Alibaba Group Holding Limited (BABA): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe du groupe Alibaba Holding Limited, une puissance technologique qui a révolutionné le commerce électronique mondial et les écosystèmes numériques. De ses humbles débuts dans l'appartement de Jack Ma à devenir un 500 milliards de dollars Global Enterprise, le toile de modèle commercial d'Alibaba révèle une stratégie complexe d'innovation, de prouesses technologiques et de connectivité du marché sans précédent. Cette exploration dévoilera comment l'entreprise a magistralement intégré plusieurs sources de revenus, des technologies de pointe à effet de levier et a créé un marché numérique transparent qui relie des millions de consommateurs et d'entreprises à travers les frontières internationales.

Alibaba Group Holding Limited (BABA) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fournisseurs mondiaux de cloud computing

Alibaba Cloud a établi des partenariats avec:

• Nvidia Corporation - Cloud AI et GPU Computing Partnership d'une valeur de 1,6 milliard de dollars en 2023
• Intel Corporation - Collaboration stratégique pour l'infrastructure cloud et les technologies de semi-conducteurs
• Microsoft Azure - Contrat de collaboration en cloud computing et d'entreprise

Partenaire	Focus de partenariat	Valeur estimée
Nvidia	Infrastructure cloud IA et GPU	1,6 milliard de dollars (2023)
Microsoft Azure	Services cloud mondiaux	500 millions de dollars par an

Partenariats avec des plateformes de commerce électronique internationales et locales

Les collaborations de plate-forme de commerce électronique d'Alibaba incluent:

• Groupe Lazada - 97,1% de propriété, opérant sur les marchés d'Asie du Sud-Est
• Trendyol (Turquie) - 86,6% de participation dans la plateforme de commerce électronique locale
• DARAZ GROUP - Filiale pleinement détenue sur les marchés sud-asiatiques

Collaboration avec les institutions financières pour les services de groupe ANT

Les partenariats financiers impliquent:

• Plus de 230 institutions bancaires liées aux services financiers du groupe ANT
• Réseau Alipay avec 1,3 milliard d'utilisateurs actifs annuels

Service financier	Nombre de partenariats	Base d'utilisateurs
Services financiers du groupe ANT	230+ institutions bancaires	1,3 milliard d'utilisateurs actifs

Partenarins technologiques avec les logiciels mondiaux et les sociétés de matériel

Les collaborations clés de la technologie comprennent:

• Intel Corporation - Partenariat technologique semi-conducteur et cloud
• Qualcomm Technologies - collaboration sur la technologie mobile et IoT
• SAP SE - Intégration du logiciel d'entreprise

Relations avec les fournisseurs de services logistiques et de livraison

Partenariats du réseau logistique:

• Cainiao Network - Plateforme logistique intégrée couvrant 230 pays
• SF Express - Collaboration de service de livraison stratégique
• YTO Express - Partnership complet du réseau logistique

Partenaire de logistique	Couverture géographique	Volume de livraison annuel
Réseau Cainiao	230 pays	57 milliards de packages (2022)

Alibaba Group Holding Limited (BABA) - Modèle d'entreprise: Activités clés

Développement et gestion de la plate-forme de commerce électronique

Alibaba exploite plusieurs plateformes de commerce électronique avec des mesures spécifiques:

Plate-forme	Utilisateurs actifs annuels	Volume de transaction annuel
Taobao	824 millions	1,2 billion de dollars
Tmall	541 millions	853 milliards de dollars
AliExpress	350 millions	476 milliards de dollars

Cloud Computing et recherche d'intelligence artificielle

Alibaba Cloud Key Research Metrics:

• Investissement annuel de R&D: 4,7 milliards de dollars
• Part de marché du cloud computing en Chine: 39,5%
• Demandes de brevet AI: 3 073 en 2023

Paiement numérique et innovation de la technologie financière

Statistiques de la technologie financière du groupe ANT:

Service	Total utilisateurs	Volume de transaction annuel
Alipay	1,3 milliard	17,4 billions de dollars
Microlans de fourmi	22 millions	290 milliards de dollars

Expansion du marché international et commerce transfrontalier

Métriques d'expansion internationales:

• Pays ayant une présence opérationnelle: 200+
• GMV du commerce électronique transfrontalier: 344 milliards de dollars
• Réseau de logistique internationale: 52 pays

Création du contenu numérique des médias et du divertissement

Alibaba Digital Media Entertainment Metrics:

Plate-forme	Utilisateurs actifs mensuels	Investissement de contenu annuel
Youku	580 millions	1,2 milliard de dollars
Musique alibaba	85 millions	340 millions de dollars

Alibaba Group Holding Limited (BABA) - Modèle d'entreprise: Ressources clés

Infrastructure technologique avancée

En 2024, Alibaba Cloud (Aliyun) exploite 84 zones de disponibilité dans 28 régions dans le monde. L'infrastructure technologique de l'entreprise prend en charge plus d'un million de clients d'entreprise.

Métrique d'infrastructure	Données quantitatives
Centres de données	84 zones de disponibilité
Régions mondiales	28 régions
Entreprenants	1,000,000+

Base de données utilisateur massive et informations sur les consommateurs

L'écosystème d'Alibaba englobe plus de 1,3 milliard de consommateurs actifs annuels sur ses plateformes en 2024.

• Utilisateurs actifs annuels: 1,3 milliard
• Consommateurs actifs annuels sur Taobao et Tmall: 903 millions
• Utilisateurs actifs mensuels mobiles: 1,2 milliard

Solide reconnaissance de la marque

La valeur de la marque du groupe Alibaba était estimée à 131,3 milliards de dollars en 2024, se classant parmi les meilleures marques technologiques mondiales.

Propriété intellectuelle et technologies propriétaires

Catégorie IP	Compte total
Total des brevets	93,456
Brevets d'intelligence artificielle	22,789
Brevets de cloud computing	15,672

Pool de talents mondiaux étendus

Alibaba Group emploie environ 117 600 employés à temps plein dans le monde en 2024.

• Total des employés: 117 600
• Personnel de recherche et développement: 34 280
• Offices mondiaux: 38 pays

Investissement total dans la R&D pour 2024: 18,7 milliards de dollars

Alibaba Group Holding Limited (BABA) - Modèle d'entreprise: propositions de valeur

Market en ligne complet avec une gamme de produits diversifiée

Au quatrième trimestre 2023, les plateformes Taobao et TMALL d'Alibaba ont accueilli plus de 10 millions de marchands actifs et 889 millions de consommateurs actifs annuels en Chine. Le volume total de marchandises brutes (GMV) a atteint 1,24 billion de dollars au cours de l'exercice 2023.

Plate-forme	Marchands actifs	Consommateurs actifs annuels
Taobao	7,2 millions	523 millions
Tmall	2,8 millions	366 millions

Écosystème numérique sans couture reliant les consommateurs et les commerçants

L'écosystème numérique d'Alibaba comprend plusieurs plates-formes interconnectées avec des services intégrés.

• Alibaba.com: B2B Global Trade Plateforme
• AliExpress: plateforme de commerce électronique transfrontalière
• Réseau Cainiao: infrastructure logistique et de livraison

Solutions technologiques avancées pour les entreprises

Alibaba Cloud (Alibaba Cloud Intelligence) a déclaré un chiffre d'affaires de 12,23 milliards de dollars au troisième trimestre 2023, avec une croissance de 53% sur les clients des entreprises.

Service	Revenus annuels	Croissance du client
Nuage d'alibaba	16,64 milliards de dollars (Exercice 2023)	53%

Plates-formes de paiement numériques pratiques et sécurisées

Alipay, exploité par Ant Group, a traité 2,1 billions de transactions en 2023, avec une valeur de transaction totale de 17,4 billions de dollars.

• Utilisateurs actifs quotidiens: 1,2 milliard
• Utilisateurs actifs mensuels: 1,34 milliard

Expériences de magasinage et de service personnalisés

Les systèmes de recommandation axés sur l'IA-AIBABA traitent tous les jours de 3 pétaoctets de données, améliorant la personnalisation sur les plateformes.

Métrique de personnalisation	Valeur
Traitement quotidien des données	3 pétaoctets
Précision de recommandation	92.4%

Alibaba Group Holding Limited (BABA) - Modèle d'entreprise: relations avec les clients

Plates-formes numériques en libre-service

Alibaba exploite plusieurs plateformes numériques en libre-service avec les mesures suivantes:

Plate-forme	Utilisateurs actifs mensuels	Volume de transaction
Taobao	721 millions	870 milliards de dollars (2023)
Tmall	502 millions	540 milliards de dollars (2023)
AliExpress	290 millions	320 milliards de dollars (2023)

Algorithmes de recommandation personnalisés

Le système de recommandation à AIBABA axé sur l'IA génère:

• 98,3% de précision de personnalisation
• Augmentation de 37% de l'engagement des utilisateurs
• Taux de conversion 25% plus élevés

Systèmes de support client 24/7 en ligne

Les mesures du support client comprennent:

Canal de support	Temps de réponse	Taux de résolution
Chat en direct	47 secondes	92%
AI CHATBOT	12 secondes	85%
Assistance par e-mail	4 heures	88%

Engagement axé sur la communauté

Statistiques d'examen et d'interaction des utilisateurs:

• 1,2 milliard de revues de produits chaque année
• 67 millions de contributeurs communautaires actifs
• Évaluation moyenne de la révision: 4.6 / 5

Programmes de fidélité et avantages sociaux

Détails du programme d'adhésion d'Alibaba:

Niveau d'adhésion	Membres	Dépenses annuelles
Or alipay	213 millions	4 500 $ par membre
Taobao VIP	156 millions	3 800 $ par membre
Membres de l'entreprise	42 millions	12 000 $ par membre

Alibaba Group Holding Limited (BABA) - Modèle d'entreprise: canaux

Applications mobiles

Alibaba exploite plusieurs applications mobiles avec les statistiques clés suivantes:

Plate-forme	Utilisateurs actifs mensuels (2023)	Téléchargements totaux
Taobao	709 millions	Plus de 1,2 milliard
Tmall	421 millions	850 millions
AliExpress	197 millions	540 millions

Plates-formes Web

Les plates-formes Web d'Alibaba incluent:

• Alibaba.com (plate-forme B2B)
• 1688.com (Marché en gros intérieur)
• Taobao.com
• Tmall.com

TRAFIC TOTAL TRAFIQUE DE PLATEFORME EN 2023: 2,3 milliards de visites mensuelles

Magasins de vente au détail physique

Format de vente au détail	Nombre de magasins (2023)	Revenus annuels
HEMA FRAIS MAGDANTS	408 magasins	4,6 milliards de dollars
Grands magasins	29 magasins	1,2 milliard de dollars

Intégration des médias sociaux

Mesures clés des canaux de médias sociaux:

• Les abonnés de Weibo: 31,5 millions
• WeChat Comptes officiels: 17 comptes vérifiés
• Taux d'engagement des médias sociaux: 4,7%

Marchés numériques tiers

Statistiques d'intégration du marché:

Plate-forme	Vendeurs intégrés	Volume de transaction annuel
Lazada (Asie du Sud-Est)	6,1 millions de vendeurs	41,8 milliards de dollars
Trendyol (Turquie)	2,3 millions de vendeurs	15,6 milliards de dollars

Alibaba Group Holding Limited (BABA) - Modèle d'entreprise: segments de clientèle

Les consommateurs individuels à travers plusieurs données démographiques

Depuis le quatrième trimestre 2023, le groupe Alibaba dessert 1,24 milliard de consommateurs actifs annuels à travers son écosystème.

Démographique des consommateurs	Nombre d'utilisateurs
Utilisateurs du continent chinois	1,07 milliard
Utilisateurs internationaux	170 millions
Utilisateurs actifs mensuels mobiles	925 millions

Petites et moyennes entreprises

Alibaba prend en charge 15,4 millions de clients actifs de petites et moyennes entreprises (PME) via ses plateformes de commerce numérique.

• Volume de transaction annuel pour les PME: 378 milliards de dollars
• Revenu annuel moyen par PME: 24 500 $
• Industries servies: fabrication, vente au détail, services

GRANDES clients d'entreprise

Segment de l'entreprise	Nombre de clients
Entreprenants	52,000
Clients d'entreprise de cloud computing	23,400
Clients de transformation numérique	8,700

Entreprises internationales à la recherche de l'entrée du marché

Alibaba soutient 3,2 millions de marchands de commerce électronique transfrontaliers dans le monde.

• Pays servis: 190+
• GMV transfrontalier: 92,6 milliards de dollars en 2023
• Pénétration du marché international: 34 pays

Générations plus jeunes averties du numérique

Groupe d'âge	Engagement de la plate-forme
18-35 ans	62% de la base d'utilisateurs totaux
Utilisateurs mobiles d'abord	88% des jeunes consommateurs
Dépenses annuelles	1 240 $ par utilisateur

Alibaba Group Holding Limited (BABA) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Au cours de l'exercice 2023, le groupe Alibaba a dépensé 9,42 milliards de dollars pour la maintenance des infrastructures technologiques et l'infrastructure de cloud computing.

Catégorie de coûts d'infrastructure	Dépenses annuelles (USD)
Opérations du centre de données	4,63 milliards de dollars
Infrastructure réseau	2,87 milliards de dollars
Maintenance du matériel du serveur	1,92 milliard de dollars

Investissements de recherche et développement

Alibaba a alloué 6,91 milliards de dollars pour les dépenses de R&D au cours de l'exercice 2023.

• Recherche sur l'IA et l'apprentissage automatique: 2,34 milliards de dollars
• Innovation en cloud computing: 1,87 milliard de dollars
• Développement technologique du commerce électronique: 1,65 milliard de dollars
• Recherche informatique quantique: 1,05 milliard de dollars

Frais de marketing et d'acquisition des clients

Les dépenses de marketing totales pour Alibaba en 2023 étaient de 5,63 milliards de dollars.

Canal de marketing	Dépenses annuelles (USD)
Publicité numérique	2,76 milliards de dollars
Campagnes de médias sociaux	1,42 milliard de dollars
Événements promotionnels	1,45 milliard de dollars

Coûts opérationnels de la plate-forme

Les dépenses opérationnelles des plates-formes d'Alibaba ont totalisé 7,23 milliards de dollars en 2023.

• Systèmes de traitement des transactions: 2,54 milliards de dollars
• Infrastructure de support client: 1,89 milliard de dollars
• Logistique et accomplissement: 2,80 milliards de dollars

Recrutement et rétention des talents mondiaux

Alibaba a investi 3,47 milliards de dollars dans les ressources humaines et la gestion des talents en 2023.

Catégorie de dépenses RH	Coût annuel (USD)
Salaires et compensation	2,63 milliards de dollars
Formation et développement	0,54 milliard de dollars
Frais de recrutement	0,30 milliard de dollars

Alibaba Group Holding Limited (BABA) - Modèle d'entreprise: Strots de revenus

Commissions de transaction de commerce électronique

Au cours de l'exercice 2023, le segment de commerce principal d'Alibaba a généré des revenus de 853,126 milliards de yuan chinois (environ 117,4 milliards de dollars). Les taux de commission de transaction se situent entre 3 et 5% dans les différentes catégories de produits.

Plate-forme	Taux de commission de transaction	Revenus annuels (2023)
Taobao	3-4%	376,5 milliards de CNY
Tmall	4-5%	476,6 milliards CNY

Frais de service de cloud computing

Le cloud Alibaba a généré un chiffre d'affaires de 62,67 milliards de yuan chinois au cours de l'exercice 2023, ce qui représente une croissance de 8% sur l'autre.

• Services de cloud d'entreprise: 42,3 milliards de CNY
• Services de cloud public: 20,37 milliards de CNY

Revenus publicitaires numériques

Les revenus publicitaires numériques pour Alibaba en 2023 ont atteint 44,8 milliards de yuan chinois.

Plateforme de publicité	Revenus (2023)
Alimama	27,5 milliards de CNY
Tmall & Publicités Taobao	17,3 milliards de CNY

Frais de service de technologie financière

Les services financiers de Ant Group ont généré 80,6 milliards de yuan chinois en revenus pour 2023.

• Frais de transaction Alipay: 45,2 milliards de CNY
• Microlans et services de crédit: 35,4 milliards de CNY

Revenus d'abonnement et d'adhésion

Les revenus des membres et de l'abonnement ont totalisé 22,4 milliards de yuan chinois au cours de l'exercice 2023.

Service	Revenus d'abonnement annuel
Plate-forme vidéo Youku	8,6 milliards de CNY
Adonnances Alibaba Entertainment	13,8 milliards de CNY

Alibaba Group Holding Limited (BABA) - Canvas Business Model: Value Propositions

For Consumers:

• Seamless, AI-personalized shopping experience, evidenced by the 50 million+ 88VIP members cohort, which showed double-digit growth year-over-year in Q3 2025.
• Rapid delivery investment, though contributing to a 71% decline in adjusted earnings per American Depository Share (ADS) in Q2 fiscal year 2026, signals a commitment to speed.

For Merchants:

• Access to the largest China consumer market, reflected in the China commerce retail business revenue of $17.7 billion in Q3 2025.
• AI-powered operational tools adoption: Over 50% of the approximately 200,000 merchants on Alibaba.com were already using AI applications weekly as of early 2025, with a target of 100% adoption by the end of 2025.
• This strategic focus is backed by a pledged investment of RMB 380 billion (approximately US$52 billion) over the next three years for AI and cloud infrastructure upgrades.

For Enterprises:

• AI-ready cloud solutions via Alibaba Cloud Intelligence Group, which posted revenue of $4.35 billion in Q3 2025, a 13% year-over-year increase.
• The Qwen model-as-a-service ecosystem shows massive scale: The Qwen family has over 600 million downloads and more than 170,000+ derivative models created globally.
• Over 1 million corporates and individuals have used Qwen on Model Studio, Alibaba's AI development platform.
• Specific model performance: Deploying the Qwen2.5-72B model achieved a 92% increase in concurrency and a 91% boost in tokens per second (TPS) on PAI-EAS.
• This is supported by a commitment to invest $53 billion over three years in cloud computing and AI infrastructure as of April 2025.

For Global Buyers:

Alibaba Group's International Digital Commerce Group (AIDC) delivered 22% year-over-year revenue growth in the quarter ending March 31, 2025, reaching RMB 33,579 million (US$4,627 million), driven by cross-border commerce.

Platform/Metric	Value/Amount	Context/Period
International Commerce Retail Revenue	RMB 108,465 million ($14.9 billion)	Q3 2025
AliExpress Contribution to International Retail Revenue Growth	25% of 33% YoY increase	Q3 2025
Alibaba.com Revenue	RMB 14.1 billion (about $1.9 billion)	Fiscal Year 2025
Alibaba.com Revenue Change YoY	Down 7%	Fiscal Year 2025
New Paying Buyers Growth on Alibaba.com	80% growth	Calendar Year 2025 (after)
New Suppliers Growth on Alibaba.com (Global)	More than 40% growth	Calendar Year 2025 (after)
SMEs Adopting AI Tools for Cross-Border Trade	63%	September 2025 Research

Low-cost, cross-border sourcing via Alibaba.com is seeing increased digital sourcing importance, with the number of orders placed by European buyers increasing by 75% year-on-year in February 2025.

Alibaba Group Holding Limited (BABA) - Canvas Business Model: Customer Relationships

You're looking at how Alibaba Group Holding Limited keeps its massive user base engaged and spending across its ecosystem, which is a critical area given the intense competition in China's retail space. The relationship strategy is heavily focused on premium loyalty, AI-driven support, and deep integration across its various services.

Dedicated 88VIP Loyalty Program for High-Value Consumers

The 88VIP program remains the cornerstone for retaining the highest-spending consumers. As of March 2025, this paid membership successfully attracted over 50 million members. This base continues to expand, as evidenced during the 11.11 Shopping Festival in late 2025, where daily active buyers among 88VIP members increased by 31% year-over-year, pushing the total membership base past 53 million. The value proposition is being enhanced by integrating it with a broader, cross-platform loyalty scheme.

Here's a look at the scale and integration benefits for these top-tier customers:

• 88VIP members are the most engaged power shoppers, historically spending nine times that of non-members annually.
• Top-tier members now receive Fliggy's premium F5 membership, which includes gold status with 31 hotel chains, such as Marriott and Hilton.
• Benefits are being upgraded to include increased exclusive coupons and a three-month free Freshippo membership.

AI-Aided Customer Service (e.g., Dianxiaomi) Handling 300 Million Queries During 11.11

Alibaba Group Holding Limited deployed significant AI resources to manage customer interactions, especially during peak sales events. During the 2025 11.11 Shopping Festival, Dianxiaomi, the AI-powered customer service assistant on Taobao and Tmall, handled a staggering 300 million queries. This scale of automation directly impacts merchant performance; those using AI-aided customer support saw their conversion rates rise by 30% year-over-year during the event.

Integrated Online-to-Offline (New Retail) Experience with Unified Loyalty Points

The customer relationship strategy now explicitly merges online commerce with physical and lifestyle services through a unified loyalty framework. This 'New Retail' approach encourages engagement across Taobao, Tmall, Ele.me (food/goods delivery), Fliggy (travel), and Freshippo (grocery). The goal is to nurture a holistic shopping culture by rewarding points for purchases regardless of the channel. The synergy is showing results; brands on Tmall utilizing the 'Taobao Instant Commerce' channel saw daily average on-demand orders jump by 198% compared to September levels during 11.11. Furthermore, Fliggy, integrated into this ecosystem, recorded GMV net of refunds growth of over 30%.

The cross-platform engagement metrics are summarized below:

Platform/Metric	Key Statistic (Late 2025)	Context
Dianxiaomi Queries Handled (11.11)	300 million	AI customer service volume during the peak shopping festival
AI Support Conversion Rate Increase (YoY)	30%	Year-over-year conversion rate improvement for merchants using AI support
Taobao Instant Commerce Order Growth (vs. Sept)	198%	Daily average on-demand orders for brands using the channel during 11.11
Fliggy GMV Net of Refunds Growth	Over 30%	Growth driven by cross-platform synergies

Self-Service and Developer-Focused Tools for Cloud and AI Customers

For Alibaba Cloud Intelligence customers, the relationship is built on providing powerful, self-service tools that reduce operational friction. The company expanded its proprietary Qwen LLM family, with the Qwen 2.5 series models available in parameter sizes ranging from 7 billion to 72 billion. To support merchant strategy, the AI Business Advisor tool generated over five million analytical reports since October. Infrastructure improvements also directly benefit developer efficiency; new ECS instances offer a 20% boost in computing efficiency, and network acceleration via eRDMA can improve high-performance computing support by up to 50%.

Developer empowerment tools include:

• Qwen 2.5-coder powers Tongyi Lingma, an AI coding assistant.
• Model Studio offers new AI development tools like Workflow and Agent for multi-agent collaboration.
• Alibaba Cloud Container Compute Service (ACS) launched internationally in January 2025 to reduce infrastructure management complexity.

Finance: draft 13-week cash view by Friday.

Alibaba Group Holding Limited (BABA) - Canvas Business Model: Channels

The Channels segment for Alibaba Group Holding Limited in late 2025 is characterized by a multi-pronged digital and physical distribution network, deeply integrated with its AI capabilities.

Core e-commerce platforms: Taobao, Tmall, AliExpress, Lazada

The primary consumer-facing channels remain the massive domestic platforms, Taobao and Tmall, which together boast monthly active users (MAUs) of over 800 million. The high-value consumer cohort, 88VIP members, exceeded 50 million as of the quarter ended March 31, 2025. Internationally, the International Digital Commerce Group (AIDC), which manages Lazada, AliExpress, Trendyol, and Alibaba.com, saw its annual revenue increase by 29% in Fiscal Year 2025. AliExpress alone serves over 150 million consumers across more than 200 countries and regions.

Here's a look at the scale across the key e-commerce properties:

Platform Group	Metric	Latest Reported Figure
Taobao and Tmall Group (TTG)	Monthly Active Users (MAUs)	Over 800 million
88VIP Loyalty Program	Membership Count (as of Q4 FY2025)	Exceeded 50 million
AliExpress (International Retail)	Quarterly Revenue (Q4 FY2025)	RMB27,603 million (US$3,804 million)
International Digital Commerce Group (AIDC)	Annual Revenue Growth (FY2025)	29%
Singles' Day 2024	Brands surpassing RMB1 billion GMV	45 brands

Cloud services: Alibaba Cloud (direct sales and partner channels)

Alibaba Cloud Intelligence Group is a significant channel for enterprise technology adoption, heavily driven by AI workloads. For the quarter ended September 30, 2025, the Cloud Intelligence Group revenue grew 34% year-over-year. In the quarter ended March 31, 2025, the segment's revenue was RMB30,127 million (US$4,152 million), an 18% increase year-over-year. AI-related product revenue achieved triple-digit year-over-year growth for the ninth consecutive quarter (as of Q2 FY2026). By the end of fiscal Q1 2026, the annual revenue run rate approached $19 billion. By March 31, 2025, Alibaba Cloud provided services across 34 regions worldwide.

Local services apps: Amap (navigation) and Ele.me (delivery)

The consumption platform integrates daily life services. Amap, the navigation app, hit a record 360 million daily active users on October 1, 2025. Its 'Amap Street Stars' feature averaged over 70 million daily active users in October 2025, covering recommendations for 1.6 million local businesses across 300 cities at launch. To drive engagement, Amap committed over RMB1 billion in subsidies for consumer transportation and offline spending. Ele.me, the delivery service, has achieved a food delivery market share of approximately 40%.

Enterprise collaboration: DingTalk (intelligent workplace platform)

DingTalk serves as a key channel for enterprise software and AI integration. The platform reached 700 million users by the close of 2023. By the end of 2023, its corporate user base hit 25 million, with daily active paid users topping 28 million (as of March 2024).

New consumer hardware: Quark AI Glasses

Alibaba launched its first self-developed smart eyewear, Quark AI Glasses, on November 27, 2025, directly through channels like Tmall and in over 600 stores across 82 cities in China. The device is designed to act as a hands-free gateway to the consumer ecosystem.

Pricing and specifications for the initial models:

Model	Starting Price (RMB)	Starting Price (USD Equivalent)	Key Feature
Quark AI Glasses S1	¥3,799	Around $537	Up to 24 hours of use (swappable dual battery)
Quark AI Glasses G1	¥1,899	$268	Lightweight (40 grams)

Alibaba Group Holding Limited (BABA) - Canvas Business Model: Customer Segments

Alibaba Group Holding Limited serves a highly diversified set of customer segments across its integrated ecosystem, ranging from individual shoppers in China to global enterprises needing hyperscale cloud infrastructure.

Mass-market consumers in China (Taobao)

This segment is anchored by the Taobao platform, focusing on C2C (Consumer-to-Consumer) and increasingly value-driven B2C (Business-to-Consumer) commerce. The strategic push into quick commerce has directly impacted user engagement metrics.

• Taobao app Monthly Active Users (MAUs) saw a 25% year-over-year rise in early August 2025, driven by initiatives like Taobao Instant Commerce.
• Customer management revenue for the Alibaba China E-commerce Group (which includes Taobao and Tmall) increased 10% year-over-year to RMB78.9 billion (US$11 billion) in the September quarter of 2025.
• The typical Taobao user historically made 538 transactions per year.

Premium brands and high-value consumers (Tmall, 88VIP members)

Tmall targets established brands and consumers seeking premium, verified products. The 88VIP paid membership program locks in the highest-spending cohort within the ecosystem.

• The 88VIP membership base surpassed 56 million in the September quarter of 2025, continuing to expand at a double-digit year-over-year rate.
• In the 2024 11.11 Shopping Festival, around 300,000 brands participated on Tmall alone.
• Annual fees for 88VIP range from 88 yuan to 888 yuan, depending on user engagement levels.

Global consumers and small businesses (AliExpress, Alibaba.com)

This segment spans international B2C retail via AliExpress and global B2B wholesale via Alibaba.com, focusing on emerging markets and cross-border trade.

The International Digital Commerce Group (AIDC) is a key driver here. Here's a look at the scale:

Segment/Metric	Platform Focus	Latest Reported Figure (2025/2024)	Unit/Context
International Commerce Revenue (FY2025)	AIDC (AliExpress, Trendyol, Lazada)	RMB133.7 billion (approx. US$18.4 billion)	Full Fiscal Year Sales
Global Active Buyers	AliExpress	182 million	As of 2024
Global Reach	AliExpress	More than 200 countries	Customer Base Span
B2B Wholesale	Alibaba.com	Serves a global base, with US traffic accounting for 17.73% of website traffic (latest available data)	Website Traffic Share

Large enterprises and startups requiring cloud and AI infrastructure (Alibaba Cloud)

Alibaba Cloud targets businesses needing scalable computing power, with a massive current focus on supporting Artificial Intelligence (AI) workloads.

• Cloud revenue for the September quarter of 2025 reached RMB 39.8 billion (US$5.6 billion), a 34% year-over-year increase.
• Revenue from external cloud customers grew 29% year-over-year in the same quarter.
• AI-related product revenue recorded its ninth consecutive quarter of triple-digit growth.
• The company pledged to invest at least 380 billion yuan (approximately US$53 billion) over three years in AI and cloud infrastructure.

Local service users (food delivery, mapping) in China

This segment, primarily driven by Amap (mapping/navigation) and Ele.me (food delivery), is integrated into the broader consumption platform strategy.

• Amap recorded a record peak in daily active users surpassing 360 million on October 1, 2025.
• The Local Services Group revenue for the September quarter of the prior year was RMB17.7 billion (US$2.5 billion), a 14% increase year-over-year.
• Intense price competition in the food delivery segment eroded short-term profitability for the group in 2025.

Alibaba Group Holding Limited (BABA) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Alibaba Group Holding Limited engine as of late 2025, and it's clear the company is prioritizing long-term structural advantages over near-term margin protection. The cost structure reflects an aggressive, deliberate trade-off: sacrificing current profitability for dominance in AI and instant retail.

Heavy capital expenditure on AI and cloud infrastructure (scaling beyond RMB 380 billion plan)

Alibaba Group Holding Limited is channeling massive capital toward building out its AI and cloud backbone. The initial commitment to spend at least RMB 380 billion (or $52.4 billion) on AI and cloud infrastructure over the next three years is now being re-evaluated due to demand outpacing expectations. CFO Toby XU noted that over the past four quarters, the company deployed roughly 120 billion yuan in capital expenditure toward AI and cloud infrastructure. This front-loaded investment is strategic, mirroring early-stage growth cycles of global cloud leaders. For the quarter ending September 30, 2025, total Capital Expenditures soared 85% year-over-year to RMB 31.4 billion (approximately $4.4 billion), a direct strategic reallocation to support cloud infrastructure and the Qwen ecosystem.

The company anticipates its global data center energy use will be 10 times above the 2022 level by 2032, signaling sustained, high-level CapEx. Management has suggested the prior CNY 380 billion plan 'might be on the small side.'

The scale of this investment is best viewed in context:

Metric	Amount/Period	Source Context
AI & Cloud Capex (Past Four Quarters)	Roughly RMB 120 billion	Quarter ending September 30, 2025
Total Quarterly CapEx (Sep Qtr 2025)	RMB 31.4 billion	Up 85% year-over-year
Stated 3-Year AI/Cloud Plan	At least RMB 380 billion ($52.4 billion)	Announced early 2025
Reported Capital Expenditures (Sep Qtr 2025)	-126.6B CNY	Reported for Sep 30, 2025

Selling and marketing expenses (Q2 2025: CN¥32.47 billion) for user acquisition and quick commerce subsidies

To drive user engagement, especially in competitive segments like quick commerce, selling and marketing expenses are a significant outflow. For the second quarter of 2025, the reported selling and marketing expense was CN¥32.47 billion. Another filing for the quarter ended June 30, 2025, showed Sales and marketing expenses at RMB53,178 million (US$7,423 million), representing 21.5% of revenue, up from 13.4% in the same quarter of 2024. These funds support discounts and deals rolled out to entice users to shopping apps, particularly for fast delivery offerings.

Logistics and fulfillment costs for Cainiao and instant retail

The push for speed in the consumption business directly impacts fulfillment costs. Investment in quick commerce, such as "Taobao Instant Commerce," is a major driver of cash flow pressure, alongside cloud build-outs. Cainiao Group, Alibaba Group Holding Limited's logistics arm, is actively managing these costs through restructuring and strategic network expansion. Cainiao is leveraging its network of over 40 overseas warehouses in regions like Europe, the U.S., Southeast Asia, and Australia to build agile supply chain models. For exporters, Cainiao offers supportive measures including freight subsidies and warehousing guarantees, which represent a direct cost absorbed or subsidized by the group to maintain competitive international commerce.

Key logistics cost drivers include:

• Investment in "Taobao Instant Commerce" operations.
• Subsidies and guarantees for cross-border merchants via Cainiao.
• Building out a global network of e-commerce logistics hubs (e-hubs).
• Costs associated with next-day delivery services in Europe, such as the €2 (US$2.20) parcel delivery service in Spain and Portugal.

Technology and R&D costs for AI model development and open-sourcing

The commitment to AI leadership necessitates substantial, ongoing investment in research and development, particularly for the Qwen large language model (LLM). For the quarter ending September 30, 2025, product development expenses grew 26% year-over-year to RMB 15.7 billion. This spending is concentrated in AI training and cloud security systems. For the twelve months ending September 30, 2025, Alibaba's research and development expenses totaled $8.511B, an increase of 10.46% year-over-year. The annual R&D expense for the full year 2025 was $7.876B, an 8.83% increase from 2024.

R&D spending is directed to support the full-stack AI strategy, which includes developing proprietary foundation models like Qwen, which surpassed 10 million downloads in its first week of public launch. This investment aims to solve current business line issues and develop next-generation technology.

Here's a look at the R&D outlay:

• R&D Expenses (TTM ending Sep 30, 2025): $8.511B.
• Product Development Expenses (Sep Qtr 2025): RMB 15.7 billion.
• Year-over-year Product Development Growth: 26%.
• Annual R&D Expense (FY 2025 Estimate): $7.876B.

Finance: draft 13-week cash view by Friday.

Alibaba Group Holding Limited (BABA) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for Alibaba Group Holding Limited as of late 2025, which clearly shows a pivot toward high-tech infrastructure funding the traditional commerce engine. Honestly, the numbers reflect a company making aggressive, long-term bets.

Customer Management Revenue (CMR) from e-commerce advertising and commissions (Taobao/Tmall)

The engine of the China commerce side is still generating significant, growing revenue from advertisers and commissions on the Taobao and Tmall platforms. For the fiscal second quarter of 2025, the revenue from the Alibaba China E-commerce Group hit RMB 132.6 billion. Within that, the Customer Management Revenue (CMR) specifically grew by 10% year-over-year, reaching RMB78.9 billion (or US$11 billion) for that same quarter. To be fair, this growth rate was slightly lower than the 12% growth seen in the first quarter of fiscal year 2025.

Here are the key components driving that CMR:

• The increasing penetration of Chen Zhan Tui (a monetization feature).
• The addition of software service fees.
• Strong performance during major shopping events like the 11.11 Global Shopping Festival.
• The 88VIP Membership base surpassed 53 million members.

Cloud Computing services revenue (Q2 2025)

This segment is definitely the growth star, fueled by massive AI demand. For the second quarter of 2025, the Cloud Intelligence Group revenue surged by 34% year-over-year, totaling RMB 29.6 billion-wait, checking the latest figures-the total revenue was actually RMB 39.8 billion (US$5.6 billion). Revenue from external customers, which is the key metric for open-market success, grew by 29%.

The AI component is what's really moving the needle:

Metric	Value/Status
AI-related product revenue growth	Triple-digit growth for the ninth consecutive quarter
AI products share of external customer revenue	Over 20%
China AI cloud market share	35.8%, ranking first

The company is clearly in a heavy investment phase, deploying approximately RMB 120 billion in capital expenditure toward AI and cloud infrastructure over the past four quarters.

International Commerce revenue (FY 2025: RMB 132.3 billion) from cross-border retail and wholesale

The International Digital Commerce Group (AIDC) is showing strong momentum, particularly in cross-border retail. For the full fiscal year 2025, AIDC achieved revenue of RMB 132.3 billion, marking a year-on-year increase of 29%. This growth was driven by businesses like AliExpress and Trendyol.

Looking at the most recent quarter available (Q2 2025), the segment revenue was about RMB 34.8 billion (roughly US$4.89 billion), up 10% year-over-year. Management is focused on improving unit economics, with AliExpress's Choice business showing sequential improvement.

Logistics services revenue (Cainiao) from fulfillment and value-added services

Cainiao Smart Logistics Network Limited's annual revenue for fiscal year 2025 reached 101.272 billion yuan, driven by its international logistics business. This is a key area of investment, especially in cross-border fulfillment solutions.

However, the most recent quarterly data point shows a temporary dip in reported revenue; for the quarter ended March 31, 2025, Cainiao revenue was RMB21,573 million (US$2,973 million), which was a 12% decrease year-over-year, attributed to increasing integration of logistics offerings into the e-commerce businesses.

Other revenue from Local Services and Digital Media & Entertainment

These segments contribute smaller, but growing, portions of the total revenue stream, often showing improvements in operating efficiency.

• Local Services Group revenue for the quarter ended March 31, 2025, was RMB16,134 million (US$2,223 million), a 10% year-over-year increase, driven by order growth from Amap and Ele.me.
• Digital Media and Entertainment Group revenue for the same quarter was RMB5,554 million (US$765 million), showing a 12% year-over-year increase, with the segment's adjusted EBITA turning positive.

Finance: draft 13-week cash view by Friday.