Alibaba Group Holding Limited Q3 FY2026 earnings call

Over the past quarter, Alibaba maintained strong investment momentum in AI plus cloud and consumption. Cloud intelligence group revenue growth accelerated, quick commerce business expanded in scale with unit economics improvement. Alibaba has complete full-stack AI capabilities, with AI strategic roadmap including infrastructure and application layers. In consumption segment, quick commerce business further expanded in scale with share growth, unit economics and AOV improvement. QN's consumer-facing monthly active users have surpassed 300 million, Wukong is the world's first AI-native enterprise-grade agent platform.

Cloud Intelligence Group revenue growth accelerated to 36%, with AI-related product revenue delivering triple-digit year-over-year growth for the 10th consecutive quarter. Cloud Intelligence Group's market share has grown for three consecutive quarters, rising to 36%. Revenue from China e-commerce group was RMB 159.3 billion, an increase of 6%. Revenue from quick commerce business increased 56% to RMB 20.8 billion. Revenue from AIDC grew 4% this quarter. All other segment revenue decreased by 25% to RMB 67.3 billion, mainly due to disposal of Sunnah and in-time businesses, as well as a decrease in revenue from China, partly offset by the increase in revenue from Fresh Apple and Alibaba Health.

Goal of surpassing US$100 billion in combined cloud and AI external revenue over the next five years. Target of achieving over 1 trillion RMB in quick commerce GMV by FY28, expecting positive cash flow when GMV target is achieved and quick commerce business to be profitable in FY29.

First question from Robin Zhu at Bernstein about TokenHub organization and cloud/AI priorities. Second question from Joyce Chu at Bank of America about CMR trends. Third question from Gary Yu at Morgan Stanley about quick commerce priority and synergy. Fourth question from Alicia Yap at Citigroup about THET chip unit. Fifth question from Yuan Liao at Citix about AI strategy revenue target details. Sixth question from Alex Yao at JPMorgan about e-commerce investment cycle.