Company dossier · CN-ALI
Alibaba
Alibaba Group Holding LimitedCloud, commerce and model-platform exposure tested through separate US and Hong Kong securities.
RESEARCH CANDIDATE · NOT A PORTFOLIO POSITIONISSUER EVIDENCE MATRIX
Current evidence gates
0 GOVERNED · 1 GAPS · 0 VERDICTSThe cited primary filing reports aggregate FY2026 capex of RMB126,063 million, not a quantified sustaining-capex share.
A same-period quantified sustaining amount or ratio, or a reproducible asset-level bridge.
The evidence identifies potential tax treatment of subsidiary dividends but does not establish a recurring listed-parent-to-common-owner cash route.
Two audited consecutive periods of upstream parent receipts, executed common-owner payments, and restriction/actual-withholding reconciliation.
COMPANY DOSSIER · Alibaba
Alibaba Group Holding Limited
Audited annual filing plus official results; cloud and AI disclosure is meaningful, but AI cash economics are not separately reported.
Reported financial map
FY2026 reported revenue; +3% year over year.
reportedAttributable to ordinary shareholders.
reportedNet cash provided by operating activities.
reportedCompany total, primarily cloud equipment/data centers plus logistics and campuses.
reportedOperating cash flow less RMB122.021bn purchases of property and equipment; not identical to total capex.
company definedFY2026 expense, approximately 1% of revenue.
reportedAI linkage: what the filings support
- Cloud external revenue grew 40% in the final fiscal quarter.
- AI-related products represented 30% of cloud external revenue in that quarter.
- Alibaba reported cloud services across 34 regions at fiscal year-end.
Owner-cash bridge
AI demand is visible, but FY2026 investment outran operating cash. A reproducible AI-attributable owner-cash bridge is not yet available.
Risk flags
- VIE and enhanced VIE contractual claims
- Investment-cycle duration and cloud pricing
- SBC and conglomerate capital allocation
Unresolved before valuation
- Reconcile ADS/ordinary share count on the valuation date.
- Separate maintenance, growth and AI-specific capex.
- Test cloud unit economics under lower model pricing.