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?

阿里向上，美团向下！现在怎么投？

绩后阿里、美团同时受到了电商业务的冲击，股价下跌。但本周，阿里重返升势，但美团持续下跌，大家觉得美团还有救吗？阿里和美团，现在该怎么投？

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