阿里巴巴-W2026 财务年度中期报告

紐交所代碼：BABA港交所代號：9988（港幣櫃台）89988（人民幣櫃台） 2026 財務年度中期報告 425293438394244 95%2025 2025 7.11901.002025930H.100.912981.002025930 1995(U.S. PrivateSecurities Litigation Reform Act of 1995) 9 2025930495,44769,5952024479,7393%12% (1)2025630 (2) (3)app (4)UC EBITA EBITA (1)2025630 (2) (3)EBITA%EBITA%EBITA% (i) • 2025930221,51031,1162024202,9889% 10%Take rate 202593053,3317,492202450,2336% • 202593037,6905,294202427,51737%20254 • 202593013,4501,889202411,93813% (ii)EBITA 2025930EBITA48,8866,867202493,08047% (i) • 202593056,4637,931202449,30915% • 202593013,0771,837202411,65612% (ii)EBITA 2025930EBITA1031420246,611 (i) 202593073,22210,285202456,15930%28%AI (ii)EBITA 2025930EBITA6,55892120244,99831% (i) 2025930121,56817,0772024165,83727% (ii)EBITA 2025930EBITA4,78567220242,910 9 2025930287,21040,34458.0%2024290,13560.5%202460.2%202593057.8% 202593032,0964,5096.5%202427,5555.7%20245.0%20259305.9% 2025930119,67416,81124.2%202465,16713.6%202493013.4%202593024.0% 202593014,7782,0763.0%202423,0574.8%20244.3%20259302.6% 20259306,87096520248,277 (1)(2)(3) 20259302024 20259301,63322920243,44153% 202593040,3535,6688%202471,23515%43%EBITA EBITDAEBITA 2025930EBITDA62,9918,848202498,48836%2025930EBITA47,9176,731202485,59644%EBITDAEBITA EBITA EBITAEBITA9 202593037,4685,263202417,129119%Trendyol 20259301,32918720241,2212025930 202593014,4152,024202417,442 20259303,25445720242,48331% (1) 2025930 202593062,9948,849202467,569Trendyol 202593043,8626,161202477,20943% 202593064,1069,005202468,143Trendyol 202593026.733.75202428.00202593019.102.68202431.5039% 20259303.340.473.6620243.5020259302.390.342.6220243.9439% 2025930573,88980,6142025331597,132202593023,243(i)40,6555,711(ii)33,6214,723(iii)7,6381,073(iv)20,9942,949(v)17,8042,501(vi)10,9861,543(vii)Trendyol12,0261,689 202593030,7714,322202465,07453%202593040,6555,711202431,107 202593051,3247,20970,1779,85811,1191,56229,7104,173 20259308,1711,14820,9942,94917,8042,50110,9861,54333,6214,7237,6381,073 2025930126,6612025331124,320 EBITAEBITDA EBITAEBITDA EBITA (1) (1) (3) (4) EBITDAEBITDAEBITAEBITA EBITDAEBITAEBITDAEBITA EBITDAEBITA EBITDA EBITA 2024202593065,07430,7714,3222025930573,88980,614 12 202572032120 20259322032 202518304031.720259SOFR662025112820289302030930SOFRHIBOR668131.7 202596533.3SOFRHIBOR6620266242028930203093081 EBITDAEBITDA12EBITDA20253312025930EBITDA1.141.692025331202593017.62%20.35% 202593033%20259303,293463 2025930 2025930 20255TrendyolTrendyol GO85%7502025930 2025331202593030,21325,417202533120259303,6974,155 2025930 (i)(ii)(iii)2024202593029,58570,1779,858 2025331202593045,32129,4834,141 2025930 (a)2027(b)2028(c)2026(d)202541(1)1126 199920132023919951999(Wallenberg)Investor ABRosecliff, Inc.19901993Sullivan & CromwellLLP 2023919992004122005112007122008920111020154202110201542020320149201992015819966 J. Michael EVANS2015820149Evans20082201312Evans200420132011120131220102013Evans19931994EvansEvans1981 2020920077Alibaba.com201352022320196202232010(FinanceAsia)CFO2018100 201492005102012120123AME Cloud Ventures1995320121(Chief Yahoo!)2007620091199612012120007201211201411202311Workday Inc.20172021202520052015 Wan Ling MARTELLO2015920202BayPineBayPine202511Lovesac20155201812Martello201242015520111120123Martello20052011MartelloNCH19982005NCHBordenMartello 20223(PAG)19982010TPGTPG199319981987199320182021202212 20228(Australian Takeovers Panel)(JP Morgan Australia)Citibank(Commonwealth Bank of Australia)Smith CollegeGray’s Inn202211 202282022122007420206(HKICPA)(CAANZ)(CPAA)(ACCA) Kabir MISRA2020920232RPS Ventures201810KabirSoftBank Investment AdvisorsSoftBank Vision FundSoftBank Capital 2006202220182022KabirFlipkartPaytmTokopedia CoupangBigCommerceKabirKabirPayActivCargomatic(Stanford Graduate School of Business) Wan Ling Martello Kabir Misra Kabir MisraJ.Michael Evans J.Michael Evans •(a)XV78XV(b)352(c)•XV23336 Joe and Clara Tsai Foundation(v) Parufam Limited147,385,672(vi) PMH HoldingLimited113,539,168 5.(i)933,085(ii)1,266,66716,000,000(iii)108,000(iv)12,320,000 6.J. Michael EVANS764,0009,200,000 7.(i)3,613,352(ii)48,280(iii)7,200,000 2025930XV78XV352 1.LSP2.83.202593019,088,280,2844.JPMorgan Chase & Co.2025926(a) 411,801,958418,739,874JPMorgan Chase & Co.(b) 1,753,320JPMorgan Chase & Co.(c)JPMorgan Chase & Co.(i) 105,285,940105,155,304(ii) 6,797,27918,013,180 (iii) 40,691,92648,319,704(iv) 87,425,50390,603,044(v)84,973,9061,381,027 5.Citigroup Inc.2025911183,474,400197,906,617Citigroup Inc.(i)54,743,02836,327,420(ii)77,818,263120,475,576(iii)13,761,83537,337,978(iv)82,139 6.Blackrock, Inc.2025613983,512,3443,297,800Blackrock, Inc.(i)6,137,7563,297,800(ii)6,572,498 2025930XV23336 2014202420242025 202463,594,3187,949,2900.3% 2014 2014201492020220225 20249182014201420142014 2014 1.2.83.64.55.46.2 7.108.136.719.131.0510.132.1511.20% 2014 1.82.5103.6124.285.9126.123.907.114.788.118.099.10.20% 2024 2024202482024 2025412025930473,488,46559,1