阿里巴巴 2026年年度报告和过渡报告

Indicate by check mark if the registrant is a well‑known seasoned issuer, as defined in Rule 405 of the Securities Act. Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 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 12 months (orfor 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. 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. 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 issued financial statements. 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 recovery 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. Item 17Item 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 a planconfirmed by a court.YesNo TABLE OF CONTENTS PageLETTER FROM OUR CHAIRMAN AND OUR CEOiiCONVENTIONS THAT APPLY TO THIS ANNUAL REPORT ON FORM 20‑FiiiFORWARD-LOOKING STATEMENTSviiiPART IITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1ITEM 3.KEY INFORMATION1ITEM 4.INFORMATION ON THE COMPANY78ITEM 4A.UNRESOLVED STAFF COMMENTS122ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS122ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES155ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS170ITEM 8.FINANCIAL INFORMATION182ITEM 9.THE OFFER AND LISTING184ITEM 10.ADDITIONAL INFORMATION185ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK193ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES194PART IIITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES200ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS200ITEM 15.CONTROLS AND PROCEDURES200ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT200ITEM 16B.CODE OF ETHICS201ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES201ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES201ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS201ITEM 16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT202ITEM 16G.CORPORATE GOVERNANCE202ITEM 16H.MINE SAFETY DISCLOSURE202ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS202ITEM 16J.INSIDER TRADING POLICIES203ITEM 16K.CYBERSECURITY203PART III ITEM 17.FINANCIAL STATEMENTSITEM 18.FINANCIAL STATEMENTSITEM 19.EXHIBITS LETTER FROM OUR CHAIRMAN AND OUR CEO Dear Shareholders, Today, we stand at a critical inflection point in the development of Artificial General Intelligence (AGI). Vast numbers of AI agents are poised to take on an ever-greater share of work in the digital economy, each powered by tokens generatedfrom models. Agents will increasingly serve as the primary interface between humans and the digital world. As we face unprecedentedindustry transformation and strategic opportunities of this magnitude, Alibaba Group enters a new phase of entrepreneurial innovation andcritical investments for the future. In this letter, we would like to share our thinking about the future – our strategic positioning,competitive strengths, and how we intend t