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

SG Visual Research 图解研报
12-03

$阿里巴巴(BABA)$  

$阿里巴巴-W(09988)$  

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？

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

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