Alibaba Group on Tuesday reported earnings for the quarter ending September 30 2025. Shortly afterward, Alibaba Group’s CEO Eddie Wu addressed investors and analysts on an earnings call. 

Over the past quarter, Alibaba delivered steady and healthy growth. Our total revenue increased 15% year-over-year, excluding Sun Art and Intime. Our continued investment in core businesses is yielding results, with China e-commerce CMR growing 10% and Cloud Intelligence revenue rising 34%.

Let me walk you through the latest developments across our AI + Cloud and consumption businesses.

Sustained, strong demand for AI and rising usage of public cloud drove Alibaba Cloud’s 34% revenue growth this quarter, while revenue from external customers accelerated by 29%. AI-related products continued to post triple-digit year-over-year growth for the ninth consecutive quarter.

In the cloud computing market, two major trends are becoming increasingly apparent. First, as AI applications scale, more developers and enterprise customers are choosing vendors with full-stack AI technology portfolios. Second, customers are deepening and broadening their use of AI, which is significantly increasing demand for compute, storage, and other traditional cloud services. Together, these forces are accelerating revenue growth driven by external customer demand.

This quarter, we continued to strengthen our full-stack AI capabilities — spanning high-performance AI infrastructure, foundation models, and AI development frameworks. Our flagship model, Qwen3-Max, ranks among the global leaders in benchmarks for real-world coding tasks, agent tool use capabilities, and other specialized evaluations.

Our full-stack AI capabilities are now a defining competitive advantage. Alibaba Cloud is gaining market share across multiple segments: in the hybrid cloud market, Alibaba Cloud has become a key player, growing more than 20% year-over-year – outpacing the industry and steadily expanding market share. Our financial cloud business is also growing faster than the market, with market share continuing to rise. In China’s AI cloud market, we are also the clear leader, with a market share larger than the combined total of the second to fourth-largest providers. Recently, businesses such as the NBA, Marriott, China UnionPay, and Bosch have partnered with Alibaba Cloud on AI initiatives.

Last week, we officially launched the Qwen app, which aims to be the most advanced personal AI assistant, powered by our latest models. In the first week of its public beta, the Qwen app has already surpassed 10 million in new downloads.

The launch of the Qwen app marks Alibaba’s commitment to both AI-for-enterprise and AI-for-consumer. In enterprise-focused AI, our goal is to build a world-leading full-stack AI provider serving businesses across all industries. For consumers, we aim to build native AI-first applications by leveraging our best-in-class models and Alibaba’s extensive ecosystem.

On the one hand, Qwen3-Max’s intelligence and world-class tool-use capabilities, combined with Alibaba’s rich consumer and lifestyle use cases, contributed to exceptional user retention in the Qwen app’s beta release. We believe this is the right moment to scale our consumer AI efforts.

On the other hand, the synergy between AI and the broader Alibaba ecosystem is a powerful multiplier. Alibaba is the only company in China with both a leading large model and extensive lifestyle and commerce use cases. Qwen will gradually integrate e-commerce, map navigation, local services, and more, becoming an AI-powered entry point for everyday life. With AI innovation and ecosystem collaboration reinforcing each other, we are confident in our ability to deliver substantial user value.

In consumption, we continue to deepen collaboration across businesses, and the benefits of our large, integrated platform are becoming increasingly evident.

This quarter, China e-commerce CMR grew 10%. Our quick commerce business saw significant improvement in unit economics, with greater fulfillment efficiency, stronger user retention, higher average order value, and expanding scale. The growth of quick commerce business contributed to rapid growth in Taobao app’s monthly active consumers and supported CMR expansion.

Brands on Tmall are also accelerating their adoption of on-demand retail. As of October 31, approximately 3,500 brands on Tmall have onboarded their offline stores to our quick commerce business. Going forward, we will further enhance synergy between quick commerce and the broader Alibaba ecosystem, continue improving unit economics, and meet consumers’ fast-growing demand for immediate access to diverse products and services.

On October 1, Amaps’ daily active users reached a historical high of 360 million. In September, we launched the Amap Street Stars feature, which has significantly boosted user engagement. In October, Amap Street Stars averaged more than 70 million daily active users, with average daily user reviews more than triple the amount of the same period last year, indicating strong future growth potential. Amap Street Stars built a trust-based rating system for local offline services using user-consented metrics such as the users’ credit rating. We believe that enhancing consumer trust is essential to strengthening consumer confidence, enabling merchants to focus on operations while giving consumers greater peace of mind, and ultimately supporting the healthy and sustainable growth of the local offline services sector.

Looking ahead, we will continue investing decisively in our two core strategic pillars — AI + Cloud and consumption. We will advance both enterprise- and consumer-focused AI, unlock deeper synergies across Alibaba’s businesses, and use these engines to drive Alibaba’s long-term growth and carry the company to the next level.