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· 2 recurring
Per the valuechain.wiki graph, Alibaba Group is directly linked to 4 companies (1 supply, 3 revenue relationships) and reaches 38 companies within two hops; the links are backed by 14 dated sources, 3 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'21-49%'22-25.8%'23-10.8%'24+11.8%'25+75.8%YTD-22.7%
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 |
|---|---|---|---|---|---|---|---|
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| LVMH Moet Hennessy Louis Vuitton | lead1 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -9 |
| Beijing Kingsoft Office Software | lead1 | -41.3 | +16 | -23.7 | +47.1 | +7.6 | -30.2 |
| Alibaba Group | node | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22.7 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +162.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
China's largest e-commerce built around Taobao and Tmall, spanning cloud, Cainiao logistics and international commerce, where the core commerce earns effectively all of group profit while growth shifts to cloud and international. The thesis is the AI-cloud transition — cloud AI revenue grew triple digits for seven straight quarters, and it is investing RMB 380B over three years in cloud/AI infrastructure to build this axis (spending that cut FY2025 free cash flow 53%). Risks are China consumer softness and regulation plus H20 export controls (substituting its own T-Head chip), and in graph terms it is a two-way hub — an AI supplier selling Qwen up to Apple (China iPhone AI), LVMH and Kingsoft, and a buyer investing down into NVIDIA and the data-center supply chain.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $181 · Price $112.33 (07-10) · Upside +61%