---
title: "BABA Reports Q1 (CNY) 8.52 v 11.28e, Rev 269.0B v 268.5Be; AI product revenue tr"
topic_id: 14425551481521522
created_at: 2026-08-20T22:17:14.442+0800
source: zsxq
type: topic
cssclasses: zsxq-vault
---

# BABA Reports Q1 (CNY) 8.52 v 11.28e, Rev 269.0B v 268.5Be; AI product revenue tr

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## 正文

BABA Reports Q1 (CNY) 8.52 v 11.28e, Rev 269.0B v 268.5Be; AI product revenue triple-digit growth for 12th quarter; Strategic re-alignment starting from this quarter; Zhenwu chips achieved broad commercial adoption

- Adj EBITDA 39.1B v 36.9Be , margin 15% v 18% y/y
- AIDC (Alibaba International Digital Commerce) Rev 27.8B -1% y/y
- China Commerce Wholesale Rev 110.9B -8% y/y, Quick commerce 53.3B +45% y/y
- International Commerce Wholesale Rev 13.91B, +7% y/y
- Cloud Intelligence Rev 48.4B +45% y/y
- AI Cloud, Compute Services Rev +45% y/y

- FCF (CNY) -44.7B v -18.8B y/y
- Capex CNY67.7B +75% y/y

## 总体总结

主题正文
1. BABA Reports Q1 (CNY) 8.52 v 11.28e, Rev 269.0B v 268.5Be;
2. AI product revenue triple-digit growth for 12th quarter;
3. - Adj EBITDA 39.1B v 36.9Be , margin 15% v 18% y/y
4. - AIDC (Alibaba International Digital Commerce) Rev 27.8B -1% y/y
5. - China Commerce Wholesale Rev 110.9B -8% y/y, Quick commerce 53.3B +45% y/y
6. - International Commerce Wholesale Rev 13.91B, +7% y/y
7. - Cloud Intelligence Rev 48.4B +45% y/y
8. - AI Cloud, Compute Services Rev +45% y/y