Alibaba 2QFY26: Cloud Explodes, but QC Burns the Profits — Turning Point or Trap?

SG Visual Research 图解研报

$阿里巴巴(BABA)$

$阿里巴巴-W(09988)$

Alibaba just posted one of its most contradictory quarters in years.

☁ Cloud revenue jumped 34.5% YoY — the strongest growth since the restructuring.

🔥 But adj. EBITA collapsed 78%, dragged down by heavy investment in quick commerce (QC).

Here’s the twist:

Management says cloud demand is so strong that supply can’t keep up, and QC losses have been cut by 50% per order since August.

And Keeta Hong Kong?

➡ Turned profitable in just 29 months, beating its own 36-month target.

So the big question:

Is Alibaba entering a new “cloud + quick commerce” synergy cycle?

Or will QC continue burning profits?

阿里财报不及预期！绩后你的操作策略是？

阿里巴巴于美股盘前公布截至2025年12月31日止季度（对应2026财年第三财季）业绩：Q3营收2848.43亿元人民币，同比增长2%，市场预期为2897.95亿元；经调整净利润167.10亿元，同比下降67%，市场预期为295.79亿元。【阿里收入&EPS双miss，大力押注AI下，大家看好阿里后市发展吗？绩后你的操作策略是？】

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