阿里巴巴-W2026财务年度报告
2026財務年度報告AI驅 動邁向未來 2355657108129136148166171177F-1 20265 20(www.hkexnews.hk)(www.alibabagroup.com) AI 1021999102 DNA (AGI) AItoken AIAItokenAIAIAI40%AI30%AI AIAIMaaSQwen3.7-MaxHappyOysterHappyHorse 202511CAppAIAppAIBAIAIAppBCAI AIAIAI+AIAIMaaS 11AI30 20265 20 AI+AIAIAI 2026AI+ 12026 APP 1688.com2 (AIDC) TrendyolLazadaTrendyol3Lazada Alibaba.com12026Alibaba.com190 AI+ AIAIMaaSAI IaaS2PaaSIaaS3(IaaS)(PaaS)(MaaS)AIGPUAI AIQwenCAIAPPAI-to-BAI AI+ AIAItokenAIAIAI AI+ AI + AIAIAI AIAIAlibaba Token HubAIMaaS AIAIAIAIAIMaaS Alibaba Token HubtokenAIAIAIAPPAPPAIAI(B2B)AI MaaSMaaSAI AIMaaSAIAI AIAIAIAPPAIAI AIAIAIAI ESG102 1APP 88VIP20262025 o o o APP o 1 AI P4P P4P(CPM) P4PAI APP (TANX)TANXAPP APP 2026APP20263315,000 1688.com 1688.com11688.com APPP4P20261688.com 20261688.comAIAIAI TrendyolLazadaAlibaba.com 20269% APP20263 31200 ChoiceChoice202630Brand+ Trendyol Trendyol1TrendyolTrendyol Lazada LazadaLazada Alibaba.com2Alibaba.com Alibaba.com2026331Alibaba.com24SaaSAPPP4P2026Alibaba.com1904,700Alibaba.com 2026AI2026AIB2BAccioAccio work AI+ AIAIMaaSAI 1PaaSIaaS22025IaaSPaaS SaaSGDP0.2% (IaaS)(PaaS)(MaaS)202633134 MaaSAI+Agentic32%3AI35.8%4 PAIPAI 202667%AAI GPUAIAIAI AIAIAI APP QwenCAIAPPAIAPPAIAPPAIAPP20263C2.95 AI-to-BAIAIB2BAIAI20263AI+MaaStoken202633,600APP1 20262025AI20251013.6 2026ZeeBot2026 AI IP2026IPIP AIAI2026 GMV20261,0702026490GMV60%EBITA AIAIAI+ 2026AI AI+AI AI+AIAIAIAI AI AIAIAI AI AI PolarDBAILakeBaseAIAnalyticDBLindormAIagent AIOpenLakeAIAIAI codingagentic AI 10 AIAIAI AI+AIAI 202633118.7 ICP 20009 2520162 20223 2920225 150%20201050% 2006713 2016122820172 1 2021198720162023 2016625201681 20232 2520235 1 20141224 2016324201648 201883120191 1 (i)(ii) 20256 23 2021315202531820255 1202010 20214 1620215 25 20223 12022315 2025731 202512 18202621 2025122820261272026520202661 20166 2820226 1420228 1 20226 1420228 1 20215 1appapp 562008235656 20183 202011 1215014 2022412 20162420163 10 20251202512 20228 3202212 1IP 201752201761 2011217201712 20138 12<> 20151023201611 20047 19200482020256 3 20011225200221 2009102015 20156201911 2018322018512025413202561 20226 2420228 1(i)(ii)(iii)50%2,5002018920088320241 1208408 20233 1020234 1520201023(i)(ii)(iii) 120 50%202331020234 1520196 26 50%2,5001,5002023310202512 920262 1 20212 (i)(ii)(iii)(iv) 2026128(i)(ii)(iii)(iv)(v) 19939 220256 27202562720251015 2024520249 1 20001228 1997121620111820051213 2010121 2015711993 201611720176 1 20251028202611 2022922022121 2021730202191(i)(ii) 2020413202061202112282022215100(i)(ii)(iii) (iv)(v)(vi)(vii) 20219 1 20259 112025111130 20181115201811 30 20219 172021123120223 1 202110 202211 2520231 10 20233 1820236 1 20237102023815 2025202591 20216102021920243152024101 202277202291 (i)(ii)100(iii)11101(iv)(1)(2)20233202361 2024322 2024920251 1 2021820202111(i)(ii) 202510 14202611(1)(2)11101001 20143 15202431520247 1201716201731520201023 2024112026220264 1 2021710%5% 20251292026410 2023122920247 1(i)++(ii)(iii)(iv) 202442925%25% 201931520192020112019(i)(ii)(iii)(iv) 20192024920241120242025122026220252025 202012 1920211 18 2023152023210 1 20081120181229202412625% 15%202010% 202512256%2024122520261 1 20193202019413939(i)16%10%13%9%(ii)10%9%(iii)13%10%(iv)16%10%13%9% 20164817%20185116%201851201933113%20194115%201811292019110%70%5,00026,000 20141 1 20166161620231216 2017118333353 201910 232828202312282020410 2019 202176(i)(ii)(iii) 20232172023331 20232 2420233 31 GDPR2018525GDPR(i)EEA(ii)GDPR GDPRGDPR2,0004% 20251119(GDPR) DSA DSA2022 11 1620242 17DSA4,500DSADSA6%DSAVLOPDSA20241112025912(i)(ii) AI202481202522 2026827%3,50020241282026129 OECD202115%2025 20201112Laura Ciccarello v. Alibaba Group et al.1:20-cv-09568 (S.D.N.Y.)CiccarelloRobert Romnek v. Alibaba Group et al.1:20-cv-10267 (S.D.N.Y.)Romnek10(b)20(a) 20211Elissa Hess v. Alibaba Group et al.1:21-cv-00136(S.D.N.Y.)HessHess10(b)20(a) 2021112PSLRACiccarelloRomnek HessPSLRA2021420202221020224222022721202332220251 20231062024119202441920245 1720246 20 202410254.33520253 28 2017(2017)152 20243DSA2025618 DSA 1999628BABA998889988 S-X1-02 Taobao Holding LimitedTaobao Holding LimitedAlibaba.com Investment Holding LimitedAlibaba.com LimitedAlibaba Investment LimitedAlibaba Group Services Limited 960–1311121+86-571-8502-2088Trident Trust Company (Cayman) LimitedFourth Floor, One Capital Place, P.O. Box 847,George Town, Grand Cayman, Cayman IslandsCorporation ServiceCompany19 West 44th Street, Suite 200, New York, NY 10036www.alibabagroup.com 2026(1)(2)(3)(4) AI+ 20-F100 F Street, N.E., Washington, D.C. 20549http://www.sec.gov(https://www.alibabagroup.com/en-US/investor-relations ) (https://www.alibabagroup.com/zh-HK/investor-relations )(https://www.hkexnews.hk ) 95% VIE2026331VIES-X1-02VIEVIE (1)(2)(3)(4)(5)VIE VIEVIE ICPVIEICP2026VIE VIEVIE VIEVIEVIEVIE VIE VIE VIEVIE