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?

反垄断调查开启！阿里、美团，后市如何演绎？

1月8日，在FY26Q3财报前瞻交流中，阿里首次将淘宝闪购2026年的核心目标定调为——市场份额增长，终极目标是拿下即时零售市场的“绝对第一”。1月9日下午，国务院反垄断反不正当竞争委员会办公室在答记者问时表示，将依据《中华人民共和国反垄断法》，对外卖平台服务行业的市场竞争状况开展调查与评估。【本周一美团、阿里股价上涨。大家觉得现在能进场了吗？短期阿里、美团你更看好？】

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EBITA collapsed 78%, dragged down by heavy investment in quick commerce (QC).</p>\n<p>Here’s the twist:</p>\n<p>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.</p>\n<p>And Keeta Hong Kong?</p>\n<p>➡ Turned profitable in just 29 months, beating its own 36-month target.</p>\n<p>So the big question:</p>\n<p>Is Alibaba entering a new “cloud + quick commerce” synergy cycle?</p>\n<p>Or will QC continue burning profits?</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29004dced3a0391362f2b2325f7114c8\" tg-width=\"1080\" tg-height=\"5851\"><span></span></p></body></html>","text":"$阿里巴巴(BABA)$ $阿里巴巴-W(09988)$ 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). 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