{"id":4962,"date":"2026-05-13T14:30:00","date_gmt":"2026-05-13T12:30:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=7b7c4a2df42abe4c116ddf109a3a265d"},"modified":"2026-05-13T14:30:00","modified_gmt":"2026-05-13T12:30:00","slug":"alibaba-group-announces-march-quarter-2026-and-fiscal-year-2026-results","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=4962","title":{"rendered":"Alibaba Group Announces March Quarter 2026 and Fiscal Year 2026 Results"},"content":{"rendered":"<p>HONG KONG--(BUSINESS WIRE)--<a href=\"https:\/\/twitter.com\/search?q=%24BABA&src=ctag\" >$BABA<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/alibaba?src=hash\" >#alibaba<\/a>--Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988 (HKD Counter) and 89988 (RMB Counter), \u201cAlibaba\u201d, \u201cAlibaba Group\u201d or the \u201ccompany\u201d) today announced its financial results for the quarter and fiscal year ended March 31, 2026.<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260512841182\/en\/1534759\/5\/Alibaba_Group_logo.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260512841182\/en\/1534759\/22\/Alibaba_Group_logo.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260512841182\/en\/1534759\/5\/Alibaba_Group_logo.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260512841182\/en\/1534759\/21\/Alibaba_Group_logo.jpg\" \/><\/a><p>\n\u201c<!-- no quote -->Alibaba\u2019s full-stack AI investments have progressed from incubation to commercialization at scale. This quarter, we achieved accelerated breakthroughs across models, cloud infrastructure, and applications,\u201d said Eddie Wu, Chief Executive Officer of Alibaba Group. \u201c<!-- no quote -->Cloud Intelligence Group\u2019s external revenue growth accelerated to 40%, with AI-related products accounting for 30% of this revenue. Our Qwen LLM demonstrated leadership in reasoning and coding while we strengthened our multimodal model portfolio with the launch of video generation and world models. As we see massive potential for agentic AI, we launched multiple enterprise AI agents for office and coding use cases, and we fully integrated e-commerce capabilities into the consumer-facing Qwen app, deepening synergies between AI and our consumer ecosystem.\u201d<\/p><p>\n\u201c<!-- no quote -->Our strategic investments continued to translate into business growth. Cloud Intelligence Group\u2019s revenue continued to accelerate, with AI-related product revenue achieving triple-digit growth for the eleventh consecutive quarter. China e-commerce customer management revenue grew 8% on a like-for-like basis. The unit economics and average order value of quick commerce steadily improved. We are confident in our business outlook and will continue to invest in AI + Cloud to strengthen our competitive advantages,\u201d said Toby Xu, Chief Financial Officer of Alibaba Group.<\/p><p>\n<b>BUSINESS HIGHLIGHTS<\/b><\/p><p>\n<b><span class=\"bwuline\">In the quarter ended March 31, 2026:<\/span><\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Revenue<\/b> was RMB243,380 million (US$35,283 million), an increase of 3% year-over-year. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 11% year-over-year.<\/li>\n<li>\n<b>Customer management revenue<\/b> increased by 1% year-over-year. Excluding the contra revenue impact from the new business development program, customer management revenue on a like-for-like basis would have grown by 8% year-over-year.<\/li>\n<li>\n<b>Loss from operations<\/b> was RMB848 million (US$123 million), compared to an income from operations of RMB28,465 million in the same quarter of 2025, primarily due to the decrease in adjusted EBITA. <b>Adjusted EBITA<\/b>, a non-GAAP measurement, decreased 84% year-over-year to RMB5,102 million (US$740 million), primarily attributable to the investment in technology businesses, quick commerce and user experiences, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses.<\/li>\n<li>\n<b>Net income attributable to ordinary shareholders<\/b> was RMB25,476 million (US$3,693 million). <b>Net income<\/b> was RMB23,502 million (US$3,407 million), an increase of 96% year-over-year, primarily attributable to the year-over-year increase in net gain from mark-to-market changes of our equity investments, and disposal losses of Sun Art and Intime in the same quarter last year, partly offset by the decrease in adjusted EBITA. <b>Non-GAAP net income<\/b> in the quarter ended March 31, 2026 was RMB86 million (US$12 million), a decrease of 100% compared to RMB29,847 million in the same quarter of 2025.<\/li>\n<li>\n<b>Diluted earnings per ADS<\/b> was RMB10.36 (US$1.50). <b>Diluted earnings per share<\/b> was RMB1.30 (US$0.19 or HK$1.47). <b>Non-GAAP diluted earnings per ADS<\/b> was RMB0.62 (US$0.09), a decrease of 95% year-over-year. <b>Non-GAAP diluted earnings per share<\/b> was RMB0.08 (US$0.01 or HK$0.09), a decrease of 95% year-over-year.<\/li>\n<li>\n<b>Net cash provided by operating activities<\/b> was RMB9,410 million (US$1,364 million), a decrease of 66% compared to RMB27,520 million in the same quarter of 2025. <b>Free cash flow<\/b>, a non-GAAP measurement of liquidity, was an outflow of RMB17,300 million (US$2,508 million), compared to an inflow of RMB3,743 million in the same quarter of 2025. The decrease in free cash flow was mainly attributed to the investment in quick commerce, user acquisition of Qwen app and increase in our cloud infrastructure expenditure. As of March 31, 2026, our cash and other liquid investments<sup>(1)<\/sup> were RMB520,824 million (US$75,504 million).<\/li>\n<\/ul><p>\n<b><span class=\"bwuline\">In the fiscal year ended March 31, 2026:<\/span><\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Revenue<\/b> was RMB1,023,670 million (US$148,401 million), an increase of 3% year-over-year. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 11% year-over-year.<\/li>\n<li>\n<b>Customer management revenue<\/b> increased by 5% year-over-year. Excluding the contra revenue impact from the new business development program, customer management revenue on a like-for-like basis would have grown by 7% year-over-year.<\/li>\n<li>\n<b>Income from operations<\/b> was RMB50,150 million (US$7,270 million), a decrease of 64% year-over-year, primarily due to the decrease in adjusted EBITA and increase in impairment of goodwill, partly offset by the decrease in one-time provisions and non-cash share-based expenses. <b>Adjusted EBITA<\/b>, a non-GAAP measurement, decreased 56% year-over-year to RMB76,416 million (US$11,078 million), primarily attributable to the investment in quick commerce, user experiences, and technology businesses, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses.<\/li>\n<li>\n<b>Net income attributable to ordinary shareholders<\/b> was RMB105,904 million (US$15,353 million). <b>Net income<\/b> was RMB102,127 million (US$14,805 million), a decrease of 19% year-over-year, primarily attributable to the decrease in income from operations, partly offset by the year-over-year increase in net gain from mark-to-market changes of our equity investments, as well as net gains from disposal of investments, including local consumer service business of Trendyol in fiscal year 2026, compared to losses on disposal of Sun Art and Intime in fiscal year 2025. <b>Non-GAAP net income<\/b> in fiscal year 2026 was RMB60,658 million (US$8,794 million), a decrease of 62% compared to RMB158,122 million in fiscal year 2025.<\/li>\n<li>\n<b>Diluted earnings per ADS<\/b> was RMB44.00 (US$6.38). <b>Diluted earnings per share<\/b> was RMB5.50 (US$0.80 or HK$6.23). <b>Non-GAAP diluted earnings per ADS<\/b> was RMB26.80 (US$3.89), a decrease of 59% year-over-year. <b>Non-GAAP diluted earnings per share<\/b> was RMB3.35 (US$0.49 or HK$3.79), a decrease of 59% year-over-year.<\/li>\n<li>\n<b>Net cash provided by operating activities<\/b> was RMB76,213 million (US$11,049 million), a decrease of 53% compared to RMB163,509 million in fiscal year 2025. <b>Free cash flow<\/b>, a non-GAAP measurement of liquidity, was an outflow of RMB46,609 million (US$6,757 million), compared to an inflow of RMB73,870 million in fiscal year 2025. The decrease in free cash flow was mainly attributed to the investment in quick commerce and increase in our cloud infrastructure expenditure. As of March 31, 2026, our cash and other liquid investments<sup>(1)<\/sup> were RMB520,824 million (US$75,504 million).<\/li>\n<\/ul><p>\nReconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">____________________<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(1)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nCash and other liquid investments represent cash and cash equivalents, short-term investments and other treasury investments included in equity securities and other investments on the consolidated balance sheets, of which that are unrestricted for withdrawal and use.<\/p><\/td><\/tr>\n<\/table><p>\n<b>BUSINESS AND STRATEGIC UPDATES<\/b><\/p><p>\n<b><span class=\"bwuline\">Consumption Businesses<\/span><\/b><\/p><p>\n<i>Alibaba China E-commerce Group<\/i><\/p><p>\nWe are prioritizing the integration of AI capabilities with our e-commerce applications to enhance the experiences for both consumers and merchants. On the consumer side, we integrated Taobao and Tmall e-commerce service into the Qwen app, thereby expanding Qwen\u2019s user reach and adding a brand new AI-driven experience for our Taobao and Tmall customers. Additionally, the Taobao app launched the Qwen Shopping Assistant, an AI agent providing end-to-end assistance across the entire shopping journey, including idea generation, product discovery, in-sale support, order management, and post-purchase services. For merchants, we rolled out Wukong, our AI-native enterprise agent that integrates advanced agentic capabilities into workflow to bring efficiency to merchant operations.<\/p><p>\nTo help merchants grow their businesses and increase willingness to spend on our platform, we upgraded our business development program for select merchants during the quarter, under which the level of platform subsidies for these merchants is directly tied to their marketing spend on our platform. For accounting purposes, such subsidies previously recorded as sales and marketing expenses are now recorded as a contra revenue item to customer management revenue (CMR). Accordingly, CMR grew 1% year-over-year during the quarter. Excluding the contra revenue impact from the program, on a like-for-like basis, CMR would have grown 8% year-over-year.<\/p><p>\nOur quick commerce business remained focused on scaling the business while improving unit economics, with increasing focus on high-value food orders and non-food categories. The quick commerce business further improved unit economics, and increased average order value quarter-over-quarter primarily driven by order mix optimization.<\/p><p>\nThe number of 88VIP members, our highest spending consumer group, continued to increase by double digits year-over-year, surpassing 62 million. We remain focused on the retention of 88VIP members through enhanced value proposition to our most valued customers.<\/p><p>\n<i>Alibaba International Digital Commerce Group (\u201cAIDC\u201d)<\/i><\/p><p>\nDuring the quarter, AIDC narrowed loss significantly year-over-year, approaching break-even, driven by a combination of logistics optimization and operating efficiency. The unit economics of the AliExpress\u2019 <i>Choice<\/i> business continued to improve substantially on a sequential basis. We aim to diversify and enrich our product offerings by leveraging the supply chain advantages of the Alibaba ecosystem. AliExpress\u2019 \u201cBrand+\u201d program further accelerated brand onboarding, and the penetration of quarterly transacting consumers for \u201cBrand+\u201d surpassed 30% during the quarter.<\/p><p>\nOur international wholesale platform, Alibaba.com, continued to broaden adoption of its AI-powered tools among merchants. In addition to our established AI sourcing agent Accio, we also launched Accio Work, an agentic business platform designed to handle the full operating lifecycle of global small and medium-sized businesses beyond sourcing alone, aiming to significantly lower the entry barrier for cross-border commerce and enhance operational efficiency.<\/p><p>\n<b><span class=\"bwuline\">AI + Cloud Businesses<\/span><\/b><\/p><p>\n<i>Cloud Intelligence Group<\/i><\/p><p>\nFor the quarter ended March 31, 2026, revenue from Cloud Intelligence Group was RMB41,626 million (US$6,035 million), a 38% increase from the same quarter last year. Notably, the year-over-year growth of revenue from external customers accelerated to 40%. This momentum was primarily driven by public cloud revenue growth, including the increasing adoption of AI-related products. AI-related product revenue continued to show strong momentum, achieving RMB8,971 million and delivering the eleventh consecutive quarter of triple-digit year-over-year growth.<\/p><p>\nAlibaba Cloud continues to onboard more customers to our comprehensive AI + cloud products and services, including high-performance networking, distributed storage, cloud operating system, and services for model training and inference. We are executing our strategy to lead China\u2019s AI cloud market through our comprehensive full-stack AI capabilities across AI models, AI cloud infrastructure, and orchestration software that manages heterogeneous chip clusters, including our own proprietary inference chips.<\/p><p>\nDuring the quarter, we focused on executing our Model-as-a-Service (MaaS) strategy. As we observed rapidly increasing demand for MaaS, we launched a diverse portfolio of offerings on our MaaS platform Model Studio tailored to users ranging from individual developers to large enterprises. This comprises an expanded lineup of state-of-the-art models such as Qwen3.6-Plus, enterprise solutions with flexible Token Plans, and a growing suite of agents including Wukong, Meoo, and industry-specific agents. As a result, the customer base for Model Studio grew by eight-fold year-over-year as of March 2026.<\/p><p>\n<i>Model<\/i><\/p><p>\nWe continue to push the boundaries of AI capabilities through deep innovation, and we achieved significant breakthroughs in model intelligence recently through a series of new model launches within our large language and multimodal model portfolio.<\/p><p>\nIn March, we introduced Qwen3.6-Plus which delivered significant all-round performance gains, with particularly notable improvements in coding and agentic programming. It achieves state-of-the-art results across front-end web development and complex repository-level tasks. Qwen3.6-Plus also features enhanced multimodal perception and reasoning, and a native context window of up to 1 million tokens, while further improving stability and reliability.<\/p><p>\nComplementing the Qwen family, we are also advancing specialized models including HappyOyster, a world model enabling real-time creation and interaction, and HappyHorse, a multimodal model for video generation. The commercialization of both models is currently being rolled out in phases.<\/p><p>\n<i>Chip Design \u2013 T-Head<\/i><\/p><p>\nT-Head Semiconductor Co., Ltd. (\u201cT-Head\u201d), our chip design subsidiary, has achieved widespread industrial application of its proprietary AI chips, with the automotive sector serving as a leading example of large-scale adoption. Over 100,000 Zhenwu PPUs have been deployed on Alibaba Cloud\u2019s public cloud platform, with more than 30 leading automakers and autonomous driving companies leveraging the chips for intelligent driving R&amp;D. The Zhenwu chips, together with Alibaba Cloud and Qwen models, form a fully integrated technology stack that significantly accelerates both training and inference efficiency.<\/p><p>\n<b><span class=\"bwuline\">Dividends<\/span><\/b><\/p><p>\nOur board of directors has approved an annual regular cash dividend for fiscal year 2026 in the amount of US$0.13125 per ordinary share or US$1.05 per ADS, payable in U.S. dollars, to holders of ordinary shares and holders of ADSs, as of the close of business on June 11, 2026, Hong Kong Time and New York Time, respectively. The aggregate amount of the dividend will be approximately US$2.5 billion. As at the date hereof, the company does not hold any treasury shares whether in the Central Clearing and Settlement System, or otherwise.<\/p><p>\nFor holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfers of shares accompanied by the relevant share certificates must be lodged with the company\u2019s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen\u2019s Road East, Wanchai, Hong Kong, not later than 4:30 p.m. on June 11, 2026, Hong Kong Time. The payment date is expected to be on or around July 6, 2026 for holders of ordinary shares and on or around July 13, 2026 for holders of ADSs.<\/p><p>\n<b>MARCH QUARTER SUMMARY FINANCIAL RESULTS<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwsinglebottom bwalignc bwvertalignb\" colspan=\"5\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Three months ended March 31,<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwalignc bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwalignc\" colspan=\"3\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2026<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwalignc bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>RMB<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>RMB<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>US$<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>YoY %\n<br\/>Change<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwalignc bwvertalignb\" colspan=\"7\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>(in millions, except percentages and per share amounts)<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nRevenue<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n236,454<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n243,380<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n35,283<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncome (Loss) from operations<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n28,465<sup>(2)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(848)<sup>(2)<\/sup><\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(123)<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nN\/A<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOperating margin<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n12%<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0%<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted EBITDA<sup>(1)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n41,783<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n16,435<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,383<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(61)%<sup>(2)<\/sup><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted EBITDA margin<sup>(1)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n18%<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n7%<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted EBITA<sup>(1)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n32,616<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5,102<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n740<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(84)%<sup>(2)<\/sup><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted EBITA margin<sup>(1)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n14%<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2%<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet income<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n11,973<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n23,502<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,407<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n96%<sup>(3)<\/sup><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet income attributable to ordinary shareholders<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n12,382<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n25,476<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,693<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n106%<sup>(3)<\/sup><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNon-GAAP net income<sup>(1)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n29,847<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n86<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n12<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(100)%<sup>(2)<\/sup><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignl bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDiluted earnings per share<sup>(4)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.65<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.30<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.19<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n101%<sup>(3)(5)<\/sup><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDiluted earnings per ADS<sup>(4)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5.17<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n10.36<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.50<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n101%<sup>(3)(5)<\/sup><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNon-GAAP diluted earnings per share<sup>(1)(4)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1.57<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.08<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.01<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(95)%<sup>(2)(5)<\/sup><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNon-GAAP diluted earnings per ADS<sup>(1)(4)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n12.52<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.62<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.09<\/p><\/td><td class=\"bwvertalignb bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15 bwnowrap\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(95)%<sup>(2)(5)<\/sup><\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">____________________<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(1)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nSee the sections entitled \u201cNon-GAAP Financial Measures\u201d and \u201c<!-- no quote --><!-- no quote --><!-- no quote --><!-- no quote -->Reconciliations of Non-GAAP Measures to the Nearest Comparable U.S. GAAP Measures\u201d for more information about the non-GAAP measures referred to within this results announcement.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(2)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nThe year-over-year decreases were primarily attributable to the investment in technology businesses, quick commerce and user experiences, partly offset by the improved operating results supported by continued growth in customer management service and Cloud business, as well as enhanced operating efficiencies across various businesses.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(3)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nThe year-over-year increases were primarily attributable to the year-over-year increase in net gain from mark-to-market changes of our equity investments, and disposal losses of Sun Art and Intime in the same quarter last year, partly offset by the decrease in adjusted EBITA, while net income attributable to ordinary shareholders and earnings per share\/ADS would further take into account the net loss attributable to noncontrolling interests. We excluded non-cash share-based compensation expense, gains\/losses of investments, impairment of goodwill and intangible assets, and certain other items from our non-GAAP measurements.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(4)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nEach ADS represents eight ordinary shares.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(5)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nThe year-over-year percentages as stated are calculated based on the exact amount and there may be minor differences from the year-over-year percentages calculated based on the RMB amounts after rounding.<\/p><\/td><\/tr>\n<\/table><p>\n<b>MARCH QUARTER SEGMENT RESULTS<\/b><\/p><p>\nRevenue for the quarter ended March 31, 2026 was RMB243,380 million (US$35,283 million), an increase of 3% year-over-year compared to RMB236,454 million in the same quarter of 2025. Excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 11% year-over-year.<\/p><p>\nThe following table sets forth a breakdown of our revenue by segment for the periods indicated:<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwsinglebottom bwalignc bwvertalignb\" colspan=\"8\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Three months ended March 31,<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwalignc bwvertalignb\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwalignc\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwalignc\" colspan=\"5\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2026<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwalignc bwvertalignb\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>RMB<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>RMB<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>US$<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>YoY %\n<br\/>Change<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwalignc bwvertalignb\" colspan=\"11\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>(in millions, except percentages)<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAlibaba China E-commerce Group:<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwwidth36 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nE-commerce<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n- Customer management<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n72,180<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n73,024<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n10,586<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n- Direct sales, logistics and others<sup>(2)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n24,665<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n23,268<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,373<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(6<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n96,845<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n96,292<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n13,959<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nQuick commerce<sup>(3)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n12,715<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n19,988<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,898<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n57<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nChina commerce wholesale<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5,788<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5,940<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n861<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal Alibaba China E-commerce Group<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n115,348<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n122,220<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n17,718<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n6<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAlibaba International Digital Commerce Group:<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInternational commerce retail<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n27,603<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n28,917<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n4,192<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl3 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInternational commerce wholesale<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5,976<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n6,512<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n944<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nTotal Alibaba International Digital Commerce Group<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n33,579<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n35,429<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5,136<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n6<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCloud Intelligence Group<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n30,127<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n41,626<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n6,035<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n38<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAll others<sup>(4)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n83,276<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n65,459<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n9,490<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(21<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nUnallocated<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n446<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n641<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n93<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInter-segment elimination<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(26,322<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(21,995<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(3,189<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Consolidated revenue<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>236,454<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>243,380<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>35,283<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>3<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>%<\/b><\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">____________________<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(1)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nTo advance our \u201cuser first\u201d strategy and enhance user experience, during the quarter ended June 30, 2025, we undertook a strategic combination of Taobao and Tmall Group, Ele.me and Fliggy into Alibaba China E-commerce Group. We simplified the financial reporting structure by reclassifying Cainiao, Amap and Digital Media and Entertainment Group (rebranded to Hujing Digital Media and Entertainment Group) into \u201cAll others\u201d. The above presentation has been updated to conform with the new reporting structure, as reviewed by our chief operating decision maker.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(2)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nDirect sales, logistics and others revenue under Alibaba China E-commerce Group primarily represents direct sales businesses of Tmall Supermarket, Tmall Global and other businesses, where revenue and cost of inventory are recorded on a gross basis within the business group, as well as revenue from logistics services and value-added services.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(3)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nQuick commerce revenue represents quick commerce business revenue, including revenue generated through \u201cTaobao Instant Commerce\u201d and the Ele.me app. Quick commerce revenue is net of subsidies that are contra revenue.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(4)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nAll others include Freshippo, Cainiao, Alibaba Health, Hujing Digital Media and Entertainment Group, Amap, Qwen Consumer Business Group, Lingxi Games, DingTalk and other businesses. The majority of revenue within All others consists of direct sales, where revenue and cost of inventory are recorded on a gross basis, and revenue from logistics services. The decrease was primarily due to the revenue decrease as a result of the disposal of Sun Art and Intime businesses, as well as the decrease in revenue from Cainiao, partly offset by the increase in revenue from Freshippo and Amap.<\/p><\/td><\/tr>\n<\/table><p>\nThe following table sets forth a breakdown of our adjusted EBITA by segment for the periods indicated:<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwsinglebottom bwalignc bwvertalignb\" colspan=\"8\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Three months ended March 31,<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwalignc bwvertalignb\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwalignc\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2025<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwsinglebottom bwalignc\" colspan=\"5\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>2026<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwalignc bwvertalignb\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>RMB<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>RMB<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>US$<\/b><\/p><\/td><td class=\"bwalignc bwvertalignb bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwsinglebottom bwalignc\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>YoY %\n<br\/>Change<\/b><sup>(3)<\/sup><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwpadl0 bwalignc bwvertalignb\" colspan=\"11\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>(in millions, except percentages)<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAlibaba China E-commerce Group<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n39,742<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n24,010<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,481<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(40<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAlibaba International Digital Commerce Group<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(3,574<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(138<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(20<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n96<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCloud Intelligence Group<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,420<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,796<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n550<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n57<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAll others<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(3,413<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(21,160<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(3,067<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(520<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nUnallocated<sup>(2)<\/sup><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2,030<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(788<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(114<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nInter-segment elimination<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(529<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(618<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(90<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Consolidated adjusted EBITA<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>32,616<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>5,102<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>740<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(84<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)%<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLess: Non-cash share-based compensation expense<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2,781<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(2,708<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(393<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLess: Amortization and impairment of intangible assets, and others<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(1,370<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(3,242<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n(470<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwsinglebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n)<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth36\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Income (Loss) from operations<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>28,465<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(848<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>(123<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwdoublebottom bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n<b>)<\/b><\/p><\/td><td class=\"bwwidth1\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>N\/A<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">____________________<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(1)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nTo advance our \u201cuser first\u201d strategy and enhance user experience, during the quarter ended June 30, 2025, we undertook a strategic combination of Taobao and Tmall Group, Ele.me and Fliggy into Alibaba China E-commerce Group. We simplified the financial reporting structure by reclassifying Cainiao, Amap and Digital Media and Entertainment Group (rebranded to Hujing Digital Media and Entertainment Group) into \u201cAll others\u201d. The above presentation has been updated to conform with the new reporting structure, as reviewed by our chief operating decision maker.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(2)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nUnallocated primarily relates to certain costs incurred by corporate functions and other miscellaneous items that are not allocated to individual segments.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n(3)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwpadl0 bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nFor a more intuitive presentation, widening of loss in YoY% is shown in terms of negative growth rate, and narrowing of loss in YoY% is shown in terms of positive growth rate.<\/p><\/td><\/tr>\n<\/table><p>\n<b><span class=\"bwuline\">Alibaba China E-commerce Group<\/span><\/b><\/p><p>\n<b>(i) Segment revenue<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b><i>E-commerce Business\n<br\/>\n<br\/><\/i><\/b>Revenue from our E-commerce business in the quarter ended March 31, 2026 was RMB96,292 million (US$13,959 million), a decrease of 1% compared to RMB96,845 million in the same quarter of 2025.\n<br\/>\n<br\/>Customer management revenue increased by 1% year-over-year. Excluding the contra revenue impact from the new business development program, customer management revenue on a like-for-like basis would have grown by 8% year-over-year.\n<br\/>\n<br\/>Direct sales, logistics and others revenue under E-commerce business in the quarter ended March 31, 2026 was RMB23,268 million (US$3,373 million), a decrease of 6% compared to RMB24,665 million in the same quarter of 2025, primarily due to the decrease in revenue from certain direct sales businesses.<\/li>\n<\/ul><ul class=\"bwlistdisc\">\n<li>\n<b><i>Quick Commerce Business\n<br\/>\n<br\/><\/i><\/b>Revenue from our Quick commerce business in the quarter ended March 31, 2026 was RMB19,988 million (US$2,898 million), an increase of 57% compared to RMB12,715 million in the same quarter of 2025, mainly due to order growth as a result of the rollout of \u201cTaobao Instant Commerce\u201d at the end of April 2025.<\/li><\/ul><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><br\/> <b>Contacts<\/b> <br\/><p>\n<b>Investor Relations Contact<\/b><br\/>Lydia Liu\n<br\/>Head of Investor Relations\n<br\/>Alibaba Group Holding Limited\n<br\/><a  href=\"mailto:investor@alibaba-inc.com\" rel=\"nofollow\" shape=\"rect\">investor@alibaba-inc.com<\/a><br\/>\n<br\/><b>Media Contacts<\/b><br\/>Cathy Yan\n<br\/><a  href=\"mailto:cathy.yan@alibaba-inc.com\" rel=\"nofollow\" shape=\"rect\">cathy.yan@alibaba-inc.com<\/a><br\/>\n<br\/>Ivy Ke\n<br\/><a  href=\"mailto:ivy.ke@alibaba-inc.com\" rel=\"nofollow\" shape=\"rect\">ivy.ke@alibaba-inc.com<\/a><\/p><br\/> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20260512841182\/en\/Alibaba-Group-Announces-March-Quarter-2026-and-Fiscal-Year-2026-Results\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP39212bri8lIe-zl5tWvCOnRHW3evRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxY5fjCLYi_If30KxIsYuhwbuLAuCkn8FS6sh-I3dfDZEg==\"> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"<p>HONG KONG&#8211;(BUSINESS WIRE)&#8211;$BABA #alibaba&#8211;Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988 (HKD Counter) and 89988 (RMB Counter), \u201cAlibaba\u201d, \u201cAlibaba Group\u201d or the \u201ccompany\u201d) today announced its financial results for the quarter and fiscal ye&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4962","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/4962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4962"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/4962\/revisions"}],"predecessor-version":[{"id":4963,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/4962\/revisions\/4963"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}