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"HIERARCHY": {
"Root": {},
"Weighted Voting Rights": {
"Exchange Rate Information": {},
"Safe Harbor Statements": {},
"Six Months Ended September Segment Results": {
"Alibaba China E-commerce Group": {
"(i) Segment revenue": {
"• E-commerce Business": {},
"• Quick Commerce Business": {},
"• China Commerce Wholesale Business": {}
},
"(ii) Segment adjusted EBITA": {}
},
"Alibaba International Digital Commerce Group": {
"(i) Segment revenue": {
"• International Commerce Retail Business": {},
"• International Commerce Wholesale Business": {}
},
"(ii) Segment adjusted EBITA": {}
},
"Cloud Intelligence Group": {
"(i) Segment revenue": {},
"(ii) Segment adjusted EBITA": {}
},
"All Others": {
"(i) Segment revenue": {},
"(ii) Segment adjusted EBITA": {}
}
},
"Six Months Ended September Other Financial Results Costs and Expenses": {
"Income from operations and operating margin": {},
"Adjusted EBITDA and Adjusted EBITA": {},
"Adjusted EBITA by segment": {},
"Interest and investment income, net": {},
"Other (expense) income, net": {},
"Income tax expenses": {},
"Share of results of equity method investees": {},
"Net income and Non-GAAP net income": {},
"Net income attributable to ordinary shareholders": {},
"Net cash provided by operating activities and free cash flow": {},
"Net cash used in investing activities": {},
"Net cash provided by financing activities": {},
"Employees": {}
},
"Non-GAAP Financial Measures": {},
"Other Financial Information": {
"Liquidity and Capital Resources": {},
"Significant Investments": {},
"Material Investments, Acquisitions and Dispositions": {},
"Pledge of Assets": {},
"Foreign Exchange Risk": {},
"Contingent Liabilities": {},
"Capital Expenditure and Capital Commitment": {},
"Remuneration Policy": {},
"Subsequent Events": {}
}
},
"DIRECTORS AND CHIEF EXECUTIVE OFFICER": {
"Biographical Information": {},
"Board Committees": {
"Audit Committee": {},
"Compensation Committee": {},
"Nominating and Corporate Governance Committee": {},
"Sustainability Committee": {},
"Compliance and Risk Committee": {},
"Capital Management Committee": {}
}
},
"DISCLOSURE OF INTERESTS": {},
"EQUITY INCENTIVE PLANS": {
"The 2014 Plan": {
"Notes:": {},
"Notes:_2": {}
},
"The 2024 Plan": {},
"The 2024 Plan (Existing Shares)": {}
},
"PURCHASE, SALE OR REDEMPTION OF OUR COMPANY'S LISTED SECURITIES": {},
"OTHER INFORMATION": {
"Corporate Governance": {
"Compliance with the Corporate Governance Code": {},
"Compliance with the Model Code": {},
"Audit Committee Review": {}
},
"Interim Dividend": {},
"Use of Proceeds from the Notes Offerings": {}
},
"DEFINITIONS Conventions that apply to this Interim Report": {},
"ALIBABA GROUP HOLDING LIMITED": {
"INDEX TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS": {
"Introduction": {},
"Scope of Review": {},
"Conclusion": {},
"PricewaterhouseCoopers Certified Public Accountants": {}
}
},
"ALIBABA GROUP HOLDING LIMITED_2": {
"UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS": {},
"1. Organization and principal activities": {},
"2. Summary of significant accounting policies": {}
},
"ALIBABA GROUP HOLDING LIMITED_3": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"2. Summary of significant accounting policies (Continued)": {
"(b) Use of estimates": {},
"(c) Consolidation": {}
},
"2. Summary of significant accounting policies (Continued)_2": {
"(d) Derivatives and hedging": {
"Cash flow hedges": {},
"Net investment hedges": {}
}
},
"2. Summary of significant accounting policies (Continued)_3": {
"(e) Borrowings": {},
"(f) Recent accounting pronouncements": {}
},
"3. Significant mergers and acquisitions, investments and dispositions": {}
},
"ALIBABA GROUP HOLDING LIMITED_4": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"4. Revenue": {}
},
"ALIBABA GROUP HOLDING LIMITED_5": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"4. Revenue (Continued)": {}
},
"ALIBABA GROUP HOLDING LIMITED_6": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"5. Income tax expenses": {},
"6. Share-based compensation expense by function": {}
},
"ALIBABA GROUP HOLDING LIMITED_7": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"7. Earnings per share∕ADS": {}
},
"ALIBABA GROUP HOLDING LIMITED_8": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"8. Equity securities and other investments": {
"Equity securities": {},
"Debt investments": {}
},
"8. Equity securities and other investments (Continued)": {},
"9. Fair value measurement": {}
},
"ALIBABA GROUP HOLDING LIMITED_9": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"9. Fair value measurement (Continued)": {}
},
"ALIBABA GROUP HOLDING LIMITED_10": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"9. Fair value measurement (Continued)": {},
"10. Intangible assets, net": {}
},
"ALIBABA GROUP HOLDING LIMITED_11": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"11. Goodwill": {},
"12. Supplier Finance Programs": {},
"13. Convertible unsecured senior notes": {},
"13. Convertible unsecured senior notes (Continued)": {},
"14. Exchangeable bonds": {}
},
"ALIBABA GROUP HOLDING LIMITED_12": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"15. Bank borrowings": {},
"16. Related party transactions": {},
"16. Related party transactions (Continued)": {},
"17. Risks and contingencies": {},
"17. Risks and contingencies (Continued)": {}
},
"ALIBABA GROUP HOLDING LIMITED_13": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"18. Segment information": {}
},
"ALIBABA GROUP HOLDING LIMITED_14": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"18. Segment information (Continued)": {}
},
"ALIBABA GROUP HOLDING LIMITED_15": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {},
"19. Aging analysis": {
"Accounts receivable": {},
"Accounts payable": {}
},
"20. Dividends": {},
"21. Subsequent events": {}
},
"ALIBABA GROUP HOLDING LIMITED_16": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {}
},
"ALIBABA GROUP HOLDING LIMITED_17": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {}
},
"ALIBABA GROUP HOLDING LIMITED_18": {
"NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS": {
"FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024 and 2025": {},
"(i) Consolidation and business combinations": {},
"(ii) Equity securities without readily determinable fair value": {},
"(iii) Equity method investments": {},
"(iv) Share-based awards": {},
"(v) Operating leases": {},
"(vi) Redeemable noncontrolling interests": {},
"(vii) Hyperinflation": {},
"Alibaba": {}
}
}
}
}
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<table border='1' border='1'><tr><td rowspan="4"></td><td colspan="3">Six months ended September 30,</td><td></td></tr><tr><td>2024</td><td colspan="2">2025</td><td rowspan="2">YoY % Change</td></tr><tr><td>RMB</td><td>RMB</td><td>US$</td></tr><tr><td colspan="4">(in millions, except percentages and per share amounts)</td></tr><tr><td>Revenue</td><td>479,739</td><td>495,447</td><td>69,595</td><td>3%</td></tr><tr><td>Income from operations</td><td>71,235</td><td>40,353</td><td>5,668</td><td>(43)% (2)</td></tr><tr><td>Operating margin</td><td>15%</td><td>8%</td><td></td><td></td></tr><tr><td>Adjusted EBITDA (1)</td><td>98,488</td><td>62,991</td><td>8,848</td><td>(36)% (3)</td></tr><tr><td>Adjusted EBITDA margin (1)</td><td>21%</td><td>13%</td><td></td><td></td></tr><tr><td>Adjusted EBITA (1)</td><td>85,596</td><td>47,917</td><td>6,731</td><td>(44)% (3)</td></tr><tr><td>Adjusted EBITA margin (1)</td><td>18%</td><td>10%</td><td></td><td></td></tr><tr><td>Net income</td><td>67,569</td><td>62,994</td><td>8,849</td><td>(7)% (4)</td></tr><tr><td>Net income attributable to ordinary shareholders</td><td>68,143</td><td>64,106</td><td>9,005</td><td>(6)% (4)</td></tr><tr><td>Non-GAAP net income (1)</td><td>77,209</td><td>43,862</td><td>6,161</td><td>(43)% (3)</td></tr><tr><td>Diluted earnings per share (5)</td><td>3.50</td><td>3.34</td><td>0.47</td><td>(5)% (4)(6)</td></tr><tr><td>Diluted earnings per ADS (5)</td><td>28.00</td><td>26.73</td><td>3.75</td><td>(5)% (4)(6)</td></tr><tr><td>Non-GAAP diluted earnings per share (1)(5)</td><td>3.94</td><td>2.39</td><td>0.34</td><td>(39)% (3)(6)</td></tr><tr><td>Non-GAAP diluted earnings per ADS (1)(5)</td><td>31.50</td><td>19.10</td><td>2.68</td><td>(39)% (3)(6)</td></tr></table>
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<table border='1' border='1'><tr><td rowspan="4"></td><td colspan="3">Six months ended September 30,</td><td></td></tr><tr><td>2024</td><td colspan="2">2025</td><td rowspan="2">YoY % Change</td></tr><tr><td>RMB</td><td>RMB</td><td>US$</td></tr><tr><td colspan="4">(in millions, except percentages)</td></tr><tr><td>Alibaba China E-commerce Group:</td><td></td><td></td><td></td><td></td></tr><tr><td>E-commerce</td><td></td><td></td><td></td><td></td></tr><tr><td>- Customer management</td><td>152,755</td><td>168,179</td><td>23,624</td><td>10%</td></tr><tr><td>- Direct sales, logistics and others(2)</td><td>50,233</td><td>53,331</td><td>7,492</td><td>6%</td></tr><tr><td></td><td>202,988</td><td>221,510</td><td>31,116</td><td>9%</td></tr><tr><td>Quick commerce(3)</td><td>27,517</td><td>37,690</td><td>5,294</td><td>37%</td></tr><tr><td>China commerce wholesale</td><td>11,938</td><td>13,450</td><td>1,889</td><td>13%</td></tr><tr><td>Total Alibaba China E-commerce Group</td><td>242,443</td><td>272,650</td><td>38,299</td><td>12%</td></tr><tr><td>Alibaba International Digital Commerce Group:</td><td></td><td></td><td></td><td></td></tr><tr><td>International commerce retail</td><td>49,309</td><td>56,463</td><td>7,931</td><td>15%</td></tr><tr><td>International commerce wholesale</td><td>11,656</td><td>13,077</td><td>1,837</td><td>12%</td></tr><tr><td>Total Alibaba International Digital Commerce Group</td><td>60,965</td><td>69,540</td><td>9,768</td><td>14%</td></tr><tr><td>Cloud Intelligence Group</td><td>56,159</td><td>73,222</td><td>10,285</td><td>30%</td></tr><tr><td>All others(4)</td><td>165,837</td><td>121,568</td><td>17,077</td><td>(27)%</td></tr><tr><td>Unallocated</td><td>888</td><td>1,096</td><td>154</td><td></td></tr><tr><td>Inter-segment elimination</td><td>(46,553)</td><td>(42,629)</td><td>(5,988)</td><td></td></tr><tr><td>Consolidated revenue</td><td>479,739</td><td>495,447</td><td>69,595</td><td>3%</td></tr></table>
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<table border='1' border='1'><tr><td>Name(1)</td><td>Age</td><td>Position/Title</td></tr><tr><td>Joseph C. TSAI $^{\dagger(a)}$ </td><td>61</td><td>Chairman</td></tr><tr><td>Eddie Yongming WU $^{\dagger(b)}$ </td><td>50</td><td>Director and Chief Executive Officer</td></tr><tr><td>J. Michael EVANS $^{\dagger(a)}$ </td><td>68</td><td>Director and President</td></tr><tr><td>Maggie Wei WU $^{\dagger(c)}$ </td><td>57</td><td>Director $^{(d)}$ </td></tr><tr><td>Jerry YANG $^{(b)}$ </td><td>57</td><td>Independent director</td></tr><tr><td>Wan Ling MARTELLO $^{(b)}$ </td><td>67</td><td>Independent director</td></tr><tr><td>Weijian SHAN $^{(c)}$ </td><td>72</td><td>Independent director</td></tr><tr><td>Irene Yun-Lien LEE $^{(a)}$ </td><td>72</td><td>Independent director</td></tr><tr><td>Albert Kong Ping NG $^{(b)}$ </td><td>68</td><td>Independent director</td></tr><tr><td>Kabir MISRA $^{(c)}$ </td><td>56</td><td>Independent director</td></tr></table>
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<table border='1' border='1'><tr><td rowspan="3">Name of director / chief executive officer</td><td rowspan="3">Capacity / nature of interest</td><td colspan="2">Number of shares/</td><td rowspan="3">Approximate % of shareholding (3)</td></tr><tr><td colspan="2">underlying shares (1),(2)</td></tr><tr><td>(in the number of Shares)</td><td>(in the number of ADSs)</td></tr><tr><td rowspan="5">Joseph C. TSAI (4)</td><td>Beneficial owner</td><td>881,072 (L)</td><td>110,134 (L)</td><td>0.00%</td></tr><tr><td>Interest of spouse</td><td>1,280,000 (L)</td><td>160,000 (L)</td><td>0.01%</td></tr><tr><td>Founder of a discretionary trust who can influence how the trustee exercises his discretion</td><td>12,658,152 (L)</td><td>1,582,269 (L)</td><td>0.06%</td></tr><tr><td>Interest in controlled corporation</td><td>260,924,840 (L)</td><td>32,615,605 (L)</td><td>1.37%</td></tr><tr><td></td><td>275,744,064 (L)</td><td>34,468,008 (L)</td><td>1.44%</td></tr><tr><td rowspan="4">Eddie Yongming WU (5)</td><td>Beneficial owner</td><td>18,199,752 (L)</td><td>2,274,969 (L)</td><td>0.10%</td></tr><tr><td>Interest of spouse</td><td>108,000 (L)</td><td>13,500 (L)</td><td>0.00%</td></tr><tr><td>Founder of a discretionary trust who can influence how the trustee exercises his discretion</td><td>12,320,000 (L)</td><td>1,540,000 (L)</td><td>0.06%</td></tr><tr><td></td><td>30,627,752 (L)</td><td>3,828,469 (L)</td><td>0.16%</td></tr><tr><td>J. Michael EVANS (6)</td><td>Beneficial owner</td><td>9,964,000 (L)</td><td>1,245,500 (L)</td><td>0.05%</td></tr><tr><td rowspan="3">Maggie Wei WU (7)</td><td>Beneficial owner</td><td>3,661,632 (L)</td><td>457,704 (L)</td><td>0.02%</td></tr><tr><td>Founder of a discretionary trust who can influence how the trustee exercises his discretion</td><td>7,200,000 (L)</td><td>900,000 (L)</td><td>0.04%</td></tr><tr><td></td><td>10,861,632 (L)</td><td>1,357,704 (L)</td><td>0.06%</td></tr><tr><td>Jerry YANG</td><td>Beneficial owner</td><td>485,072 (L)</td><td>60,634 (L)</td><td>0.00%</td></tr><tr><td>Wan Ling MARTELLO</td><td>Beneficial owner</td><td>360,000 (L)</td><td>45,000 (L)</td><td>0.00%</td></tr><tr><td>Weijian SHAN</td><td>Beneficial owner</td><td>144,800 (L)</td><td>18,100 (L)</td><td>0.00%</td></tr><tr><td>Irene Yun-Lien LEE</td><td>Beneficial owner</td><td>133,600 (L)</td><td>16,700 (L)</td><td>0.00%</td></tr><tr><td>Albert Kong Ping NG</td><td>Beneficial owner</td><td>133,600 (L)</td><td>16,700 (L)</td><td>0.00%</td></tr><tr><td>Kabir MISRA</td><td>Beneficial owner</td><td>528,800 (L)</td><td>66,100 (L)</td><td>0.00%</td></tr></table>
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<table border='1' border='1'><tr><td rowspan="2">Name of shareholder</td><td rowspan="2">Capacity / nature of interest</td><td colspan="2">Number of shares/ underlying shares (1),(2)</td><td rowspan="2">Approximate % of shareholding (3)</td></tr><tr><td>(in the number of Shares)</td><td>(in the number of ADSs)</td></tr><tr><td rowspan="11">JPMorgan Chase &amp; Co. (4)</td><td rowspan="2">Beneficial owner</td><td>411,801,958 (L)</td><td>51,475,245 (L)</td><td>2.16%</td></tr><tr><td>418,739,874 (S)</td><td>52,342,484 (S)</td><td>2.19%</td></tr><tr><td>Trustee</td><td>1,753,320 (L)</td><td>219,165 (L)</td><td>0.01%</td></tr><tr><td rowspan="2">Investment manager</td><td>281,850,861 (L)</td><td>35,231,358 (L)</td><td>1.47%</td></tr><tr><td>6,527,284 (S)</td><td>815,911 (S)</td><td>0.04%</td></tr><tr><td>Person having a security interest in shares</td><td>85,927,145 (L)</td><td>10,740,893 (L)</td><td>0.45%</td></tr><tr><td rowspan="5">Approved lending agent</td><td>581,658,439 (L)</td><td>72,707,305 (L)</td><td>3.05%</td></tr><tr><td>581,658,439 (P)</td><td>72,707,305 (P)</td><td>3.05%</td></tr><tr><td>1,362,991,723 (L)</td><td>170,373,966 (L)</td><td>7.14%</td></tr><tr><td>425,267,158 (S)</td><td>53,158,395 (S)</td><td>2.23%</td></tr><tr><td>581,658,439 (P)</td><td>72,707,305 (P)</td><td>3.05%</td></tr><tr><td rowspan="8">Citigroup Inc. (5)</td><td rowspan="2">Interest in controlled corporation</td><td>183,474,400 (L)</td><td>22,934,300 (L)</td><td>0.96%</td></tr><tr><td>197,906,617 (S)</td><td>24,738,327 (S)</td><td>1.04%</td></tr><tr><td>Person having a security interest in shares</td><td>160 (L)</td><td>20 (L)</td><td>0.00%</td></tr><tr><td rowspan="5">Approved lending agent</td><td>832,721,084 (L)</td><td>104,090,136 (L)</td><td>4.36%</td></tr><tr><td>832,721,084 (P)</td><td>104,090,136 (P)</td><td>4.36%</td></tr><tr><td>1,016,195,644 (L)</td><td>127,024,456 (L)</td><td>5.32%</td></tr><tr><td>197,906,617 (S)</td><td>24,738,327 (S)</td><td>1.04%</td></tr><tr><td>832,721,084 (P)</td><td>104,090,136 (P)</td><td>4.36%</td></tr><tr><td rowspan="2">BlackRock, Inc. (6)</td><td rowspan="2">Interest in controlled corporation</td><td>983,512,344 (L)</td><td>122,939,043 (L)</td><td>5.15%</td></tr><tr><td>3,297,800 (S)</td><td>412,225 (S)</td><td>0.02%</td></tr></table>
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