2025.02.20

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Guide: Alibaba Cloud's revenue growth nearly doubled compared to the previous quarter.

On the evening of the [specific date], Alibaba Holding Group (NYSE: BABA) announced its financial results for the third quarter of the fiscal year (ending on [specific date]). According to the financial report, Alibaba's revenue for the third quarter was [specific amount] billion yuan, a year-on-year increase of [specific percentage]%. The operating profit was [specific amount] billion yuan, up [specific percentage]% year-on-year. The non-GAAP net profit was [specific amount] billion yuan, an increase of [specific percentage]% compared to the same period last year.

Alibaba's largest source of revenue is the Taotian Group, with total revenue reaching billions of RMB, a year-on-year increase of %. Adjusted profits amounted to billions of RMB, compared to billions of RMB in the same period last year. Customer management revenue grew by % year-on-year, significantly higher than the % increase in the previous quarter.

Alibaba International Digital Commerce Group reported revenue of X billion yuan, a year-on-year increase of X%. The adjusted loss was X billion yuan, compared to a loss of X billion yuan in the same period last year. This is related to Alibaba's increased investment in cross-border business and AliExpress.

During the reporting period, Alibaba Cloud achieved a revenue of . billion yuan, a year-on-year increase of %, nearly doubling the growth rate of % from the previous quarter. The financial report indicates that this growth was driven by the increase in public cloud revenue propelled by related products, with Alibaba Cloud's revenue experiencing triple-digit growth for six consecutive quarters. The external commercial revenue of Alibaba Cloud increased by % year-on-year.

In other business areas, the local life group's revenue increased by % year-on-year, and the digital media and entertainment group's revenue also increased by %, still in the phase of narrowing losses. Cainiao's revenue for the quarter decreased by %, with an adjusted decrease of %, primarily due to declines in profits from cross-border logistics fulfillment solutions and domestic logistics services.

During the quarter, Alibaba entered into share sale agreements for Intime and Suning Retail. Data shows that since the beginning of this year, Alibaba's Hong Kong stock price has risen by .%. On the day of the month, Alibaba's Hong Kong stock price closed at . Hong Kong dollars.

The recent increase in stock price is primarily driven by the valuation of Alibaba, with Alibaba Cloud expected to benefit from the computing power dividend and the recent acquisition of an Apple order by Tongyi. However, the rise in Alibaba's Hong Kong stock price has slowed to .%, as the market awaits further performance from Alibaba Cloud and observes Alibaba's investment strategies.

从增长态势来看，过去一年，阿里云营收实现了反弹，季度增速从%左右增速提升至本季度的%，近几个季度阿里云也保持了稳定盈利，经调整后利润率约为%左右。该季度，阿里云调整后增长%至.亿，财报显示，这一增长主要得益于产品结构向高利润率公共云产品的转变以及运营效率的提升，部分抵消了在客户增长和技术方面的投资增加。

此外，阿里巴巴对阿里云的投入也在持续扩大。财报显示，阿里巴巴本季度的资本性支出达到.亿元，阿里巴巴本季度自由现金流为.亿元，同比下降%。财报显示，自由现金流的下降主要是由于阿里云对云基础设施投入相关支出的增加，部分被其他营运资金的变化所抵消。

财报发布后的电话会上，阿里巴巴集团吴泳铭表示，未来三年可能是阿里集团历史上云和的基础设施投入最大的三年，但阿里从目前看到的用户需求以及行业未来判断，这些投入下去的整体的基础设施很快会被内外部的客户需求所消化。

吴泳铭还表示，面向未来，阿里巴巴将继续专注三大业务类型：国内外电商业务，+云计算的科技业务，互联网平台产品。未来三年，阿里将围绕这个战略核心，在基础设施、基础模型平台及原生应用、现有业务的转型等三方面加大投入。同时，他透露，阿里还会在近期发布基于.-的深度推理模型。

Following the earnings report, Alibaba's U.S. stock price surged significantly.