阿里巴巴 2025年年度报告和过渡报告

(Mark One)oREGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934ORxANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedMarch 31,2025ORoTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934ORoSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934Date of event requiring this shell company report............... Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:18,474,235,708Ordinary Shares Indicate by check mark if the registrant is a well‑known seasoned issuer, as defined in Rule 405 of the Securities Act. xYesoNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”and “emerging growth company” in Rule 12b‑2 of the Exchange Act. Large accelerated filerxAccelerated fileroNon‑accelerated fileroEmerging growth companyo If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Acto † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.x If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issuedfinancial statements.o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. oItem 17oItem 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Securities Exchange Act of 1934). (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under aplan confirmed by a court.oYesoNo TABLE OF CONTENTS PageLETTER FROM OUR CHAIRMAN AND OUR CEOiiEXPLANATORY NOTEivCONVENTIONS THAT APPLY TO THIS ANNUAL REPORT ON FORM 20‑FvFORWARD-LOOKING STATEMENTSviPART IITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1ITEM 3.KEY INFORMATION1ITEM 4.INFORMATION ON THE COMPANY20ITEM 4A.UNRESOLVED STAFF COMMENTS21ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS21ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES23ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS23ITEM 8.FINANCIAL INFORMATION23ITEM 9.THE OFFER AND LISTING24ITEM 10.ADDITIONAL INFORMATION24ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK26ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES26PART IIITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES31ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OFPROCEEDS31ITEM 15.CONTROLS AND PROCEDURES31ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT31ITEM 16B.CODE OF ETHICS32ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES32ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES32ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS32ITEM 16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT32ITEM 16G.CORPORATE GOVERNANCE32ITEM 16H.MINE SAFETY DISCLOSURE33ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDIC