Stock Name

BABA-W

Listing Date

2019-11-26

Sector

Technology

Chairman

Joseph C. TSAI

Par Value

3.125E-06

Total Issued Capital

19.088B

Market Cap

2.167T

Principal Activities

The Company has six major business groups and various other businesses. The six major business groups are Taobao and Tmall Group, Cloud Intelligence Group, Alibaba International Digital Commerce Group, Cainiao Smart Logistics Network Limited, Local Services Group, and Digital Media and Entertainment Group. An ecosystem has developed around the Company’s platforms and businesses that consists of consumers, merchants, brands, retailers, third-party service providers, strategic alliance partners and other businesses.

Latest Results

The Group's profit attributable to shareholders for the year ended 31-03-2025 amounted to RMB 129.47 billion, an increase of 62.4% compared with previous corresponding period. Basic earnings per share was RMB 6.89. A dividend of USD 0.13125 per share and a special dividend of USD 0.11875 per share was declared. Turnover amounted to RMB 996.35 billion, an increase of 5.9% over the same period last year, gross profit margin up 2.2% to 40.0%. (Announcement Date: 15 May 2025)

Business Review - For the year ended March 31, 2025

Taobao and Tmall Group

For the quarter ended March 31, 2025, our customer management revenue grew 12% year-over-year to RMB71,077 million (US$9,794 million), primarily driven by the improvement of take rate year-over-year.Our take rate benefited from the impact of the software service fee and increasing penetration of Quanzhantui. Merchants benefit through Quanzhantui’s convenience of use and improvement of marketing efficiency.

We continued to invest in user growth and other strategic initiatives such as price-competitive products, customer service, membership program benefits and AI technology applications to enhance user experience. These efforts led to stronger momentum in new consumer growth and continuous increase in orders.

On the merchant end, we remained focused on improving their operating environment and ensuring their sustainable development on our platform. In particular, we increased support of merchants that provide high-quality products and customer services, including support for marketing, new product launches and customer management.

The number of 88VIP members, our highest spending consumer group, continued to increase by double digits year-over-year, surpassing 50 million. We will continue to focus on improving the retention rate of 88VIP membership.

Alibaba International Digital Commerce Group (“AIDC”)

For the quarter ended March 31, 2025, revenue from AIDC grew 22% year-over-year to RMB33,579 million (US$4,627 million), primarily driven by strong performance in cross-border businesses. During the quarter, AIDC continued to focus on enhancing operating and investment efficiency, leading to narrowed loss of the segment year-over-year. In particular, the unit economics of the AliExpress’Choice business improved on a sequential basis.

AIDC has a diverse geographical presence, with a consistent strategic focus on key regions such as select European markets and the Gulf Region. AliExpress and Trendyol, in particular, continue to diversify and enrich their product offerings by engaging local merchants and partners, through different business models in different markets. We believe that our diverse businesses and product offerings across geographies will continue to enhance our competitive advantages in the evolving global e-commerce landscape.

Cloud Intelligence Group

For the quarter ended March 31, 2025, revenue from Cloud Intelligence Group was RMB30,127 million (US$4,152 million), an increase of 18% year-over-year. During this quarter, the year-over-year growth of overall revenue excluding Alibaba-consolidated subsidiaries accelerated to 17%. This momentum was primarily driven by an even faster public cloud revenue growth, including the increasing adoption of AI- related products.

Notably, AI-related product revenue maintained triple-digit year-over-year growth for the seventh consecutive quarter. Our AI products are seeing broader adoption across a wide range of industry verticals including Internet, retail, manufacturing, and media, with a growing focus on value-added applications.For example, Lingma, our AI coding assistant launched last year, has seen strong adoption among enterprise customers and delivered robust revenue growth. We will continue to invest in anticipation of customer growth and technology innovation, including AI products and services, to increase cloud adoption for AI and maintain our market leadership.

In the 2025 Gartner Innovation Guide for Generative AI Technologies, which assessed vendors across four defined submarkets, Alibaba Cloud was the only Chinese provider named an Emerging Leader in all four areas: Generative AI Model Providers, Generative AI Engineering, Generative AI Specialized Cloud Infrastructure, and AI Knowledge Management Apps/General Productivity.

We remain committed to advancing multi-modal AI technology and expanding our open-source initiatives. In April, we launched the Qwen3 series, a new generation of hybrid reasoning models that combine the capabilities of fast, simple responses and deeper chain-of-thought reasoning into a single model. The Qwen3 series covers a full range of model sizes, including two MoE (Mixture-of-Experts) models and six dense models. The flagship MoE model, Qwen3-235B-A22B, with 235 billion parameters but only 22 billion activated parameters, delivers efficiency and world-leading performance in key benchmarks such as code generation, mathematics, and general reasoning. The smaller models, including the dense models and the lightweight MoE model Qwen3-30B-A3B, are designed for ease of adoption by developers and enterprises, while delivering strong performance at lower costs. All Qwen3 models have been fully open-sourced on ModelScope, Hugging Face, and other platforms. We believe the full open- sourcing of Qwen3 will drive innovation and new applications by developers, start-ups and enterprises.

Cainiao Smart Logistics Network Limited (“Cainiao”)

For the quarter ended March 31, 2025, revenue of Cainiao Smart Logistics Network Limited was RMB21,573 million (US$2,973 million), a decrease of 12% year-over-year. This is the result of the increasing integration of logistics offerings into our e-commerce businesses.

Local Services Group

For the quarter ended March 31, 2025, revenue from Local Services Group grew 10% year-over-year to RMB16,134 million (US$2,223 million), driven by the order growth of both Amap and Ele.me, as well as revenue growth from marketing services.

For the quarter ended March 31, 2025, overall losses continued to narrow year-over-year as scale increased and unit economics improved due to operating efficiency.

Digital Media and Entertainment Group

For the quarter ended March 31, 2025, revenue of Digital Media and Entertainment Group was RMB5,554 million (US$765 million), an increase of 12% year-over-year, primarily driven by the strong performance of the movie and entertainment businesses and the increase in Youku's advertising revenue.

During the quarter, the adjusted EBITA of Digital Media and Entertainment Group turned positive, primarily driven by Youku's profitability.

Business Outlook - For the year ended March 31, 2025

Looking ahead, we will remain focused on our core businesses and continue to drive AI + Cloud as a new engine for our long-term growth.

Source: BABA-W (09988) Annual Results Announcement

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		Company Profile
	Stock Name	BABA-W
	Listing Date	2019-11-26
	Sector	Technology
	Chairman	Joseph C. TSAI
	Par Value	3.125E-06
	Total Issued Capital	19.088B
	Market Cap	2.167T
	Principal Activities The Company has six major business groups and various other businesses. The six major business groups are Taobao and Tmall Group, Cloud Intelligence Group, Alibaba International Digital Commerce Group, Cainiao Smart Logistics Network Limited, Local Services Group, and Digital Media and Entertainment Group. An ecosystem has developed around the Company’s platforms and businesses that consists of consumers, merchants, brands, retailers, third-party service providers, strategic alliance partners and other businesses. Latest Results The Group's profit attributable to shareholders for the year ended 31-03-2025 amounted to RMB 129.47 billion, an increase of 62.4% compared with previous corresponding period. Basic earnings per share was RMB 6.89. A dividend of USD 0.13125 per share and a special dividend of USD 0.11875 per share was declared. Turnover amounted to RMB 996.35 billion, an increase of 5.9% over the same period last year, gross profit margin up 2.2% to 40.0%. (Announcement Date: 15 May 2025) Business Review - For the year ended March 31, 2025 Taobao and Tmall Group For the quarter ended March 31, 2025, our customer management revenue grew 12% year-over-year to RMB71,077 million (US$9,794 million), primarily driven by the improvement of take rate year-over-year.Our take rate benefited from the impact of the software service fee and increasing penetration of Quanzhantui. Merchants benefit through Quanzhantui’s convenience of use and improvement of marketing efficiency. We continued to invest in user growth and other strategic initiatives such as price-competitive products, customer service, membership program benefits and AI technology applications to enhance user experience. These efforts led to stronger momentum in new consumer growth and continuous increase in orders. On the merchant end, we remained focused on improving their operating environment and ensuring their sustainable development on our platform. In particular, we increased support of merchants that provide high-quality products and customer services, including support for marketing, new product launches and customer management. The number of 88VIP members, our highest spending consumer group, continued to increase by double digits year-over-year, surpassing 50 million. We will continue to focus on improving the retention rate of 88VIP membership. Alibaba International Digital Commerce Group (“AIDC”) For the quarter ended March 31, 2025, revenue from AIDC grew 22% year-over-year to RMB33,579 million (US$4,627 million), primarily driven by strong performance in cross-border businesses. During the quarter, AIDC continued to focus on enhancing operating and investment efficiency, leading to narrowed loss of the segment year-over-year. In particular, the unit economics of the AliExpress’Choice business improved on a sequential basis. AIDC has a diverse geographical presence, with a consistent strategic focus on key regions such as select European markets and the Gulf Region. AliExpress and Trendyol, in particular, continue to diversify and enrich their product offerings by engaging local merchants and partners, through different business models in different markets. We believe that our diverse businesses and product offerings across geographies will continue to enhance our competitive advantages in the evolving global e-commerce landscape. Cloud Intelligence Group For the quarter ended March 31, 2025, revenue from Cloud Intelligence Group was RMB30,127 million (US$4,152 million), an increase of 18% year-over-year. During this quarter, the year-over-year growth of overall revenue excluding Alibaba-consolidated subsidiaries accelerated to 17%. This momentum was primarily driven by an even faster public cloud revenue growth, including the increasing adoption of AI- related products. Notably, AI-related product revenue maintained triple-digit year-over-year growth for the seventh consecutive quarter. Our AI products are seeing broader adoption across a wide range of industry verticals including Internet, retail, manufacturing, and media, with a growing focus on value-added applications.For example, Lingma, our AI coding assistant launched last year, has seen strong adoption among enterprise customers and delivered robust revenue growth. We will continue to invest in anticipation of customer growth and technology innovation, including AI products and services, to increase cloud adoption for AI and maintain our market leadership. In the 2025 Gartner Innovation Guide for Generative AI Technologies, which assessed vendors across four defined submarkets, Alibaba Cloud was the only Chinese provider named an Emerging Leader in all four areas: Generative AI Model Providers, Generative AI Engineering, Generative AI Specialized Cloud Infrastructure, and AI Knowledge Management Apps/General Productivity. We remain committed to advancing multi-modal AI technology and expanding our open-source initiatives. In April, we launched the Qwen3 series, a new generation of hybrid reasoning models that combine the capabilities of fast, simple responses and deeper chain-of-thought reasoning into a single model. The Qwen3 series covers a full range of model sizes, including two MoE (Mixture-of-Experts) models and six dense models. The flagship MoE model, Qwen3-235B-A22B, with 235 billion parameters but only 22 billion activated parameters, delivers efficiency and world-leading performance in key benchmarks such as code generation, mathematics, and general reasoning. The smaller models, including the dense models and the lightweight MoE model Qwen3-30B-A3B, are designed for ease of adoption by developers and enterprises, while delivering strong performance at lower costs. All Qwen3 models have been fully open-sourced on ModelScope, Hugging Face, and other platforms. We believe the full open- sourcing of Qwen3 will drive innovation and new applications by developers, start-ups and enterprises. Cainiao Smart Logistics Network Limited (“Cainiao”) For the quarter ended March 31, 2025, revenue of Cainiao Smart Logistics Network Limited was RMB21,573 million (US$2,973 million), a decrease of 12% year-over-year. This is the result of the increasing integration of logistics offerings into our e-commerce businesses. Local Services Group For the quarter ended March 31, 2025, revenue from Local Services Group grew 10% year-over-year to RMB16,134 million (US$2,223 million), driven by the order growth of both Amap and Ele.me, as well as revenue growth from marketing services. For the quarter ended March 31, 2025, overall losses continued to narrow year-over-year as scale increased and unit economics improved due to operating efficiency. Digital Media and Entertainment Group For the quarter ended March 31, 2025, revenue of Digital Media and Entertainment Group was RMB5,554 million (US$765 million), an increase of 12% year-over-year, primarily driven by the strong performance of the movie and entertainment businesses and the increase in Youku's advertising revenue. During the quarter, the adjusted EBITA of Digital Media and Entertainment Group turned positive, primarily driven by Youku's profitability. Business Outlook - For the year ended March 31, 2025 Looking ahead, we will remain focused on our core businesses and continue to drive AI + Cloud as a new engine for our long-term growth. Source: BABA-W (09988) Annual Results Announcement