增加，但部分被中国、胡景、Dme等业务的业绩改善所抵消。

Queenmodel has become one of the most widely adopted Open-Source model families globally, surpassing 1 billion cumulative Downloads on hugging face by the end of this January. And the Consumer-Facing queen has surpassed 300 million Mau across platforms, which reinforces user engagement and expands long-term Monetization potential.

Queenmodel已成为全球采用最广泛的开源模型家族之一，截至今年1月底，其在Hugging Face上的累计下载量已超过10亿次。面向消费者的Queen已实现跨平台月活跃用户（MAU）突破3亿，这不仅巩固了用户粘性，也拓展了长期变现潜力。

We have been increasing investments on these technology fronts. Including the spring festival campaign. Building on the strong momentum and results achieved, as Eddie mentioned earlier, we will continue to invest substantially in queen models and queen App. Our Unallocated adjusted Ebitda was a loss of Rmb 2.7 billion.

我们一直在这些技术领域加大投资。包括春节营销活动。正如Eddie先前所言，基于已取得的强劲发展势头和业绩成果，我们将继续大力投资Queen模型及Queen应用。我们的未分配调整后息税折旧摊销前利润（Adjusted EBITDA）为亏损27亿元人民币。

Compared to a loss of Rmb 0.2 billion in the same quarter last year, which reflected costs associated with Payland retention incentive from the One-Off replacement awards plan of Olama. Thank you. We will now open for Q & a. Hi, everyone. You're welcome to ask questions in Chinese or English. A third-party translator will provide consecutive interpretation.

去年同期亏损2亿元人民币，主要反映了Olama一次性替代奖励计划中与Payland留存激励相关的成本。谢谢。现在我们开始问答环节。大家好。欢迎大家用中文或英文提问。第三方翻译将提供交替传译。

In the case of any discrepancy, our management statement in the original language will prevail. If you are unable to hear the Chinese translation, bilingual transcripts of this call will be available on our Website within one week after the end of the meeting. Please go ahead with the first question.

若存在任何差异，以原始语言的管理层声明为准。若您无法听清中文翻译，本次电话会议的双语文字实录将在会议结束后一周内于公司网站公布。请提出第一个问题。

Thank you.谢谢。

会议助理
Thank you. If you would like to ask a question, you can press Star then one on your phone and wait for your name to be announced. If you are on a Speakerphone, please pick up your Handset to ask your question and to give more people the opportunity to ask questions, please keep yourself to no more than one question at a time.

谢谢。如您有问题提问，请在电话上先按星号键，再按数字1，然后等待念到您的姓名。若您使用免提电话，请拿起听筒提问。为给更多人提问机会，每次请仅提出一个问题。

会议助理
First question today comes from Robin Zhu at Bernstein. Please go ahead.

今天的第一个问题来自 Bernstein 的 Robin Zhu。请继续。

Robin Zhu
Bernstein
Thank you. Thanks, management, for taking my question. Could you give us some specific examples of how token Hub will change how the different cloud and ai businesses work together going forward from an organizational standpoint? And you know, strategically, what changes or goals are you hoping to achieve with this new structure that, you know, improves on the previous arrangement going forward?

谢谢。谢谢管理层接受我的提问。能否从组织架构角度，具体举例说明Token Hub将如何改变不同云和AI业务未来的协作方式？并且，从战略层面而言，您希望通过这一新结构实现哪些变革或目标，以改进先前的业务安排？

And then you know, if management could share a hierarchy of priorities in cloud and ai. Is it market share and revenue growth, which is the target you just announced, versus having, you know, the best First-Party model capabilities versus Consumer-Side Traction with customers using Agented ai or anything else.

另外，管理层能否分享一下在云和AI领域的优先事项排序？优先事项是您刚才宣布的市场份额和收入增长目标，还是拥有最佳的第一方模型能力，或是在消费者端推动用户使用Agented AI，抑或是其他方面？

首先是不是可以请你们介绍一下现在有了Token Hub之后从组织设计的角度来讲不同的云和Ai相关的业务协作的方式会产生什么样的新的变化 另外从战略的角度来讲就是有了这样一个新的结构之后会带来什么样的改变或是有助于实现什么样的新的目标是更加优于之前的安排 另外想请教管理层是不是可以给我们阐述一下你们在语音和Ai方面的优先级 比如说第一大优先级是市场份额和收入增长如你们刚才所宣布的目标还是说第一大优先级是要拥有最好的 这个模型能力还是说要发展更多的消费者消费端的这个使用或者是Ai智能体等等那么就排一个优先的一个顺序谢谢 非常感谢您的提问我觉得我们成立Ath事业群的目的和现在的时代或者说技术变革的背景有关系因为从2025年的下半年到2025年谢谢。首先是不是可以请你们介绍一下现在有了Token Hub之后从组织设计的角度来讲不同的云和Ai相关的业务协作的方式会产生什

Alibaba集团高管
Alibaba集团
So great . Thank you very much for your question . I think that the goal and purpose of the establishment of the Ath business group is very much connected to the era that we're now in as of the end of 2025 and

非常好。非常感谢您的提问。我认为，Ath业务集团的成立目标和宗旨与我们截至2025年底所处的时代紧密相关，

Eddie Wu
Alibaba集团
Going into the first few months of 2026. in terms of The development of ai . You know, we're now in the Agent-Driven Era of ai development . and this is different from the earlier period of ai development . in the Agentic ai era, we need to achieve a very close integration of model with application . in the earlier ai era, a lot of model training data was static data, but in the Agentic era, we need to enhance the integration between models and applications and achieve Tight integration, and a lot of the data is now coming from the customer side . So if you look at the different layers involved in ai deployment from application, model, the ai infrastructure, through to chips, I think what's most different and Most important about the Agentic ai era is the need to achieve Application, and model . that's the critical priority .

好 然后我再来解释一下我们这个Ath内部的几个业务之间的一个关联吧 就是从我们的从现在行业看到的未来的发展趋势来说 我们也觉得已经看得非常清楚 就是说未来的Ai Aging在应用层会有一个 thank you . 我们希望把我们的武功打造成为一个在中国企业面向2B的一个个人助理但同时我们觉得在 Ai应用层会有非常多的各种行业应用或者垂直应用或者说各类不同场景的Ai Agent的应用在去支持各个行业的发展所以我们在在这个。在这个应用层之外我们还需要有一个我们强大的一个Mars业务其实Mars业务是贯穿就是在模型和应用层之间的一个渠道也会非常大所以从这个角度上而言我们觉得Ai应用成是未来的模型模型Ai Token的一个最大的最大的一个分销渠道 而最强的一个模型能力会吸引更多的应用来使用我们的模型而一个更加高效的更加高效或者更能力更强的一个Mas产品将会把这两者之间衔接的更好这是我们在这个事业群当中设计的一个业务逻辑 next, let me address the interconnection and synergies among the different businesses in relation to Ath . If you look at the trends of where this industry is going, and we think we see these trends very clearly, the ai Agents will be tightly integrated together with the application layer, and there Will be a multitude of highly diverse applications . in the Two-Consumer or Two-C space, we're strongly developing the Q1 App . a personal assistant for individuals, and in the 2B space, we're positioning Wu Kong as a 2B assistant . in the ai Application layer, there will be a multitude of different industry and vertically Specialized applications to Serve different industry use cases . and all of this Needs to be supported by very robust applications . Model-As-A-Service MAS layer . So, MAS supports, Of course, our own internal applications . as well as a multitude of external and industry-specific use cases that leverage ai.

展望2026年前几个月，就人工智能的发展而言。众所周知，我们现在正处于智能体驱动即人工智能发展时代。这与早期的人工智能发展阶段有所不同。在智能体人工智能（Agentic AI）时代，我们需要实现模型与应用的紧密集成。在早期人工智能时代，许多模型训练数据都是静态数据，但在智能体时代，我们需要加强模型与应用之间的融合，并实现紧密集成，而且现在很多数据都来自客户端。因此，如果您审视人工智能部署从应用、模型、人工智能基础设施到芯片所涉及的不同层级，我认为最显著的差异在于智能体人工智能（Agentic AI）时代最重要的是需要实现智能体人工智能（Agentic AI）时代最重要的是需要实现应用和模型。这是至关重要的优先事项。好，接下来我再解释一下我们Ath内部几个业务之间的关联。从我们目前观察到的行业未来发展趋势来看，我们认为已经看得非常清楚，就是说未来的人工智能在应用层会有一个……谢谢。我们希望将我们的“武功”打造成为面向中国企业的2B个人助理，但同时我们认为在人工智能应用层将会有非常多的各类行业应用、垂直应用或不同场景的人工智能智能体（AI Agent）应用，以支持各个行业的发展。因此，在应用层之外，我们还需要一个强大的Mars业务。实际上，Mars业务是贯穿模型与应用层之间的一个渠道，其规模也将会非常大。因此，从这个角度而言，我们认为人工智能应用层是未来模型及人工智能Token的最大分销渠道。更强的模型能力将吸引更多应用使用我们的模型，而一个更高效、能力更强的Mars产品将更好地衔接这两者。这是我们在该事业群中设计的业务逻辑。接下来，让我阐述一下Ath相关不同业务之间的相互联系与协同效应。如果您审视这个行业的发展趋势，我们认为这些趋势非常清晰，人工智能智能体（Agents）将与应用层深度整合，并且会有大量高度多样化的应用。在双消费者（Two-Consumer）或2C领域，我们正大力开发Q1应用——一款面向个人的智能助手；在2B领域，我们将“悟空”（Wu Kong）定位为2B助手。在人工智能应用层，将有众多不同行业和垂直领域的专业化应用，以服务不同行业的使用场景。而所有这些需求需要由非常强大的应用来支撑。模型即服务（Model-As-A-Service, MAS）层。因此，MAS层不仅支持我们内部的应用，还支持大量外部及特定行业的人工智能应用场景。

So in this context, we see massive value that we can provide and a huge total Addressable market or Tamp . So going forward, we see the ai application layer as the main channel through which tokens will be distributed . and the stronger the model capabilities that you Can offer at the mass layer, the more attractive and compelling all of these different Offerings will be to Customers . that is The business logic that we have laid out within this new business unit .

所以如果从模型和应用层这一层来看我们的优先级毫无疑问是打造智能能力最强的模型 因为但是我想特别表明就是说其实打造因为只有最强的模型才能驱动各行各业的这种应用场景的拓展也只有最强的模型才能够吸用各行各业的应用来使用我们的Mars业务 thank you.

But提升模型能力 thank you . So from the perspective of both the model and the application layers, our top priority absolutely is to Develop the most intelligent models . and I really need to Emphasize that only when you have the most powerful models can you truly drive the technology . deployment of Ai applications across all kinds of different industries . only with the strongest models can you attract applications from across diverse industries to adopt our mass offering . However, in order to build the most robust models, you need to have very close collaboration with Various industries and with our own 2C and 2B applications to connect with our mass to applications across all kinds of different industries and use cases . So We need to get more users to leverage and make use of our Models in order to gradually be able to leverage the data Flywheel effect . only in that way Can we continuously enhance the capabilities of our models . so that's one of the reasons Why we have established the Ath business unit at this time . so to summarize, I would say our top priority is definitely to enhance model capabilities . However, to enhance model capabilities requires Concerted efforts across The entire Model pipeline as well as on the application and infrastructure sites In order to Achieve sustained improvements

But提升模型能力 thank you . 因此，从模型层和应用层的角度来看，我们的首要任务无疑是开发最智能的模型。我确实需要强调，只有拥有最强大的模型，才能真正推动技术在各行业的人工智能应用部署。只有最强的模型才能吸引不同行业的应用采用我们的模型即服务（MAS）产品。然而，要构建最强大的模型，需要与各个行业以及我们自己的2C和2B应用进行紧密合作，将我们的模型即服务（MAS）与各种不同行业和用例的应用连接起来。因此我们需要让更多用户利用并使用我们的模型需要逐步能够利用数据飞轮效应。只有这样我们才能持续增强模型能力。这也是我们此时成立Ath业务部门的原因之一。总而言之，我认为我们的首要任务无疑是增强模型能力。然而，增强模型能力需要跨领域协同努力，涵盖整个模型管道以及应用和基础设施层面以实现持续改进

Alibaba集团高管
Alibaba集团
Over the long term . next question, please . Thank you . your next question comes from Joyce chew at

长期投入。下一个问题，请。谢谢。下一个问题来自Joyce Chew

Bank of America
Bank of America . please go ahead . good evening, management . Congrats on the solid progress you've made in cloud And ai, and thanks for taking my question . My question is, we see Cmr growth slowly And notably in the December quarter, given the macro pressures . We have seen China's Online retail sales only up 2% Year-Over-Year in the fourth quarter 25. but more Recently, Mbs data point to a Re-Acceleration in January and February . could You Share your latest view on the Cmr trends heading into the March quarter? and whether you have started to see any improvement in

美国银行的Joyce Chew。请提问。晚上好，管理层。恭喜你们在云业务和人工智能方面取得的坚实进展，感谢您回答我的问题。我的问题是，我们注意到Cmr增长放缓，值得注意的是，在12月季度，受宏观压力影响，我们看到25年第四季度中国在线零售额同比仅增长2%，但更多地最近，MBS数据显示1月和2月出现了重新加速。新的一年是否会对12月季度的增长构成挑战，并且您请分享您对进入3月季度Cmr趋势的最新看法，以及您是否已开始看到消费者信心有任何改善。

Eddie Wu
Alibaba集团
thank you for your question indeed . in the December quarter, weak macro consumption, a warm winter, the later timing of the Chinese New year, challenged the growth for the December quarter, and Due to the extended promotional season, our investments in consumer benefits increased compared to previous years . so as a result, the Cmr and Ebitda trend softened . going into the March quarter with the improving consumer sentiment that we've observed and momentum From our quick Commerce strategy, our physical goods, Gmv, And Cmr Trend have significantly recovered from the December quarter and Ebitda Is expected to Improve

时间较晚等因素对我们的增长构成了重大挑战。新的一年是否会对12月季度的增长构成挑战，并且由于促销季延长，我们在消费者福利方面的投资较往年有所增加。因此，Cmr和Ebitda趋势有所走弱。进入3月季度，随着我们观察到的消费者信心改善和增长势头从我们的即时零售战略来看，我们的实物商品商品交易总额（GMV）、以及客户管理收入趋势已较12月季度显著回升，息税折旧摊销前利润预计将相应改善。好的，我们继续

Alibaba集团高管
Alibaba集团
Accordingly . all right, let's move on To the next question . Thank you . your

下一个问题。谢谢。你的下一个问题。谢谢。你的

Gary Yu
Morgan Stanley
Next question comes from Gary Yu at Morgan Stanley . please go ahead . Hi . Thank you, management, for the opportunity . My question is related to quick Commerce. I understand that, you know, in the past couple Of months, we have achieved certain milestones in terms of GDP market share and also Uu improvement . How should we look at the priority going forward? are we Aiming for, you know, or, you know, hoping to take this opportunity to improve unit economics, reduce loss, and how should We look At the synergy? between quick Commerce and traditional E-Commerce, and how should we see these synergies to translate into CML better growth going forward . Thank you .

我的问题是关于即时零售这一方面下一个问题来自摩根士丹利的 Gary Yu。请提问。您好。感谢管理层给予此次提问机会。我的问题与即时零售（Quick Commerce）相关。我了解到，在过去几年过去几个月，我们在GDP市场份额以及用户体验（Uu）改善方面取得了一定的里程碑成果。展望未来，我们应如何看待优先级排序？我们是否旨在，或者说，是否希望借此机会改善单位经济效益（unit economics）、减少亏损，以及应如何我们设定了看待即时零售与传统电商之间的协同效应？这些协同效应未来将如何转化为更优的CML增长？谢谢。我的问题是关于即时零售这一方面

Eddie Wu
Alibaba集团
in terms of the positive impact that Quickcommerce is Bringing to our conventional E-Commerce business and to our entire Ecosystem, we saw a very significant increase in Aacs on the platform in the past Year . Our AAC number increased 150 million in 2025, including 100 million conventional E-Commerce physical goods, Aacs, which is more than the previous three years Combined . Now, new consumers' Rpu and purchase frequency are lower than that of existing users, So we aim to continually increase their Rpu and purchase frequency . which will serve as a new growth engine for our platform in the coming years.

我知道过去几个月 公司已经在市场份额还有UV改善这些方面取得了一些阶段性的成果 那么面对未来我们的优先级会是什么是市场份额还是希望利用这个机会来进一步的优化UE和收窄亏损 另外我们应该如何看待及时零售和传统电商之间的协同并且这些协同将来会如何转化为CMR更快的一个增速谢谢 我来回答这个问题对 我们继续看到在市场份额提升的同时 我们通过物流效率提升 商业化能力的改善 还有我们订单结构的优化 那他们进一步驱动的优异的这个明显的 就是就是我们的优异还是在持续的优化中 当然，在扩大市场份额的同时，我们的单位经济效益（Ue）持续显著改善。这得益于履约物流效率的提升、商业化能力的增强以及订单结构的优化。在这些因素的推动下，我们预计未来几个季度单位经济效益（Ue）将进一步优化。我们也看到过去年闪购对平台整体的拉动明显包括闪购在内的电商大盘年度活跃买家增长了1.5亿食物电商的年度活跃买家增长了1亿那么淘宝食物电商年度活跃买家增长超过了过去三年的总和 那新的用户相比成熟用户短期的课单价和购买评次相对较低但我们希望在未来持续提升这部分的APP值跟购买评次这也是未来平台几年增长的新颖性那么同时我们也看到闪购对相关品类拉动明显特别是对食品 生鲜 健康等相关品类拉动明显同时也推动了河马 猫潮等即时零售业务的加速发展 就即时零售（Quickcommerce）带来的积极影响而言，在传统电商业务及整个生态体系中，过去一年平台年活跃消费者（AAC）数量实现显著增长。2025年，我们的年活跃消费者数量新增1.5亿，其中传统电商实物商品年活跃消费者达1亿，超过了前三年的总和。目前，新消费者的每用户收入（RPU）和购买频率均低于现有用户，因此，我们致力于持续提升其每用户收入和购买频率，这将在未来几年成为平台新的增长引擎。

Quickcommerce is clearly driving sales in various categories, such as food and fresh produce and Healthcare, and is contributing to Freshippo and Tmall Supermarkets' accelerated growth .

那么关于未来的发展预期那么首先我们维持28财年即时零售整体交易规模过万亿的目标在此规模基础上我相信我们可以实现规模化的正向现金流同时我们预计29财年即时零售业务板块将实现整体盈利

in terms of the outlook, we maintain our Target of achieving over 1 trillion Rmb in quick Commerce GMB by Fy28 . We Expect to generate positive cash flow when the GMB target is achieved . and we expect the quick Commerce business to be profitable In Fy29 . Thank you .

即时零售（Quickcommerce）在食品生鲜、医疗健康等多个品类的销售中表现突出，为盒马（Freshippo）和天猫超市的加速增长贡献显著。那么关于未来的发展预期那么展望未来，我们维持到2028财年实现即时零售商品交易总额（GMV）超过1万亿元人民币的目标。我们到2028财年实现即时零售商品交易总额（GMV）超过1万亿元人民币的目标。我们在达成交易总额（GMB）目标时产生正向现金流的预期，并预计即时零售业务将在29财年实现盈利。谢谢。即时零售已成为我们电商业务的基石，在人工智能（AI）时代发挥着战略性重要作用，具体体现在推动获客、增强用户粘性、满足多样化消费需求、增加交易以及提升变现能力和物流支持等方面。基础设施。我们致力于在未来两年内投资即时零售，基础设施。我们致力于在未来两年内投资即时零售，以实现1万亿元人民币的商品交易总额（GMV）目标，以实现1万亿元人民币的商品交易总额（GMV）目标，作为市场领导者。

Quickcommerce has become a cornerstone of our E-Commerce business, playing a strategically Vital role in the ai era by driving customer acquisition . enhancing user engagement, fulfilling diverse consumer demands, increasing transactions and improving Monetization and supporting logistics Infrastructure . We are committed to investing in quick Commerce in The next two years towards achieving the 1 trillion Rmb Gmv target As A market leader.

Alibaba集团高管
Alibaba集团
Operator, let's move on to The next question . Thank you . your next question comes from

主持人，我们继续下一个问题。谢谢。下一个问题来自

Alicia Yap
Citigroup
Alicia Yap at Citigroup . please go ahead . Hi . good evening, management . Thanks for taking my question . I have A question regarding your chief business, that, Pintoker . So there have been reports that Alibaba Plans to spin off The that unit as a separate listing . can management provide Any information about this? and if so, what is the expected Timeframe? for this to occur? and in the meantime, can you share more operating Metrics? so, in addition to the 470,000 sheets that you mentioned you ship to external customers, how will You reconcile that number, the shipments, to the revenue size, and also what Is the expected growth rate for your cheap business in the coming year? and I think you mentioned Currently it's 60% of these from external customers . So maybe can you also Share with us, are these chips for external customers mainly used for Inferencing? and then for Internal, is it used for model training and also Inferencing? And then Lastly, how do the Pinto-Gers Chips or Thats chips compare to other domestic chips? If Management can Share some detail, it would be great.

花旗集团（Citigroup）的Alicia Yap，请提问。您好，晚上好，管理层。感谢您回答我的问题。我有关于贵公司核心业务，即Pintoker的问题。有报道称阿里巴巴关于贵公司核心业务，即Pintoker的问题。有报道称阿里巴巴计划分拆该部门进行独立上市。管理层能否说明相关信息吗？如果有，预计何时会发生？同时，能否分享更多运营指标？除了您提到的向外部客户出货的47万片芯片外，能否将出货量与收入规模进行核对，以及贵公司芯片业务未来一年的预期增长率是多少？我记得您提到过目前其中60%来自外部客户。那么您能否也能否告知我们，这些面向外部客户的芯片是否主要用于推理（Inferencing）？另外，关于内部方面，这些是否用于模型训练以及推理？然后最后，Pinto-Gers芯片或Thats芯片与其他国产芯片相比如何？如果管理层能够分享一些细节，将非常感谢。

Eddie Wu
Alibaba集团
Okay, thank You very much for this question . and I'd like to take the opportunity to expand on this a bit because T-Head is a very important component of Alibaba's company-wide ai strategy . So in the context of China's domestic ai chip Ecosystem, we firmly believe that T-Head is ranked in the top Tier of the domestic ai chip Ecosystem in terms of the technology capabilities and product capabilities . Our products cover the entire ai Workflow from model Training and Fine-Tuning through to inference . and our T-Head ai chips are already in extensive, large-scale use via Alibaba cloud, both for training workloads And for Bai Lian Inferencing use cases . at the same time, over 60% of Ted Chips are being used by external commercial customers across Alibaba cloud's public and hybrid cloud offerings . The External commercial clients span multiple industries, including Internet finance, autonomous driving, and intelligent manufacturing.

非常感谢您的提问。谢谢。谢谢。这得益于生态系统的良好适配性，因此客户在迁移系统的过程中，所花费的时间非常少。另外，我认为平头哥对阿里巴巴而言的重要性还体现在：在国产芯片在制造制程、性能等各方面相对国外芯片存在一定差距的情况下，我们希望通过与阿里巴巴云基础设施及通用大模型进行更深度的协同设计，以提升更高的性价比。这是我们平头哥芯片与其他芯片公司的不同之处。因此，我们更希望能够创造更高的AI能力性价比，这也将成为未来百灵平台降低推理成本的重要产品。此外，除了整体提升AI效率、降低成本外，在当前中国AI行业的特殊环境下，我认为平头哥还有一个重大价值，那就是保障AI算力供应。因为我认为未来三到五年，全球AI算力都将处于非常紧缺的状态，尤其是中国市场。作为中国市场唯一具备自研芯片能力的云计算公司，平头哥对阿里巴巴集团而言，我想借此机会展开说明一下，因为平头哥（T-Head）是阿里巴巴集团整体AI战略中非常重要的组成部分。因此，在对于中国国内人工智能芯片生态系统，我们坚信平头哥（T-Head）在技术能力和产品能力方面均位居国内人工智能芯片生态系统的第一梯队。我们的产品覆盖从模型训练、微调至推理的完整人工智能工作流，并且我们的平头哥人工智能芯片已通过阿里云得到广泛、大规模应用，既用于训练工作负载，也通过阿里云的公有云和混合云产品被外部商业客户采用。关于白连推理用例。同时，未来60%以上的泰德这些外部商业客户横跨多个行业，包括互联网金融、自动驾驶和智能制造。这些外部商业客户同时将平头哥芯片应用于其训练和推理工作负载。

And these external commercial customers are utilizing T-Head chips in both their training and and Inferencing Workloads . Moreover, on the T-Head software stack, we have excellent compatibility with the Linux Ecosystem . So customers can migrate their systems easily without spending a lot of time on the migration . Another point I would make is that in my view, T-Head's significance to Alibaba Lies not only in our aspiration to close the gap between domestically produced chips and foreign counterparts, foreign produced chips in terms of manufacturing processes, and overall performance across various dimensions . But given that our Chips still lag behind foreign counterparts in performance in various respects, we aspire to engage in more profound Co-Design with Alibaba's cloud Infrastructure and the Q1 model to provide improved Cost-Effectiveness . So this is one key Differentiator in how we approach chip design at T-Head that sets us apart from other chip companies . Our primary Goal is to create ai capabilities that offer superior value for money . This will make it a key product for the Bylien platform, allowing us To reduce inference costs going forward . beyond generally improving our ai efficiency and reducing costs, there's Another factor at play, namely the unique circumstances currently facing the ai industry in China . in that context, one significant benefit for us is the guaranteed Supply of ai computing power . because I believe that over the next three to five Years, global ai computing power will be in extremely short Supply, especially in the Chinese market . as the only cloud computing company in the Chinese market with proprietary chip development capabilities . T-Head is Of paramount Importance, therefore, to the Alibaba group.

此外，在平头哥软件栈方面，我们与Linux生态系统具有出色的兼容性。因此，客户无需花费大量时间即可轻松迁移其系统。我想强调的另一点是，在我看来，平头哥对阿里巴巴的意义不仅在于我们立志缩小国产芯片与国外同类产品在制造工艺以及各维度综合性能上的差距。但鉴于我们的芯片在各方面性能仍落后于国外同类产品，我们致力于与阿里巴巴的云基础设施及Q1模型进行更深度的协同设计，以提供更高的成本效益。这是平头哥在芯片设计方法上区别于其他芯片公司的关键差异化优势之一。我们的主要目标是打造具有卓越性价比的人工智能能力。这将使其成为Bylien平台的核心产品，助力我们在未来降低推理成本。除了全面提升人工智能效率和降低成本外，还有另一个因素在起作用，即当前中国人工智能行业面临的独特形势。在此背景下，我们的一大显著优势是获得了有保障的另一个影响因素是中国人工智能行业当前面临的独特形势。在此背景下，我们的一大显著优势在于获得了人工智能算力的供应。因为我相信在未来三到五年内年间，全球人工智能算力将极度短缺供应，尤其是在中国市场。作为中国市场唯一一家具备自主芯片研发能力的云计算公司，平头哥（T-Head）正至关重要，因此，对阿里巴巴集团而言。

T-Head over the past two years, we've successfully Commercialized and launched chips with total volume exceeding 470,000 units with annual revenue reaching The 10 billion yuan level . looking ahead to 27, well, through 26, this year through 27, next year we expect T-Head's production capacity for High-quality ai chips to continue to expand . This will provide robust computing power support for our group's ai business and serve As a powerful growth driver for our overall ai Initiatives . We also believe that future improvements in Profitability will be achieved, further enhancing profit levels, which will also be very beneficial . Overall, T-Head's value To Alibaba goes beyond cost optimization . It primarily serves to ensure supply chain resilience . and in an era of scarce computing power, I see this as crucial to Alibaba's ai strategy. So it Is possible, and we don't rule out the idea Of Thed considering An Ipo in the future, although we currently do not have any definitive Timeline.

总的来说，平头哥（T-Head）的价值对阿里巴巴不仅是成本优化，而且更是供应保障。在算力稀缺的时代，我觉得对阿里巴巴的AI战略来说至关重要。所以，平头哥（T-Head）在过去两年中，我们已成功实现芯片商业化并推出，总产量超过47万颗，年收入达到100亿元人民币级别。展望2027年，嗯，到2026年，也就是今年到2027年，明年我们预计平头哥（T-Head）的高品质AI芯片产能将持续扩大。这将为我们集团的AI业务提供强大的算力支持，并服务于作为我们整体人工智能计划的强大增长驱动力。我们也相信，未来的改进将助力实现盈利，进一步提升利润水平，这也将非常有益。总体而言，平头哥（T-Head）对阿里巴巴的价值不止于成本优化。它主要用于确保供应链弹性。在算力稀缺的时代，我认为这对阿里巴巴的人工智能战略。因此这是有可能的，并且我们不排除Thed考虑未来的首次公开募股（IPO）至关重要，尽管我们目前没有任何明确的时间表。

Alibaba集团高管
Alibaba集团
Next question, please . Thank you . the next question comes from yuan Liao at Citix . please

下一个问题，请。谢谢。下一个问题来自花旗（Citix）的袁辽（Yuan Liao）。请

Yuan Liao
Citix
Go ahead .管理层晚上好，感谢这是我的提问。我的问题是关于你们提到的阿里巴巴集团AI战略的商业目标——未来五年收入要突破1000亿美元。管理层能否给出这一目标的更多细节？比如说，未来五年是到2031年吗？这对应大概多少的年复合增长率（CAGR）？同时，我们能否拆解一下这个增长的驱动因素？我们应该怎么去理解？基于我们规模化的营收增长，我们什么时候可以看到阿里云的利润率（Margin）有一个提升趋势？谢谢。感谢您

Eddie Wu
Alibaba集团
thank You for your question so yes we certainly believe that within five years, revenues from our ai and Cloud-Related business will exceed $100 Billion . We think that that is very clear . If You look at the market growth that we're seeing today the strength of our product portfolio And the roadmap to get there . in the 2016 year, we have seen a Very明显的趋势 . We saw that the model has already had to Be done with the work of work . When we saw that I think that the major driver underlying all this really is continued breakthroughs in The capabilities of large ai models . and we've certainly seen a very clear trend over the Past couple of months, the first two months of 2026. whereby large models have now gained the capability to execute complex B2B Workflows . more and More enterprises are deploying agents powered by large models to handle end-to-end business tasks . and that marks a fundamental transformation in the way That the market looks at it budgets, it budgets traditionally allocated to ai And cloud services . The shift really is that many Enterprises now, when consuming tokens, don't treat token consumption as part of their it budget any longer . Instead, they see tokens As part Of their overall operational Or R & D costs . tokens are a Key component of their production inputs, not just a part of their so this is the most fundamental long-term factor that we see driving future ai growth . Thank you.

我觉得对于未来五年的AI与云相关的业务的营收突破1000亿美元，从我们现在的市场增长容量、我们现有的基础以及产品基础来看，我们的感谢您的提问。是的，我们坚信在五年内，我们人工智能及云相关业务的收入将超过100十亿美元。我们认为这一点非常明确。如果看看我们今天看到的市场增长、我们产品组合的实力以及实现这一目标的路线图。2016年，我们看到了一个非常明显的趋势。我们注意到，模型已经不得不完成工作任务。当时我们就认为，这一切背后的主要驱动力确实是大型人工智能模型能力的持续突破。而且在过去几个月，即2026年头两个月，我们确实看到了一个非常明显的趋势。大型模型现在已经具备执行复杂B2B工作流的能力。越来越多的企业正在部署由大型模型驱动的智能体来处理端到端的业务任务。这标志着云服务使用方式的根本性转变。真正的转变在于，现在许多企业在消耗令牌时，不再将令牌消耗视为其IT预算的一部分。相反，他们将令牌视为市场审视其预算，传统上分配给人工智能的预算生产投入的关键组成部分，而不仅仅是其中的一部分。因此，这是我们认为推动未来人工智能增长的最根本的长期因素。谢谢。作为其整体运营或研发成本的一部分。令牌是一个非常感谢。这个市场将继续存在。Thank you very much . This market will continue to exist . It is not a it will it will it will it will it will it will it will Maas Api服务有很多的应用场景还会基于它企业内私有化部署的应用场景而这些应用场景也是我们阿里云Ai基础设施一个非常大的一个非常大的一个增量场景 I believe that the largest drivers of growth will come from three areas . First is the Mass-Driven business, which really is the core growth engine, and the Growth of our mass business will be supported by a variety of different use cases . including our own applications, as well as a diverse Array of ai application scenarios from across our customer base and across various Different industries, including ai application software . and we believe that the growth driven by mass initiatives will be a key driver of future revenue for both ai and cloud services . But Secondly, for ai and cloud computing, there's another very important Growth opportunity . of course, we believe that public mass will be A substantial market in the future, but in a considerable number of larger, medium and Large-Sized enterprises, there will also be a demand for Enterprise-Level internal inference and training, a new marketplace . and that Market will continue to exist in the long term . It's not one that will disappear simply because each enterprise makes decisions based on its own business model And the security requirements of its specific use case or the particularity of an application scenario . So For some application scenarios, enterprises Will opt to use public mass API services, while many others will be based on privately deployed solutions within the Enterprise . So those kinds of application scenarios represent a large incremental growth opportunity for Alibaba cloud's ai infrastructure . 一个增长动能就是其实对于Cto为主的传统云计算在这个Ai Aging的时代其实有一个非常大的大的一个增长空间传统的云计算是为It工程师所设计的 也就是在中国可能有几百万或者说最多不超过超过一千万的工程师是潜在的在传统营气上的客户但是当Ai大模型创作的Aging可能是数以十亿计的Aging他们运行环境 thank You . 也是非常巨大而今年这个如何把传统的云计算变成更适合于Aging的调用的这样一个产品的转型也是阿里云的一个升级的重点 third, there's another important driver, important opportunity that I think tends to get ignored a lot of the time.

非常感谢。这个市场将继续存在。它不是一个“它会它会它会它会它会它会它会”的 Maas。API服务拥有众多应用场景，其中还包括企业内部私有化部署的场景，这些场景也是阿里云AI基础设施的一个重要增量来源。我认为增长的最大驱动力将来自三个方面。首先是大众驱动型业务，这是真正的核心增长引擎，并且我们大众业务的增长将得到多种不同用例的支持，包括我们自身的应用，以及来自广大客户群体和各个不同行业的丰富AI应用场景，涵盖AI应用软件。我们相信，由大众业务推动的增长将成为AI和云服务未来收入的关键驱动力。其次，对于AI和云计算而言，未来还有另一个非常重要的增长机会。当然，我们相信公共大众将巨大市场。同时，在相当数量的大中型企业中，也将存在企业级内部推理和训练的需求，这是一个新兴市场，并且这个市场将长期存在。它不会轻易消失，因为每个企业都会根据自身的业务模式以及其特定用例的安全要求或应用场景的特殊性来做决策。因此，对于某些应用场景，企业有些企业会选择使用公共的大众API服务，而许多其他企业则会基于企业内部的私有部署解决方案。因此，这些应用场景为阿里云的AI基础设施带来了巨大的增量增长机会。另一个增长动能是，在这个AI时代，以CTO为主导的传统云计算实际上拥有非常大的增长空间。传统云计算是为IT工程师设计的，也就是说，在中国可能有几百万甚至最多不超过一千万的工程师是传统云计算的潜在客户。但当AI大模型催生了数以十亿计的AI生成内容（AIGC）时，它们的运行环境也是非常巨大的。今年，如何将传统云计算转型为更适合AI生成内容调用的产品，是阿里云升级的重点。第三，还有一个重要的驱动因素，一个我认为常常被忽视的重要机遇。

And I'm talking about Cpu-Centric cloud computing, the traditional Cloud computing, which still has significant room for expansion in this Ai-Enabled era . So traditional cloud computing is designed for it engineers, which in China may number a few million, say perhaps no more than 10 million Potentially traditional it engineers . and those have been the traditional cloud computing customers . However, in the future, there could be billions of agents That are created by large ai models, and their operating environments, the operating environments of these agents, will also require substantial support from traditional Cpu-Centric cloud computing . They need these Traditional Cpus as well as databases, storage, and large Amounts of memory to support their long-term problem-solving and sustained operations . So the challenge lies in transforming the traditional cloud computing market, shifting From a cloud platform designed for human users, those It engineers, to one that's Optimized for Agent-Based invocation. So I Believe There's Tremendous Room for growth there. So a key Challenge for Us this year is transforming traditional cloud computing into a platform that is better suited for Agentic use . and it's a key focus of Alibaba cloud's upgrade.

我指的是以CPU为中心的云计算，传统的在这个人工智能赋能的时代，云计算仍有巨大的拓展空间。传统云计算是为IT工程师设计的，在中国，这类工程师的数量可能只有数百万，比如说不超过1000万。潜在的客户群体是传统IT工程师，他们一直是传统云计算的客户。然而，未来可能会出现数十亿的智能体。这些智能体由大型人工智能模型创建，它们的运行环境——这些智能体的运行环境——也将需要传统的以CPU为中心的云计算提供大量支持。它们需要这些传统CPU以及数据库、存储和大型大量的内存来支持其长期解决问题和持续运行。因此，挑战在于改造传统云计算市场，推动从一个为人类用户设计的云平台，那些IT工程师，转变为一个针对基于智能体（Agent）调用进行优化的平台。因此我相信它是纵向扩展的吗？那里有巨大的增长空间。因此一个关键的挑战对于我们今年正将传统云计算转变为更适合智能体使用的平台。这是阿里云升级的一个关键重点。

I think this is a huge thing . Thank you . . . . . . Thank you very much . I don't know . Thank you . as the Revenue from this business continues to grow, our ai business will undergo transformation and upgrading, shifting from selling resources to selling intelligence, selling intelligent capabilities . and I think that represents A Massive upgrade to the business model . at the same time, by Integrating our proprietary T-Head chips, we are achieving and will achieve cost reduction and efficiency gains . We believe that as our ai and cloud business continues to grow in revenue scale, cloud profitability Should become increasingly visible, and we see it is on a Steady path . improvement . However, the process of continued improvement is Not a linear one . It's possible that there could Be a scale effect breakthrough, the achievement of an economy of scale, or the Scaling up of our T-Head ships, and there could be a massive leap forward . But I think that's, you know, a function of the product . as a whole, and those kinds of Economies of scale . But it will not Unfold in a linear fashion . So you asked about the Cagr, the compound annual growth rate from 2026 through to I think you can plug That into your Calculator and figure out what it would be, assuming it were to be Linear, but I don't think that it will Be linear.

我认为这是一件大事。谢谢………非常感谢。我不知道。谢谢。作为这项业务的收入持续增长，我们的人工智能业务将进行转型升级，从销售资源转向销售智能、销售智能能力。我认为这代表着这是一个商业模式的大规模升级。同时，到通过整合我们自主研发的平头哥（T-Head）芯片，我们正在并将实现降本增效。我们相信，随着我们的人工智能和云业务收入规模的持续增长，云业务的盈利能力应该会变得日益明显，并且我们看到它正处于稳健的轨道上。改进。然而，持续改进的过程并非线性的。有可能会出现将实现规模效应的突破，达成 economies of scale（规模经济），或者随着我们平头哥芯片的规模化应用，可能会有一个巨大的飞跃。但我认为，这取决于产品的整体情况，而且这类进展规模经济。但这不会会以线性方式展开。所以你问到了2026年及以后的CAGR（复合年增长率），我认为你可以把这个数据输入你的计算器，假设它会达到是线性的，而是我认为这不会是线性的。

R & D investment and growth in the market . will not Be linear and Some of the investments we're making today may not yield Significant growth until one or even two years from Now . However, regarding that overall five-year goal, we are highly confident in Our ability to achieve it . Thank you .

研发投入和市场增长。不会是线性的，并且我们目前进行的一些投资可能要到一两年后才能产生显著增长未来一到两年内有望实现显著增长现在的水平。不过，关于那个总体五年目标，我们抱有高度信心。我们有能力实现这一目标。谢谢。

Alibaba集团高管
Alibaba集团
officer, let's take theLast question. Thank you. The last Question comes from Alex Yau at Jpmorgan . please go ahead . Thank you for the opportunity

各位管理层，让我们开始最后一个问题。谢谢。最后问题来自摩根大通（JPMorgan）的Alex Yau。请提问。感谢您的提问机会。

Alex Yau
JPMorgan
To give me the opportunity . I want to take a look at the Topic . Let's take a look at our business direction on the development phase . because we've already said that business will enter a three-year-old investment . Thank You . Thank you . Thank you . I'd like to shift the topic a little bit and ask a question about E-Commerce . You previously said that we were in a three-year investment cycle for E-Commerce . I'm wondering if that is now being adjusted or being driven by

感谢给我这个机会。我想先看一下主题。让我们来看看我们在发展阶段的业务方向。因为我们已经说过，业务将进入为期三年的投资阶段。谢谢谢谢。谢谢。谢谢。我想稍微转换一下话题，问一个关于电子商务的问题。您之前说我们正处于电子商务的三年投资周期中。

Eddie Wu
Alibaba集团
Significant investment in the Instant retail business this year, the quick Commerce business this year . and at this point in time, we're seeing a highly definitive opportunity in this Space . So, Again, as I just mentioned, we will continue to invest heavily over the next two years in order to achieve our goal of surpassing 1 trillion Rmb . In quick Commerce sales . We also Believe that in two years' time, our investments in quick Commerce Will generate positive economic returns for our E-Commerce business as a whole . Thank you . and then

对该领域的重大投资即时零售业务，也就是今年的即时零售（Quick Commerce）业务。目前，我们在这一领域看到了非常明确的机遇领域。因此，同样，正如我刚才提到的，我们将在未来两年继续大力投资，以实现即时零售销售额突破1万亿元人民币的目标。我们也将为整个电子商务业务带来正向的经济回报。谢谢。然后我们相信，在两年后，我们在即时零售（quick Commerce）的投资是在一年中的每个月。因此，我们已经能够投资人工智能，并且我们已经能够投资人工智能。但我想补充一点。通过

We'll talk about ai, because we talked About ai, so I think ai will bring a huge impact on ai, but I think ai will bring a huge impact on ai . We've seen that ai Is in every month in a year . So we've been able to invest in ai, and we've been able to invest in ai . But I'd like to add to that . by

我们会谈到人工智能（AI），因为我们之前讨论过人工智能，所以我认为人工