E-commerce · Cloud · AI
Alibaba Group
Alibaba is China's largest e-commerce company built around Taobao and Tmall, spanning cloud computing, Cainiao logistics and international commerce. Revenue for the fiscal year ended March 2025 rose 6% to RMB 996.3 billion, and AI-related product revenue in the cloud segment posted triple-digit growth for a seventh consecutive quarter. The company plans to invest over RMB 380 billion in cloud and AI infrastructure over the next three years.
BABA Updated Jul 12, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Alibaba Group is directly linked to 4 companies (1 supply, 3 revenue relationships) and reaches 41 companies within two hops; the links are backed by 14 dated sources, 3 of them primary filings (as of 2026-07-12).
Annual return · 2026-09-04'21-49%'22-25.8%'23-10.8%'24+11.8%'25+75.8%YTD-22%
Money in ▸China e-commerce consumers and merchants (Taobao/Tmall aggregate)●segment revenue 449,827 RMB MInternational commerce consumers (AliExpress/Trendyol aggregate)●segment revenue 132,300 RMB MCloud customers (enterprises and developers, aggregate)●segment revenue 118,028 RMB MLVMH (Tmall and cloud AI)●Apple (iPhone AI in China)◐Beijing Kingsoft Office Software○
Alibaba GroupRMB 996,347 million
▸ Money outAI and cloud data center supply chain (aggregate)●capex plan 380,000 RMB MNVIDIA (H20)◐chip orders $16ZTO Express◐equity investment $1.38
Financials & Segments
- Total revenue · RMB 996,347 million (FY2025 ended March 2025, +6% YoY)
- Customer concentration · Taobao and Tmall generate 45% of revenue and effectively all of group adjusted EBITA. Segment shares are pre-elimination so they sum above 100%. Growth is shifting to cloud (AI revenue triple-digit for 7 straight quarters) and international commerce (+29%).
- Segments · Taobao and Tmall Group(45.1%) · All others (Sun Art, Freshippo, Alibaba Health)(20.7%) · International Digital Commerce (AliExpress, Trendyol)(13.3%) · Cloud Intelligence Group(11.8%) · Cainiao Smart Logistics(10.2%) · Local Services (Ele.me, Amap)(6.7%) · Digital Media and Entertainment(2.2%)
Revenue from
- China e-commerce consumers and merchants (Taobao/Tmall aggregate) High confidence· segment revenue 449,827 RMB M · FY2025
The core cash cow. Of FY2025 Taobao and Tmall Group revenue of RMB 449,827M (+3%), China commerce retail was RMB 425,526M, with merchant-paid customer management revenue up 6%.Mentions KO Barclays (via Investing.com) Published May 20, 2026: Barclays raises Alibaba target to $195 on cloud growth (Overweight)Confirms EN SEC EDGAR (Alibaba Group) Published Jun 26, 2025: Alibaba Group Annual Report FY2025 (Form 20-F) - International commerce consumers (AliExpress/Trendyol aggregate) High confidence· segment revenue 132,300 RMB M · FY2025
International Digital Commerce grew 29% to RMB 132,300M in FY2025; international retail was RMB 108,465M (+33%), driven by AliExpress and Trendyol. - Cloud customers (enterprises and developers, aggregate) High confidence· segment revenue 118,028 RMB M · FY2025
Cloud Intelligence revenue RMB 118,028M (+11%) with adjusted EBITA up 72%; AI-related product revenue grew triple digits for seven straight quarters, with March-quarter growth accelerating to 18%.Mentions KO Barclays (via Investing.com) Published May 20, 2026: Barclays raises Alibaba target to $195 on cloud growth (Overweight) - LVMH (Tmall and cloud AI) High confidence
About 30 LVMH maisons sell on Tmall Luxury Pavilion; the May 2024 extended partnership deploys Alibaba Cloud generative AI (Qwen) across 30+ brands including Sephora APAC and DFS. Value undisclosed. - Apple (iPhone AI in China) Medium confidence
Apple chose Alibaba (Qwen-based) as its AI partner for iPhones sold in China, confirmed by Chairman Joe Tsai (Feb 2025); rollout delayed by regulatory review, terms undisclosed.Confirms EN CNBC Published Feb 13, 2025: Apple will integrate Alibaba's AI into iPhones in China, Joe Tsai says - Beijing Kingsoft Office Software Low confidence
Supplies Tongyi Qianwen (Qwen) LLM API to Kingsoft Office's WPS AI Hub (commercial terms undisclosed).Mentions ZH InfoQ China Published Jan 15, 2025: WPS AI enterprise: switchable multi-LLM (MiniMax, Zhipu, Baidu Wenxin, etc.)
Pays to
- AI and cloud data center supply chain (aggregate) High confidence· capex plan 380,000 RMB M · 2025-2028
Announced Feb 2025: RMB 380B+ into cloud/AI infrastructure over three years, exceeding the past decade's cumulative spend; FY2025 free cash flow fell 53% to RMB 73,870M on this expenditure.Confirms EN Alibaba Group Published Feb 24, 2025: Alibaba to Invest RMB380 billion in AI and Cloud Infrastructure Over Next Three Years - NVIDIA (H20) Medium confidence· chip orders $16 · 2025Q1
A major buyer that, with ByteDance and Tencent, placed $16B+ combined H20 orders in Q1 2025; after April 2025 export licensing, Alibaba accelerates substitution with its T-Head PPU chip. Standalone amount undisclosed.Mentions KO AI Times Published Sep 17, 2025: CCTV: Alibaba's in-house AI chip on par with Nvidia's H20Confirms EN Tech Startups Published Apr 2, 2025: Chinese tech firms rush to order $16B in Nvidia's H20 AI chips - ZTO Express Medium confidence· equity investment $1.38 · 2018
Core Cainiao logistics partner delivering a large share of Taobao/Tmall parcels; Alibaba and Cainiao took ~10% for US$1.38B in 2018. Much delivery fee is merchant-borne, so the direct cost flow is partial.Confirms EN PR Newswire (ZTO Express) Published May 29, 2018: Alibaba and Cainiao Make Strategic Investment in ZTO ExpressConfirms EN CNBC Published May 29, 2018: Alibaba leads consortium in $1.4 billion deal for ZTO stake
Investments
- Ant Group (~33% equity stake) High confidence· Market share 33% · 앤트그룹 지분
Holds ~33% of Ant Group (Alipay's operator) under the equity method — in 2019 it converted a prior profit-share right (37.5% of pre-tax profit) into a direct 33% stake. Ant is a strategic partner to Alibaba's commerce ecosystem in payments and fintech, and its regulatory risk and equity-method results feed into the group's earnings.Confirms EN SEC filing Published Sep 23, 2019: Alibaba agrees to 33% equity stake in Ant (profit-share conversion)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Target Corporation | lead2 | +32.9 | -34.2 | -1.4 | -2.3 | -24.5 | +72.9 |
| T-Mobile US, Inc. | lead2 | -14 | +20.7 | +15 | +39.7 | -6.6 | -9.2 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| LVMH Moet Hennessy Louis Vuitton | lead1 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -20.3 |
| Beijing Kingsoft Office Software | lead1 | -41.3 | +16 | -23.7 | +47.1 | +7.6 | -27.4 |
| Alibaba Group | node | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +172.1 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +170.5 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +155 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +149.3 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +139.1 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +138.8 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +135.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +131.5 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +86.6 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +61 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +52.7 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +50.4 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +43 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +35.5 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +29.1 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +25.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| Amphenol | benef2 | +34.4 | -12.5 | +30.8 | +40.7 | +95.3 | +22.7 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +6 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +5.6 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | -6.7 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -7.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -11.2 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -24.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Alibaba Group operates across E-commerce, Cloud, AI. After +75.8% in 2025, it corrected -22% in 2026. The supply side (avg +23.7%) has moved harder than the stock (-22%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is NVIDIA (+23.7%) and the furthest behind is Beijing Kingsoft Office Software (-27.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. The company plans to invest over RMB 380 billion in cloud and AI infrastructure over the next three years.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $181 · Price $113.24 (09-04) · Upside +60%