1、Alibaba Group Holding Limited Alibaba Group Holding LimitedFiscal Year 2024 Annual ReportFiscal Year Annual Report2024Alibaba Group Holding LimitedNYSE:BABAHKEX:9988(HKD Counter)89988(RMB Counter)Accelerating our core businesses growth Maintaining leadership in fundamental technologies and innovatio

2、n,including AI2 Our Mission3 Our Vision5 Our Values6 Key Events in Fiscal Year 20248 Letter from our Chairman and our CEO12 Business Overview80 Management Discussion and Analysis132 Directors,Senior Management and EmployeesContents153 Major Shareholders and Related Party Transactions169 Other Inform

3、ation to Shareholders183 Exemptions and Waivers185 Risk Factors250 Definitions256 Financial Statements344 Further InformationYearsWe do not pursue size or power;we aspire to be a good company that will last for 102 years.For a company that was founded in 1999,lasting for 102 years means we will have

4、 spanned three centuries,an achievement that few companies can claim.Our culture,business models and systems are built to last,so that we can achieve sustainability in the long run.We aim to build the future infrastructure of commerce.We envision that our customers will meet,work and live at Alibaba

5、,and that we will be a good company that lasts for 102 years.Our MissionOur VisionOur founders started our company to champion small businesses,in the belief that the Internet would level the playing field by enabling small enterprises to leverage innovation and technology to grow and compete more e

6、ffectively in domestic and global economies.We believe that concentrating on customer needs and solving their problems whether those customers are consumers,merchants or enterprises ultimately will lead to the best outcome for our business.In the digital era,we are staying true to our mission by hel

7、ping our customers and business partners harness the power of digital technology.We have developed a large ecosystem powered by technology infrastructure that enables participants to create and share value on our platforms.Our decisions are guided by how they serve our mission over the long term,not

8、 by the pursuit of short-term gains.To make it easy to do business anywhere3Fiscal Year 2024 Annual Report2Alibaba Group Holding LimitedCustomers first,employees second,shareholders thirdThis reflects our choice of whats important,in order of priority.Only by creating sustained customer value can em

9、ployees grow and shareholders achieve long-term benefit.Trust makes everything simpleTrust is both the most precious and fragile thing in the world.The story of Alibaba is a story of building and cherishing trust.Complexity begets complexity,and simplicity breeds simplicity.Aliren(阿里人)are straightfo

10、rward what you see is what you get.With trust,there is no second-guessing or suspicion,and the result is simplicity and efficiency.Change is the only constantWhether you change or not,the world is changing,our customers are changing and the competitive landscape is changing.We must face change with

11、respect and humility.Otherwise,we will fail to see it,fail to respect it,fail to understand it and fail to catch up with it.Whether you change yourself or create change,both are the best kinds of change.Embracing change is the most unique part of our DNA.Todays best performance is tomorrows baseline

12、In Alibabas most challenging times,this spirit has helped us overcome difficulties and survive.In bad times,we know how to motivate ourselves;in good times,we dare to set“dream targets”(stretch goals).Face the future,or we regress.We must shoot for the moon,challenge ourselves,motivate ourselves and

13、 exceed ourselves.Live seriously,work happilyWork is now,life is forever.What you do in your job is up to you,but you have responsibility to the ones who love you.Enjoy work as you enjoy life;treat life seriously as you do work.If you live with purpose,you will find reward.You make Alibaba different

14、 and make your loved ones proud.Everyone has their own view of work and life;we respect each persons choice.Whether you live by this value depends on how you live your life.If not now,when?If not me,who?This was a tagline in Alibabas first job advertisement and became our first proverb.It is not a q

15、uestion,but a call of duty.This proverb symbolizes the sense of ownership that each Aliren must possess.Our ValuesOur values are fundamental to the way we operate and how we recruit,evaluate and compensate our people.We empower our customers with the fundamental infrastructure for commerce and new t

16、echnology,so that they can build businesses and create value that can be shared among our ecosystem participants.We strive to expand our products and services to become central to the everyday lives of our customers.AlibabaLIVEAlibabaWORKWe enable commercial and social interactions among hundreds of

17、 millions of users,between consumers and merchants,and among businesses every day.AlibabaMEETCustomersFirst,Employees Second,Shareholders ThirdTrustMakes Everything SimpleIf Not Now,When?If Not Me,Who?Todays Best Performance Is TomorrowsBaselineLive Seriously,Work HappilyChangeIs The Only Constant4A

18、libaba Group Holding Limited5Fiscal Year 2024 Annual ReportSeptemberAlibaba Group completed the leadership transition of its Chairman and Chief Executive Officer.The company laid out“user-first”and“AI-driven”as its two main strategic focuses,reshaping its business priorities.The Hangzhou 19th Asian

19、Games were held from September 23 to October 8,2023.As the official partner of the Hangzhou Asian Games,Alibaba Group worked to digitalize the Games by migrating the Games core systems onto the cloud and transforming it into the first ever“Asian Games on the Cloud”.June Alibaba Clouds AI-driven sust

20、ainability solution,Energy Expert,was leveraged at the first Olympic Esports Week to measure and analyze carbon emissions generated by the construction of the events temporary stadium and to provide data-driven insights on materials and equipment used.AprilAlibaba Cloud unveiled its proprietary AI l

21、arge language model(LLM),Qwen(also known as Tongyi Qianwen),which has been increasingly integrated into various business applications across the Alibaba ecosystem.Later in the year,Alibaba Cloud released Qwen 2.0,along with multiple brand new industry-specific vertically-trained LLMs.MayTaobao celeb

22、rated its 20th anniversary by hosting the Taobao Maker Festival across ten cities popular with tourists in China with free public admission.Alibaba Group board of directors introduced a new Capital Management Committee to enhance shareholder value through a comprehensive plan.The board of directors

23、also established a Compliance and Risk Committee to oversee Alibaba Groups overall regulatory compliance and risks in key areas other than financial reporting.20232024DecemberAlibaba Cloud open-sourced LLMs with parameters ranging from 0.5 billion,1.8 billion,4 billion,7 billion,14 billion,32 billio

24、n and 72 billion,as well as multimodal LLMs with audio and visual understanding capabilities.As of March 31,2024,Alibaba Clouds open-source AI model community ModelScope has become the leading destination for high-quality models and thousands of datasets,providing models and free computing power ser

25、vices to developers.Alibaba Group is the worlds fourth largest and Asia Pacifics largest Infrastructure-as-a-service provider by revenue in 2023 in U.S.dollars,according to Gartners April 2024 report(1).November For the 2023 11.11 Global Shopping Festival,Taobao and Tmall Group recorded positive yea

26、r-on-year growth in participating merchants,transacting buyers and order volume compared to the same period last year.Alibaba Group board of directors approved the companys first annual dividend for fiscal year 2023 to enhance shareholder returns.Eddie Wu,Chief Executive Officer of Alibaba Group,unv

27、eiled a strategy for the next growth phase,highlighting the Groups future direction,key priorities and execution path.Alibaba Group joined the World Business Council for Sustainable Development and collaborated with its members to develop a framework and methodology on Avoided Emissions.FebruaryAlib

28、aba Group upsized its share buyback program by US$25 billion as part of its ongoing enhancement of shareholder returns.MarchAliExpress Choice celebrated its first anniversary.Merchants are empowered by Choice to focus on supply chain management while minimizing retail commerce operational barriers t

29、hrough the“Fulfilled by AliExpress”offering.Note:(1)Gartner,“Market Share:Services,Worldwide,2023”,Neha Sethi et al.,12 April 2024,Sorted by Infrastructure-as-a-Service(IaaS),Vendor Revenue Basis)(Asia Pacific refers to Mature Asia/Pacific,China(Region),Emerging Asia/Pacific and Japan(Region),and ma

30、rket share refers to that of Infrastructure-as-a-Service(IaaS).6Alibaba Group Holding Limited7Fiscal Year 2024 Annual ReportKey Events in Fiscal Year 2024Joe TsaiChairman,Alibaba GroupEddie WuChief Executive Officer,Alibaba GroupDear Shareholders,Our fiscal year ended March 31,2024 was a watershed.I

31、t was a year in which Alibaba made several pivots toward strategic clarity.This clarity has helped us to define who we are,our direction,and how we will execute our strategy.We believe it is important to share the thought process we went through this past year,and what it means for Alibaba in the fu

32、ture.Who We AreAlibaba has two core businesses:e-commerce and cloud computing.As part of the consumer economy in China,we have developed an ecosystem of Internet platforms to tap into opportunities in local services,communications,search,and digital entertainment.In e-commerce,we run Taobao and Tmal

33、l Group(TTG),which includes platforms for the domestic China consumer and business-to-business markets,and Alibaba International Digital Commerce Group(AIDC),which includes platforms for the international consumer and business-to-business markets.Other divisions in the company provide strategic valu

34、e by bringing synergies that make our e-commerce businesses more valuable.For example,the on-demand delivery business Ele.me provides the infrastructure for instant delivery of fresh and perishable items purchased from our e-commerce platforms;and our logistics subsidiary Cainiao provides the supply

35、 chain,transport,and delivery capabilities to create a great experience for the consumers shopping on the TTG and AIDC platforms.In cloud computing,we aim to be the leading public cloud infrastructure and platform technology provider in China,supplying a broad range of capabilities to our customers,

36、including elastic computing,storage,network infrastructure,security,big data,and artificial intelligence(AI).Our Strategic DirectionWe have chosen two important paths for the strategic direction of our business.As leaders of the company,we must clearly articulate our direction.The first strategy is

37、User First.Users of our various platforms come first in the way we operate our business and design products,from user interface to algorithmic matching to customer service.China has the worlds largest Internet population with 1.1 billion users,and Chinas e-commerce penetration is one of the highest

38、in the world at around 28%of total consumer retail.Today,you can find every kind of consumer product for sale online.If brands and distributors want to differentiate themselves,they will increasingly need the targeted consumer marketing services provided by Internet platforms.Our User First approach

39、 will prioritize user experience in business strategy and product design to drive retention and repeat purchases.This will provide the best value proposition to sellers of goods and services on our platforms,such as Taobao,Tmall,Xianyu,Fliggy,Ele.me,Amap,and AliExpress,because Alibaba is where they

40、can find the most robust,well-segmented,and highest frequency user base for online consumption.The second strategic direction is our focus on AI as the single most powerful element that will change and accelerate the growth of our businesses.Over the next decade,no industry will be spared the disrup

41、tion brought about by AI.Rather than protecting the old way of doing things,AI has re-ignited our start-up passion and imagination.Each of our businesses has massive numbers of use cases,all of which can use AI applications to unleash powerful value,and the 8Alibaba Group Holding Limited9Fiscal Year

42、 2024 Annual ReportLetter from our Chairman and our CEOLetter from our Chairman and our CEOJoe TsaiChairmanMay 23,2024Eddie WuChief Executive Officerdeployment of AI will increase demand for computing and drive growth for Alibaba Cloud.AI will not be a threat but will herald in massive opportunities

43、 as the driver for breakthrough user experience and business models.If we dont keep up with the constant and marvelous improvements that AI is showing us on a daily basis,we will be displaced.Operating PrinciplesWe follow a number of operating principles as we execute our strategy.First,we take a lo

44、ng-term perspective when making hard decisions.We think in 10-year cycles as the development cadence of technology businesses typically experience the phases of investment,growth,harvest,profit,and invariable decline.Our businesses are in different phases and must be managed differently.For example,

45、AIDC is nascent and requires upfront investment;Alibaba Cloud is investing for future growth while harvesting the fruits of economies of scale;and TTG is a mature business that must innovate fast and capture the next growth cycle.Second,we apply extreme focus and intentionality in everything we do.F

46、ocus means we are not distracted by unimportant things,and in determining what is important or not,we are unemotional when facing hard choices.Intentionality means we develop sound reasons for doing what we do.For example,Alibaba Clouds pivot to a public cloud strategy reflects the rationale of our

47、structural advantages in technology leadership and scale economies;at the same time,we made a hard choice to forego short-term revenue from low-margin project-based business.Last but not least,we communicate a clear direction to our teams and seek alignment from them by setting sound incentive syste

48、ms.We believe that transparency of strategic direction and demonstration of intentionality from company leaders make a more productive and happier workforce.We have developed employee incentive systems that are tied to our mid-and long-range strategic goals,so that our teams know exactly where they

49、stand financially based on business performance.Capital ManagementIn fiscal year 2024,Alibaba generated US$21.6 billion in free cash flow.It is the responsibility of management to determine how we deploy our cash to maximize shareholder value.We face a trade-off of returning cash to shareholders on

50、the one hand,and re-investing the cash into existing or new businesses on the other hand.Our capital management activities in fiscal year 2024 reflected the companys focus on our core business.We did not put money into new business lines.Instead,we declared and paid,for the first time in company his

51、tory,a dividend of US$2.5 billion,and we repurchased US$12.5 billion of our own shares,which resulted in a net reduction of 5.1%in outstanding shares.In fiscal year 2024,we delivered value to shareholders by returning cash and creating earnings accretion.Investing for the FutureReturning cash to sha

52、reholders does not mean we will stop investing.There are two areas where Alibaba will continue to invest:(1)to accelerate our core businesses growth,and(2)to maintain leadership in fundamental technologies and innovation,including AI.It is important for you to understand our investment in AI.The lat

53、est developments in generative AI with new iterations of large language models(LLMs)from major global technology companies are relevant to Alibaba in three ways.First,as technology pioneers,we are interested in exploring the potential of machine intelligence to achieve artificial general intelligenc

54、e(AGI).Ultimately,humankind may be able to achieve AGI based on certain definitions.The current approach that pushes toward AGI is LLMs that use the transformer architecture.As LLMs get bigger and go multimodal to incorporate voice,video and image in addition to text,the level of investment that is

55、required in infrastructure and development can only be taken on by large technology companies that generate substantial free cash flows from their core business.Alibaba has a market-leading proprietary LLM,Qwen,and we will continue to invest in LLM and other AI innovations to push the limits of mach

56、ine intelligence.Second,investment in LLMs drives the growth of our cloud computing business as the training and usage of LLMs in development or inference will require computing resources.We have made open-source versions of our LLM Qwen available to the public,bringing additional demand for our pro

57、prietary model that results in computing resource needs.We also have Chinas largest open-source LLM community,ModelScope,which includes third-party LLMs for developers who need access to our computing resources.Thus,being a leader in the development of AI brings direct positive growth to our cloud c

58、omputing business.Third,Alibaba is an integral part of the consumer economy.The user experience within our multitude of consumer use cases can be transformed with AI applications,from shopping recommendations to virtual showrooms to personal assistants.We are excited by the limitless possibilities f

59、or AI to drive our User First strategy.In closing,we want to say this:Alibaba is about the future.In the past 25 years,Alibaba has grown consistently but,unfortunately,acquired“large company”characteristics.For the next ten years,we see ourselves again as a start-up defined by entrepreneurship,innov

60、ation,and our mission“to make it easy to do business anywhere.”We will apply long-term thinking when we make trade-offs today and invest for tomorrow.Letter from our Chairman and our CEOLetter from our Chairman and our CEO11Fiscal Year 2024 Annual Report10Alibaba Group Holding LimitedBusiness Overvi

61、ewCompany OverviewTo fulfill our mission“to make it easy to do business anywhere,”we enable businesses to transform the way they market,sell and operate and improve their efficiencies.We provide the technology infrastructure and marketing reach to help merchants,brands,retailers and other businesses

62、 to leverage the power of new technology to engage with their users and customers and operate in a more efficient way.We also empower enterprises with our leading cloud infrastructure and services and enhanced work collaboration capabilities to facilitate their digital transformation and to support

63、the growth of their businesses.In fiscal year 2024,our businesses comprise Taobao and Tmall Group,Cloud Intelligence Group,Alibaba International Digital Commerce Group,Cainiao Smart Logistics Network Limited,Local Services Group,Digital Media and Entertainment Group and All Others.An ecosystem has d

64、eveloped around our platforms and businesses that consists of consumers,merchants,brands,retailers,third-party service providers,strategic alliance partners and other businesses.Taobao and Tmall GroupChina Commerce RetailWe are the largest retail commerce business in the world in terms of GMV in the

65、 twelve months ended March 31,2024,according to Analysys.Our China commerce retail businesses primarily include Taobao and Tmall,which together constitute the worlds largest digital retail business in terms of GMV for the twelve months ended March 31,2024,according to Analysys.Our China commerce ret

66、ail business derives the majority of its revenue from customer management services.We generate customer management revenue from merchants by offering an integrated package and a comprehensive solution comprising a diverse array of services to enable them to attract,engage and retain consumers,comple

67、te transactions,improve their branding and enhance operating efficiency.Customer management revenues are charged primarily on cost-per-click(CPC)basis,cost per-thousand impressions(CPM)basis,time basis and cost-per-sale(CPS)basis.14Alibaba Group Holding LimitedBusiness OverviewAlibaba International

68、Digital Commerce GroupAlibaba International Digital Commerce Group operates various retail and wholesale platforms to empower brands,merchants and SMEs to serve global buyers and consumers through wide product selection and differentiated customer experiences.International Commerce RetailOur Interna

69、tional commerce retail businesses,including AliExpress,Trendyol,Lazada,Daraz and Miravia,empower brands and merchants with local market insights and critical commerce infrastructure.AliExpress,one of our international e-commerce platforms,enables global consumers to buy directly from manufacturers a

70、nd distributors in China and around the world.AliExpress new business model,Choice,provides an enhanced experience to consumers by combining better product selection,price and quality with speed of logistics and great customer support.Trendyol,which we believe is by far the leading e-commerce platfo

71、rm in Trkiye in terms of both GMV and order volume in 2023,serves consumers with a broad selection of products and services through its e-commerce business as well Leveraging our product and supply chain capabilities as well as fulfillment and delivery expertise,our consumers can enjoy a broad varie

72、ty of quality products and services at attractive prices with a wide selection of delivery options that satisfy their varying needs.China Commerce W,Chinas largest integrated domestic wholesale marketplace in the twelve months ended March 31,2024 by net revenue according to Analysys,connects wholesa

73、le buyers and sellers across a wide range of categories.Cloud Intelligence GroupAlibaba Group is the worlds fourth largest and Asia Pacifics largest Infrastructure-as-a-service provider by revenue in 2023 in U.S.dollars,according to Gartners April 2024 report(Source:Gartner,“Market Share:Services,Wo

74、rldwide,2023”,Neha Sethi et al.,12 April 2024,Sorted by Infrastructure-as-a-Service(IaaS),Vendor Revenue Basis)(Asia Pacific refers to Mature Asia/Pacific,China(Region),Emerging Asia/Pacific and Japan(Region),and market share refers to that of Infrastructure-as-a-Service(IaaS).Alibaba Group is also

75、Chinas largest provider of public cloud services by revenue in 2023,including PaaS and IaaS services,according to IDC(Source:IDC Semiannual Public Cloud Service Tracker,(2023 Q4).Cloud Intelligence Group offers a complete suite of cloud services,including proprietary servers,computing,storage,networ

76、k,security,database,big data and AI,container,machine learning,and model training and inference,serving our ecosystem and beyond.We leverage these capabilities and technologies to provide our customers across various verticals with industry-specific solutions,enabling intelligent business decisions

77、and operations.We believe our cloud services added value translates into direct and tangible results,and these services have become a critical foundation for our customers,many of whom are reputable industry leaders in their respective verticals.Our proprietary large language model(LLM),Tongyi Qianw

78、en,has been progressively integrated into various business applications across Alibabas ecosystem to further enhance user experience.To enable enterprise customers to reap the benefits of AI-driven innovation,Cloud Intelligence Group has started offering its clients access to Tongyi Qianwen on the c

79、loud,enabling them to develop customized LLM for their business scenarios.We enable businesses to transform the way they market,sell and operate and improve their efficiencies.Business Overview15Fiscal Year 2024 Annual Reportas local consumer services for food and groceries.Consumers also enjoy the

80、quality and convenient delivery services provided by Trendyols fulfillment and logistics networks.Beyond Trkiye,Trendyol has expanded to other valuable emerging markets,including the Gulf region,by leveraging its abundant product supply and fast and reliable logistics capability.Lazada,a leading e-c

81、ommerce platform in Southeast Asia,serves one of the largest user bases among the global e-commerce platforms by providing consumers with access to a broad range of offerings from local SMEs,and regional and global brands.Additionally,Lazada operates one of the leading e-commerce logistics networks

82、in Southeast Asia,which provides reliable,quality and convenient logistics services to its consumers and merchants.We also operate Daraz,a leading e-commerce platform across South Asia with key markets in Pakistan and Bangladesh.Additionally,we operate Miravia,an e-commerce platform in Spain that co

83、nnects brands and content creators with consumers by providing consumers with an innovative and entertaining shopping experience.International Commerce WholesaleWe operate A,Chinas largest integrated international online wholesale marketplace in the twelve months ended March 31,2024 by revenue,accor

84、ding to Analysys.During fiscal year 2024,buyers who sourced business opportunities or completed transactions on A were located across over 190 countries.Cainiao Smart Logistics Network LimitedOur vision for our logistics services is to fulfill consumer orders within 24 hours in China and within 72 h

85、ours anywhere else in the world.To realize this vision,Cainiao has established a smart logistics network,with end-to-end logistics capabilities,on a global scale.Cainiao controls the key nodes of the logistics network to ensure service quality,efficiency and reliability,while leveraging trusted part

86、ners capabilities to drive scalability and capital efficiency.Globally,Cainiao offers a comprehensive suite of cross-border express delivery solutions designed to meet customers different needs and provides one-stop global supply chain solutions to empower brands and merchants to offer a close-to-lo

87、cal retail experience for consumers.In China,Cainiao offers end-to-end standardized supply chain solutions that can be applied on a massive scale across various industries,as well as certain vertical solutions to address the unique requirements of products that need special handling.Cainiao also off

88、ers a wide array of technology and other services to remove logistics hurdles and address unfulfilled customer needs.Local Services GroupWe leverage our proprietary mobile and online technology to enhance the efficiency,effectiveness and convenience of consumer services for both service providers an

89、d their customers in two distinct scenarios:“To-Home”and“To-Destination.”Our“To-Home”business enables consumers to order food and beverages,groceries,FMCG,flowers and pharmaceutical products anytime and anywhere through Ele.me,a leading local services and on-demand delivery platform.Our“To-Destinati

90、on”businesses provide consumers with convenient access to quality services to and at their destinations primarily through Amap,a leading provider of mobile digital map,navigation and real-time traffic information in China.Amap provides users with a simple one-stop access point to services such as na

91、vigation,local services and ride-hailing.Digital Media and Entertainment GroupDigital Media and Entertainment Group is an extension of our strategy to capture consumption opportunities beyond our commerce businesses.Insights we gain from our commerce businesses and our proprietary data technology en

92、able us to deliver relevant digital Business Overview16Alibaba Group Holding Limitedmedia and entertainment content to our consumers,which drives a superior entertainment experience,increases customer loyalty and improves monetization for content providers across the ecosystem.Digital Media and Ente

93、rtainment Group comprises the platforms of Youku and Alibaba Pictures,including its wholly-owned subsidiary Damai.Youku,a leading online long-form video platform in China,provides users with captivating online media and interactive experience through its high-quality content,and also promotes the tr

94、ansformation of the media industry by applying AI technologies.Alibaba Pictures,including its wholly-owned subsidiary Damai,provides content production,promotion and distribution,performance and event ticketing management,intellectual property-related licensing and commercial operation,cinema ticket

95、ing management and Internet data services for the entertainment industry.Through Youku and Alibaba Pictures,Digital Media and Entertainment Group extends its reach across online and offline entertainment channels,allowing users to discover and enjoy content as well as interact with each other.All Ot

96、hersWe continue to innovate and develop new service and product offerings with the goals of meeting the evolving needs of our customers,improving efficiency in their daily lives and creating synergies among our ecosystem participants.DingTalk is our intelligent collaboration workplace and enterprise

97、 management platform that offers new ways of working,sharing and collaboration for enterprises and organizations.Quark is a leading information services platform for young users in China and provides users with a one-stop platform for information search,storage and consumption.Our EcosystemAn ecosys

98、tem has developed around our platforms and businesses,consisting of consumers,merchants,brands,retailers,third-party service providers,strategic alliance partners and other businesses.At the nexus of this ecosystem are our technology platform,our marketplace rules and the role we play in connecting

99、these participants to make it possible for them to discover,engage and transact with each other and manage their businesses anytime and anywhere.Much of our effort,time and energy is spent on initiatives that are for the greater good of the ecosystem and on balancing the interests of its participant

100、s.We feel a strong responsibility for the continued development of the ecosystem and we take ownership in this development.Accordingly,we refer to this as“our ecosystem.”Our ecosystem has strong self-reinforcing network effects benefiting its various participants,who are in turn invested in our ecos

101、ystems growth and success.Business Overview17Fiscal Year 2024 Annual ReportTaobao and Tmall GroupAlibaba International Digital Commerce GroupCainiao Smart Logistics Network LimitedDigital Media andEntertainmentGroupLocal ServicesGroupAll OthersTo-HomeRetailCloud IntelligenceGroup(Ele.me)RetailAlibab

102、a EcosystemThe following chart sets forth our main businesses for fiscal year 2024 by segment:18Alibaba Group Holding Limited19Fiscal Year 2024 Annual ReportWholesaleWholesaleTo-Destination(Xianyu)(Amap)Our StrategiesIn an increasingly complex world,digital adoption and transformation of our custome

103、rs are accelerating across different industries.On the consumer retail side,online shopping is no longer deemed merely as a purchase behavior by the consumers but also has been adopted as a necessary sales channel by brick-and-mortar retailers.For enterprises and organizations,digital transformation

104、 is accelerating as technology changes the way people live and work.Generative AI,an innovative technology enabled by LLMs,provides innovative ways to elevate productivity to a new level,further accelerating digital transformation of enterprises and organizations.While such transformation presents t

105、remendous opportunities,it requires us to be more focused,innovative and agile in establishing-strategic priorities and strengthening our competitive advantages.To this aim,we have proactively transformed our organization through a new organizational and governance structure to place more focus on o

106、ur core business,infuse more agility into decision making process and further unlock value for our shareholders.We believe our new structure will continue to empower all of our businesses to respond quickly to industry transformation and promote innovation.With our environmental,social and governanc

107、e responsibilities as the foundation of our long-term strategy,we strive to strengthen our leadership and build core capabilities in three strategic areas:consumption,cloud,and globalization.ConsumptionConsumption continues to present significant opportunities in China and globally.Chinas digital co

108、nsumption market has evolved into a market that boasts differentiated value propositions for consumers with multi-tiered spending power.While our annual active consumer base already captures the vast majority of Internet users with meaningful spending power,we believe there still remains significant

109、 growth opportunities in wallet share expansion.To capture these opportunities,we adopt a consumer-centric strategy and focus on prioritizing and enhancing shopping experience for our consumers.To improve shopping experience for our consumers,we continue to develop the Taobao app that provides our c

110、onsumers with a vast range of quality products and services at attractive prices.Our commitment to building a comprehensive digital consumption platform that caters to all aspects of consumer needs is unwavering.Through the Taobao app,we will continue to execute a multi-tiered marketing strategy to

111、acquire and retain consumers with different spending power,consumption behavior and taste.We focus on enriching an immersive and interactive consumer experience with highly engaging,consumption-related contents and quality services.We will continue to enhance consumer experience and enable new consu

112、mption models to better serve the evolving needs of consumers.We will also further strengthen our supply chain capabilities to improve the competitiveness of our products and enhance penetration in categories that are essential to our consumers daily lives.Business Overview20Alibaba Group Holding Li

113、mitedAcross our efforts of executing a multi-tiered strategy to cater to all aspects of consumption needs,we view price competitiveness as a vital value proposition to our consumers.To make the price of our products more appealing to our consumers,we continue to leverage our position as Chinas leadi

114、ng digital retail platform to further improve the efficiency of our service offerings and supply chain capabilities.Through Cainiao,our established hybrid delivery network,we strive to improve our consumers shopping experience via a more reliable and multi-tiered delivery experience.Going forward,we

115、 will also continue to invest in key capabilities such as AI technologies to further improve shopping experience for our consumers.We will discuss the consumption opportunity outside of China under the globalization strategy.CloudWe believe digitalization presents the biggest business opportunity of

116、 our time,and cloud computing plays a fundamental role in digital transformation across various industries.Cloud infrastructure enables traditionally unstructured,undiscovered and underutilized data to be captured,activated and harnessed as a new source of intelligence to help businesses make decisi

117、ons,improve operating efficiency and grow.It also provides higher cost effectiveness and therefore is rapidly replacing traditional IT infrastructure.Enabled by generative AI,digitalization at enterprises and organizations is expected to further accelerate to fuel higher level of operating efficienc

118、y and business growth.To capture the tremendous opportunities presented by digitalization in the new era of generative AI,we have established a two-pronged strategy to improve operating efficiency and enhance our core product offerings to strengthen our market leadership as a global cloud service pr

119、ovider and fuel high-quality growth going forward.First,our growth strategy will be unswervingly driven by our technological capabilities in AI.We believe the cloud industry is at an inflection point to further accelerate its transition from traditional computing to accelerated computing.This transi

120、tion will drive incremental business demand and opportunities for a full suite of our enterprise cloud services.Under this belief,we aim to increase investments into AI technologies and enable our cloud service offerings with AI capabilities,in the hope of better addressing the incremental business

121、demand driven by generative AI.Meanwhile,we will stay committed to building a reliable and efficient infrastructure network to empower our customers and ecosystem partners,and support the growth of their businesses.Second,we will focus on prioritizing growth initiatives in our public cloud core busi

122、ness.We believe that,by scaling our public cloud business,we will not only be able to improve the quality of earnings in the short term but also reap more benefits from economy of scale in the long run.Therefore,we will continue to invest into the core products of public cloud offerings and graduall

123、y exit certain project-based businesses with suboptimal rate of return.Business Overview21Fiscal Year 2024 Annual ReportGlobalizationDespite evolving complexities in the global macro environment,we remain firmly committed to providing a multi-tiered suite of product and service offerings to our cons

124、umers worldwide,and empowering our global merchants and partners.Our core globalization strategies are supported by our robust ecosystem of consumption and technology.First,we are dedicated to building a leading digitalized global supply chain network.Leveraging our established supply network with a

125、 vast variety of product supplies and our global logistics network,we aim to integrate and upgrade the two networks into a digitalized global supply chain network anchored by key local merchandise and logistics hubs covering respective overseas markets.Second,we will continue to invest in AI and dig

126、italized retail technologies,to facilitate operational synergies across different operating platforms and markets,and further spur innovation for consumer experience.Third,we will focus our efforts on key strategic markets such as Southeast Asia and Europe and strategically pursue growth opportuniti

127、es with ideal return on investments.We believe that most of our key strategic markets e-commerce penetration rates still present significant headroom for growth.Basing off our established business footprints and foundations,assessments on growth potential of respective local markets and our strategi

128、c priorities,we hope to increase our investments into certain regional markets to gradually upgrade our localization capabilities.Environmental,Social and Governance ResponsibilitiesESG,as the foundation of our long-term strategy,not only provides a framework for solving a series of global challenge

129、s,but is fundamental to Alibabas journey towards lasting 102 years.We believe we can only create and sustain a profitable and prosperous business by bringing positive changes to the society.We are committed to assuming greater responsibility while pursuing business excellence as the operator of a pl

130、atform economy.See“Environmental,Social and Governance(ESG).”Our BusinessesTaobao and Tmall GroupChina Commerce RetailWe operate the largest retail commerce business in the world in terms of GMV in the twelve months ended March 31,2024,according to Analysys.Our retail commerce businesses in China,pr

131、imarily consisting of Taobao and Tmall,have become an important part of the everyday lives of consumers in China.Consumers can access our various marketplaces,channels,features and content within our ecosystem through the Taobao app.Empowered by our commerce technologies and services,we appeal to a

132、massive base of consumers by providing them with diversified and comprehensive offerings at attractive prices in highly engaging and social formats.Business Overview22Alibaba Group Holding Limited Consumers.We serve a large and diversified consumer base in China,across both large cities and less-dev

133、eloped areas.We believe our platforms continue to appeal to consumers at various income levels and address all aspects of consumption needs.Our ability to offer and deliver value has driven increased consumer engagement over time.Generally,the longer the consumers have been with us,the more orders t

134、hey tend to place across a more diverse range of product categories.Consumers on Taobao and Tmall continue to exhibit high retention.In fiscal year 2024,the number of annual active consumers who each spent more than RMB10,000 on China commerce retail marketplaces continued to increase.For fiscal yea

135、r 2024,the retention rate of annual active consumers who each spent over RMB10,000 on China commerce retail marketplaces in the prior fiscal year stayed at a similar level compared to that of fiscal year 2023.Products and Services.We believe our ecosystem offers the most comprehensive range of produ

136、cts and services among global commerce platforms to meet the diverse demands of our massive and diversified consumer base across different segments.We have developed a digital commerce infrastructure that offers an upgraded consumer experience by seamlessly integrating online and offline capabilitie

137、s for our marketplaces and direct sales businesses.Consumers can enjoy a broad variety of quality products at different price levels with a wide selection of delivery options that satisfy their varying needs.The core capabilities that form the critical foundation of our digital commerce infrastructu

138、re include the following:Product and supply chain capabilities.We believe our ecosystem provides the most comprehensive product and service offerings at attractive prices.Through the Taobao app,consumers can access products ranging from branded products and imported goods to products sourced directl

139、y from manufacturers and farms and to other long-tail products offered by our various marketplaces.For example,consumers may look for branded products,including luxury brands,trendy fashion brands and new brands,on Tmall,and imported products from around the world on Tmall Global.Xianyu,our consumer

140、-to-consumer community and marketplace for second-hand goods in China,enables consumers to find a wide variety of idle goods,recycled goods,consignment,items for rent,and other long-tail products.We also continue to go upstream to source products directly from manufacturers and farms to enhance our

141、product selection,which we believe is key for us to satisfy all aspects of consumption needs.Business Overview23Fiscal Year 2024 Annual Report Fulfillment and delivery expertise.We have developed logistics expertise and capabilities that allow us to offer a full range of high-frequency fulfillment s

142、ervices to satisfy consumer demand.Our comprehensive delivery options include on-demand delivery,half-day delivery,same-or-next-day delivery and next-day pick-up services,which capture the varying needs of consumers living in large cities and less-developed areas.For example,Tmall Supermarket offers

143、 daily necessities,FMCG and general merchandise through Taobao app with same-or-next-day delivery services.Consumer Experience.We aim to provide an immersive and personalized shopping experience with engaging content and quality service to our consumers.The massive amount of user and merchant activi

144、ties taking place every day on our China commerce retail platforms generate significant consumer insights.By leveraging proprietary AI and data technologies,we are able to aggregate and build on deep consumer insights to provide more accurate search results and relevant recommendation feeds that enh

145、ance the shopping experience for our consumers.Our various commerce platforms also enable merchants to engage with consumers through a variety of formats,including livestreaming,short-form videos,interactive games and microblogs.We continue to introduce interactive features and innovative formats to

146、 facilitate user engagement with brands,merchants and content creators.Along with these features and formats,our relevant and engaging entertainment content plays an important role in consumers product discovery process and shopping journey,and drives user stickiness and retention on our various pla

147、tforms.In addition,we are committed to providing consumers with quality services which we believe is key to our consumer-centric strategy.We also offer the subscription service 88VIP,a membership program that includes everyday coupons on selected items,free shipping coupons for returned goods and ot

148、her benefits,to further enhance consumer experience on our marketplaces.Taobao and TmallTaobao means“search for treasure”in Chinese.Taobao serves as the starting point and destination portal for many users shopping journey and provides a top-level traffic funnel that directs users to the various mar

149、ketplaces,channels and features within our ecosystem.Through the Taobao app,consumers can also access display listings from Tmall merchants and brands,as well as our various other marketplaces,including:Xianyu that offers a variety of idle goods and long-tail products;Tmall Supermarket that offers d

150、aily necessities,FMCG and general merchandise;and Tmall Global that offers imported products from around the world,among others.Consumers from both large cities and less-developed areas come to Taobao to enjoy an engaging and personalized shopping experience,optimized by our data analytics and techn

151、ology.Through highly relevant content,engaging and interactive formats and real-time updates from merchants,consumers can learn about products and new trends.They can also interact with each other and their favorite merchants and KOLs through a broad range of interactive features such as livestreami

152、ng and short-form videos.Tmall caters to consumers ever-growing demand for high-quality products and premium shopping experience.A large number of international and Chinese brands and retailers have established storefronts on Tmall.Tmall is the partner of choice for brands.Brands and retailers opera

153、te their own storefronts on Tmall with unique brand identities and look and feel,accompanied by full control over their own branding and merchandising.Because of the presence of a large number of brands and the stringent standards required for merchants,brands and retailers to join and operate on Tm

154、all,a presence on Tmall has become a validation of quality,allowing merchants,brands and retailers to take advantage of our significant traffic to extend and build brand awareness and customer engagement.Major international brands that have physical operations in China are well represented on Tmall.

155、Taobao and Tmall together constitute the worlds largest digital retail business in terms of GMV for the twelve months ended March 31,2024,according to Analysys.Business Overview24Alibaba Group Holding Limited“We have previously engaged with numerous livestreaming teams and invested in considerable r

156、esources but faced setbacks.After experimenting with different platforms and channels,we concluded that Taobao best fits our needs.”Min Qiu,Founder,Guifei handmade womens footwearFactory owner leverages Taobao to directly reach consumers with their high-quality productsMin Qiu,founder of Guifei hand

157、made womens footwear,opened a footwear factory jointly with her friends several years ago.The business focused on Original Equipment Manufacturer(OEM)production and offline wholesale of womens footwear.In its business operations,Qiu faced challenges relating to long payment cycles from wholesalers a

158、nd distributors,and supply chain issues.Qiu and her brother took advantage of the livestreaming trend and started livestreaming on Taobao to sell their products directly to consumers.Qiu capitalized on her wholesale cost basis and inventory advantages to offer value-for-money and high-quality produc

159、ts directly to consumers.With her down-to-earth style and expertise in shoemaking,her livestreams showcased her products advantages and craftsmanship,creating an immediate and vivid connection with consumers while establishing brand awareness.Taobao Live offers bespoke livestreaming tools,a simplifi

160、ed process for store setup,and online customer traffic support to bolster merchants in the industrial belt.These measures allow factories and entrepreneurs to focus on livestreaming and offer value-for-money,high-quality products to consumers directly from their factories.#Creating Possibilities#Inn

161、ovation25Fiscal Year 2024 Annual Report“The journey of entrepreneurship and innovation is always filled with unexpected challenges.We are always pleasantly surprised when we can view users pain points from a different perspective.Tmall offers a comprehensive consumer and market insight system.With t

162、hese digital operating tools,we can implement holistic operations that integrate consumer insights,R&D,market reach,and user retention.This enables us to precisely map our products to our target users and allows us to transition smoothly from rapid growth into sustainable solid development.”Di Zhang

163、,Founder,seedshubPet products have emerged as a growing consumer trend in recent years.Given the fierce competition landscape,it is difficult to stand out.Di Zhang,founder of seedshub,saw that pet-focused brands mainly catered to the daily food and basic needs of pets,often overlooking pet owners un

164、ique household cleaning requirements.Di Zhang founded seedshub with a consumer-oriented approach to create a specialized cleaning and care brand for pet-owning families.Using Tmalls comprehensive consumer and market insights,seedshub has successfully introduced specialized cleaning products such as

165、liquid laundry detergent,laundry detergent pod,and disinfectant tailored for families with pets.For the long-term steady development of the brand,seedshub has joined Tmalls new brand support plan,which allows it to target a specific group of pet consumers.As part of the plan,the membership program o

166、n Tmall helps brands enhance consumer mind share and improve user growth and retention across various channels.Through user interaction,seedshub has been developing new innovative products.Within six months after its launch on Tmall,the brand has earned positive reviews and recognition from KOLs and

167、 users.#Creating Possibilities#InnovationPet brand leverages Tmalls comprehensive operating and membership programs to create a niche category offering household cleaning products for pet owners26Alibaba Group Holding LimitedMerchants,brands and retailers turn to Taobao and Tmall not only for their

168、broad user base,but also for their consumer insights and technology.Taobao and Tmall have driven the digitalization and transformation of merchants,brands and retailers by enabling them to digitalize their operations,engage,acquire and retain consumers,increase brand recognition,innovate product off

169、erings,manage supply chains and enhance operating efficiency.In particular,Taobao and Tmall offer a variety of one-stop brand marketing and promotional products to help merchants,brands and retailers quickly acquire new users,enhance brand awareness and launch new products.Merchants,brands and retai

170、lers can easily create storefronts and listings on Taobao and Tmall.Taobao and Tmall merchants can purchase P4P,in-feed marketing and display marketing services to direct traffic to their storefronts.In addition,merchants can acquire additional traffic from third-party marketing affiliates.Taobao an

171、d Tmall merchants can also pay for advanced storefront software that helps upgrade,decorate and manage their online storefronts.XianyuXianyu is Chinas largest consumer-to-consumer community and marketplace for second-hand goods,in terms of GMV for the twelve months ended March 31,2024,according to A

172、nalysys.Through Xianyu,consumers can find a wide variety of idle goods,recycled goods,consignment,items for rent,and other long-tail products,offered by other users and small businesses.Tmall SupermarketTmall Supermarket offers daily necessities,FMCG and general merchandise through Taobao app with s

173、ame-or-next-day delivery services.By leveraging our technology capabilities and consumer insights,Tmall Supermarket facilitates the digital transformation of its offline partners,enhancing their supply chain management capabilities.Tmall GlobalTmall Global addresses increasing demand of consumers in

174、 China for international products and brands.Tmall Global serves as the premier platform through which overseas brands and retailers reach consumers in China,build brand awareness and gain valuable consumer insights to form their overall China strategies,without the need for physical operations in C

175、hina.We believe Tmall Global is a leading import e-commerce platform in China.Branding and Monetization PlatformsAlimama,our proprietary monetization platformAlimama is our monetization platform.Using our proprietary technology,this platform matches the marketing demands of merchants,brands and reta

176、ilers on all of the platforms in our ecosystem with the media resources on our own platforms and third-party properties,and enables us to monetize our Taobao and Tmall Group,Cloud Intelligence Group,Alibaba International Digital Commerce Group,Cainiao Smart Logistics Network Limited,Local Services G

177、roup,Digital Media and Entertainment Group and other businesses in our ecosystem.The platform supports P4P marketing services based on keyword search rankings,in-feed marketing targeting different groups of consumers,or display marketing at fixed positions that are bid on through auctions,as well as

178、 cost per thousand impression(CPM)-based,time-based marketing formats,or individual campaigns at fixed cost,through the display of photos,graphics,videos and livestreaming.The ranking of P4P search results on our marketplaces is based upon proprietary algorithms that take into account the bid price

179、of keywords,the popularity and quality of an item,service or merchant,as well as customer feedback rankings of the merchant or service provider.Our in-feed and display marketing services take these factors into consideration,along with other consumer insights generated across our ecosystem,to furthe

180、r deliver an engaging and relevant content discovery process and shopping experience to our consumers through livestreaming,short-form videos,interactive games and other formats.The relevance and comprehensiveness of insights based on commercial activity and user activity in our ecosystem as well as

181、 our AI capabilities provide a unique advantage for Alimama to deliver the most relevant information to users through highly engaging content and effective format,which in turn enables merchants to improve their efficiency.Alimama also has an affiliate marketing program that places marketing display

182、s on third-party apps and websites,thereby enabling marketers,if they so choose,to extend their marketing and promotional reach to properties and users beyond our own platforms.Our affiliate marketing program not only provides additional traffic to our marketplaces,but also generates revenue to us.B

183、usiness Overview27Fiscal Year 2024 Annual ReportAlimama operates Taobao Ad Network and Exchange,or TANX,one of the largest real-time online bidding marketing exchanges in China.TANX helps publishers monetize their media inventories both on mobile apps and web properties.TANX automates the buying and

184、 selling of tens of billions of marketing impressions on a daily basis.Participants on TANX include publishers,marketers and demand-side platforms operated by agencies.Marketing Partner of Choice for BrandsDrawing on our proprietary technology,capabilities and consumer insights,we have developed an

185、approach that digitalizes consumer-brand relationships and enables brands to build robust relationships with consumers throughout their lifecycles in our ecosystem.We aim to help brands reach consumers by leveraging our platforms as well as other major third-party Internet media in China.We intend t

186、o become the key partner for brand building by creating an open,inclusive and transparent platform where brands and marketing agencies can design,execute,track and optimize their brand building activities using our consumer insights and tools.Leading Commerce Technologies and Integrated Merchant Ser

187、vices PlatformWe provide merchants,brands and retailers with a comprehensive suite of commerce technologies,consumer insights and innovative online and offline services through a unified and intuitive platform,to better engage with their customers,build mindshare and optimize their operating efficie

188、ncy.By leveraging the power of our ecosystem,merchants,brands and retailers on Taobao and Tmall can acquire,retain and further deepen their engagement with consumers in an efficient and effective manner,build brand awareness and deliver seamless consumer experience with our logistics and fulfillment

189、 capabilities.This enhances the loyalty of merchants,brands and retailers to our platforms.Our commerce technologies and merchant services include the following key components:Effective Consumer Engagement PlatformOur merchants,brands and retailers can leverage our proprietary technology,consumer in

190、sights,and cloud services to optimize their marketing strategies.Our upgraded advertising platform provides merchants with a single interface to manage their advertising across all available properties within the Alibaba ecosystem,thereby enhancing their efficiency.We equip brands on our secure clou

191、d-based platform with integrated online and offline capabilities and solutions,and provide them with access to sophisticated analytics services.These services help merchants,brands and retailers gain insights into each stage of the consumer journey and enable them to provide personalized and seamles

192、s online and offline shopping experience that fulfills consumers evolving consumption needs.Cloud-based Smart Operation DashboardWe provide a cloud-based integrated smart operation dashboard that enables merchants,brands and retailers to digitalize their daily operations.Through our online dashboard

193、,our merchants,brands and retailers can easily manage their storefronts and product listings,source products,process orders and payments,fulfill orders and provide customer services.Leveraging the capabilities of our third-party service providers,we also provide our merchants,brands and retailers wi

194、th access to various types of business software,content creators,credit financing,IT services and market data analytics.In addition,our merchants,brands and retailers can access our smart operation dashboard through mobile devices to manage their business on the go.Enabled by our analytics capabilit

195、ies and consumer insights,our smart operation dashboard also provides merchants with recommendations on the most effective approaches to improve their respective performance and to deliver differentiated services to their customers.Business Overview28Alibaba Group Holding LimitedChina Commerce W,Chi

196、nas largest integrated domestic wholesale marketplace in the twelve months ended March 31,2024 by net revenue,according to Analysys,provides sourcing and online transaction services by connecting manufacturers and wholesale sellers to wholesale buyers in China.These manufacturers,wholesale sellers a

197、nd wholesale buyers typically trade office supplies,apparel,accessories,packaging materials,home decoration and furnishing materials,electronics and computers,among others.Sellers may purchase a China TrustPass membership for an annual subscription fee to list items on ,reach customers,provide quota

198、tions and transact on the marketplace without any additional charges.As of March 31,2024, had over 1 million paying members.Paying members may also pay for premium memberships and value-added services,such as premium data analytics and upgraded storefront management tools,as well as customer managem

199、ent services,such as P4P marketing services from the website and app.In the twelve months ended March 31,2024,value-added services and customer management services together contributed the majority of s total revenue.Cloud Intelligence GroupAlibaba Group is the worlds fourth largest and Asia Pacific

200、s largest Infrastructure-as-a-service provider by revenue in 2023 in U.S.dollars,according to Gartners April 2024 report(Source:Gartner,“Market Share:Services,Worldwide,2023”,Neha Sethi et al.,12 April 2024,Sorted by Infrastructure-as-a-Service(IaaS),Vendor Revenue Basis)(Asia Pacific refers to Matu

201、re Asia/Pacific,China(Region),Emerging Asia/Pacific and Japan(Region),and market share refers to that of Infrastructure-as-a-Service(IaaS).Alibaba Group is also Chinas largest provider of public cloud services by revenue in 2023,including PaaS and IaaS services,according to IDC(Source:IDC Semiannual

202、 Public Cloud Service Tracker,(2023Q4).Chinas cloud computing industry is still at a nascent stage of development.In 2023,the revenue of Chinas public cloud service market,including IaaS,PaaS and SaaS markets,only accounted for 0.2%of Chinas GDP,which is significantly lower than that of the U.S.and

203、indicates tremendous room for growth.The industry has experienced significant growth in recent years with increasing adoption of both basic infrastructural services and value-added services by enterprises.The technologies that power Cloud Intelligence Group grew out of the massive scale and complexi

204、ty of the needs of our China commerce businesses,which require commerce,payments and logistics elements.Leveraging our full-stack cloud capabilities and proprietary products portfolio,Cloud Intelligence Group offers a comprehensive suite of cloud services based on a three-tiered architecture of infr

205、astructure-as-a-service(IaaS),platform-as-a-service(PaaS)and model-as-a-service(MaaS)to customers worldwide.These services not only enable our customers to build a flexible,scalable,affordable and secure technology infrastructure,but also equip them with leading data capabilities that efficiently ha

206、ndle complex management,analytics and machine learning tasks,thereby generating significant business insights and enabling intelligent business decisions and operations.We leverage these capabilities and technologies to support our ecosystem and provide our customers across various verticals with in

207、dustry-specific solutions,including those for commerce,financial services,and industrial applications.In addition,as part of our globalization strategy,Cloud Intelligence Group continued to expand our international cloud computing infrastructure to better serve our customers needs in overseas market

208、s.As of March 31,2024,Cloud Intelligence Group offered computing services in 35 regions globally.Leveraging Cloud Intelligence Groups large scale and strong foundation in IaaS and PaaS,our MaaS platform provides enterprises with high-performance and low-cost computing resources and machine learning

209、platform services for large-scale model training and inference.Our services not only support our self-developed foundation model,but also support the training and services of other large models and vertical models in the market.Our proprietary LLM,Tongyi Qianwen,is in the process of integrating into

210、 various business applications across Alibabas ecosystem to further enhance user experience.To enable enterprise customers to reap the benefits of AI-driven innovation,Cloud Intelligence Group has started offering clients access to Tongyi Qianwen on the cloud and enabling them to develop customized

211、LLMs for their business scenarios.Business Overview29Fiscal Year 2024 Annual ReportMusic AI company leverages Alibaba Clouds computing powers to achieve exceptional efficiencyFutureverse,a leading AI and metaverse technologies and content company,created a music AI platform,JEN Music AI,that is at t

212、he forefront of AI music generation.Futureverse collaborated with Alibaba Cloud to bring about technology breakthroughs in Futureverses JEN Music AI platform,and advance the impact of AI on the development of the music and entertainment industry.The partnership combines Futureverses expertise in AI

213、music solutions with Alibaba Clouds secure and scalable cloud computing capabilities to further elevate standards for high-performance AI infrastructure and security.Futureverse has been training its text-to-music generation model JEN-1 on Alibaba Clouds Machine Learning Platform for AI to enhance i

214、ts effectiveness and efficiency.JEN-1 is the first version of an unprecedented universal high-fidelity model for text-to-music generation.While other areas of generative AI have achieved significant advancements,AI continues to present challenges in generating high-fidelity and realistic music.The J

215、EN-1 music AI represents exceptional efficiency and high quality in outputs compared to industry baselines.#Technology for Change#Creating Possibilities“JEN is at the forefront of AI generative music.The access to Alibaba Clouds advanced on-demand training infrastructure and global partner network e

216、nables us to move fast and stay ahead in this rapidly evolving market.”Aaron McDonald,Co-Founder,Futureverse30Alibaba Group Holding LimitedCloud Intelligence Groups unique advantages lie in our proprietary technology and continued commitment to invest in research and development in new product offer

217、ings and industry-specific solutions for our customers and partners.Cloud Intelligence Group continues to attract customers that are reputable and have the potential to adopt cloud services at a meaningful scale.In fiscal year 2024,Cloud Intelligence Group served approximately 60%of A-share listed c

218、ompanies in China.As digital transformation accelerates,our customers,especially those from traditional verticals,have increased their usage of our cloud services.We believe our cloud services have become a critical foundation that many of our customers increasingly depend on in their daily operatio

219、ns.Alibaba International Digital Commerce GroupAlibaba International Digital Commerce Group operates various retail and wholesale platforms including AliExpress,Trendyol,Lazada,Daraz,Miravia and A.International Commerce RetailIn fiscal year 2024,our retail businesses together achieved over 20%order

220、growth via technological innovation,business model enhancement,supply chain upgrade and enhanced consumer experience.In fiscal year 2024,our cross-border businesses exhibited rapid year-over-year growth in response to increasing global demand for high-quality products at attractive prices.AliExpress

221、AliExpress is a global e-commerce platform targeting consumers around the world and enabling them to buy directly from manufacturers and distributors in China and around the world.Consumers can access the marketplace through AliExpress mobile app or websites.In addition to the global English-languag

222、e version,AliExpress platform is also available in 15 other languages,including Portuguese,Spanish and French.AliExpress continues to expand its regional merchant networks and supply chains to make available more localized products and better services for consumers in their respective regions.With s

223、ynergies from the cross-border logistics operations of Cainiao,AliExpress is also dedicated to improving delivery lead time and customer experience.Additionally,AliExpress Choice provides an enhanced experience to consumers by combining better product selection,price and quality with speed of logist

224、ics and great customer support.Consumers in selected countries can enjoy free shipping,free returns and quality delivery guarantees.Furthermore,AliExpress continues to invest in markets such as South Korea.In fiscal year 2024,the number of AliExpress orders in South Korea more than doubled.TrendyolT

225、rendyol,which we believe is by far the leading e-commerce platform in Trkiye in terms of both GMV and order volume in 2023,serves consumers with a broad selection of products and services through its e-commerce business as well as local consumer services for food and groceries.Consumers also enjoy t

226、he quality and convenient delivery services provided by Trendyols fulfillment and logistics networks,namely Trendyol Express for e-commerce business and Trendyol GO for local consumer services.Beyond Trkiye,Trendyol has expanded to other valuable emerging markets,including the Gulf region,by leverag

227、ing its abundant product supply and fast and reliable logistics capability.During fiscal year 2024,Trendyol achieved over 20%order growth.LazadaLazada,a leading e-commerce platform in Southeast Asia,serves one of the largest user bases among the global e-commerce platforms,by providing consumers wit

228、h access to a broad range of offerings from local SMEs,and regional and global brands.Additionally,Lazada operates one of the leading e-commerce logistics network in Southeast Asia,serving its consumers and merchants with reliable,quality and convenient logistics services that are critical to online

229、 shopping experience in Southeast Asia.Lazadas loss per order continued to narrow year-over-year,via further increased monetization and decreased logistics costs.Business Overview31Fiscal Year 2024 Annual ReportSecond-generation factory owner leverages AliExpress cross-border e-commerce model to rej

230、uvenate family business and pursue new overseas business opportunitiesHaiying Zhang is a second-generation owner of a family factory,and she spearheaded the creation of a brand,TENTAGON,to revive her familys struggling business.TENTAGON targeted the Korean market through AliExpress.The brand special

231、izes in offering custom,exquisite golf umbrellas.It launched via AliExpress during Koreas rainy season,and its first batch of inventory quickly sold out.As orders increased,Zhang capitalized on her supply chain resources and actively expanded into additional markets.The company also integrated other

232、 high-quality supply chains and expanded its catalog to include popular categories such as camping and outdoor products.Its orders took off during the 11.11 Global Shopping Festival in 2023.“AliExpress offered us fresh perspectives on cross-border e-commerce,presenting traditional export factories l

233、ike us a new opportunity for online sales.The platform also enables more overseas consumers to access high-quality made-in-China products.”Haiying Zhang,Owner,TENTAGON#Creating Possibilities#New Consumption Trend32Alibaba Group Holding LimitedMengqi Pan,founder of Tianruiyi,a textile and clothing ex

234、port company based in Shengze,Suzhou,has been in the apparel business for over a decade.In 2019,his business hit a bottleneck,but he found new life after the discovery of A.The platform allowed him to garner insights and unlock opportunities in the niche market for clothing made of recycled material

235、s.To encourage exporters that focus on manufacturing products with recycled materials,A provides their online storefronts with additional customer traffic.While the cost of recycled materials is generally higher,a community of global buyers on A is willing to pay the premium,presenting more potentia

236、l business opportunities to exporters in this sector.Currently,the recycled materials used in Pans clothing production are not limited to plastic bottles.They also include coffee grounds,fishing nets,oyster shells,and other marine waste.#Creating Possibilities#New Consumption TrendTextile company ex

237、pands into niche markets and captures new business opportunities in recycled material clothing through A“Clothing companies typically have little interest in manufacturing clothing from recycled materials due to its high production costs and time-consuming process.Fortunately,A is witnessing a growi

238、ng demand for clothing made of recycled materials from its global buyer base,which allows our products to reach global markets,including Europe,the U.S.,Mexico,Canada,and Australia,among others.”Mengqi Pan,Founder,Tianruiyi33Fiscal Year 2024 Annual Report34Alibaba Group Holding LimitedInternational

239、Commerce WholesaleA is Chinas largest integrated international online wholesale marketplace in terms of revenue in the twelve months ended March 31,2024,according to Analysys.It connects Chinese and overseas suppliers to overseas wholesale buyers,who are typically trade agents,wholesalers,retailers,

240、manufacturers and SMEs engaged in the import and export business,and provides them with sourcing,online transaction,digital marketing,digital supply chain fulfillment and financial services.Sellers on A may purchase an annual membership to reach customers,provide quotations and transact on the marke

241、tplace.As of March 31,2024,A had over 230,000 paying members from China and around the world.Sellers may also purchase additional value-added services to manage product listings and facilitate transaction processes,such as upgraded storefront management tools,customer relationship management SaaS se

242、rvices,trade assurance and logistics fulfillment services,as well as customer management services,such as P4P marketing services from the website and app.In fiscal year 2024,value-added services and customer management services together contributed the majority of As total revenue.Additionally,durin

243、g the same period,over 48 million buyers from over 190 countries sourced business opportunities or completed transactions on A.During fiscal year 2024,A acquired Visable,a renowned B2B digital trading platform,expanding its supplier base in Europe and enhancing its ability to serve a wider client gr

244、oup,which help facilitate its global strategy.Cainiao Smart Logistics Network LimitedOur vision for our logistics services is to fulfill consumer orders within 24 hours in China and within 72 hours anywhere else in the world.To realize this vision,Cainiao has established a smart logistics network,wi

245、th end-to-end logistics capabilities,on a global scale.Cainiao controls the key nodes of the logistics network to ensure service quality,efficiency and reliability,while leveraging trusted partners capabilities to drive scalability and capital efficiency.Cainiao provides a wide array of innovative l

246、ogistics solutions in China and around the world.International LogisticsWe provide a comprehensive suite of cross-border express delivery solutions primarily for merchants,brands and e-commerce platforms selling goods from and into China.Our solutions include a range of premium,standard and economy

247、options,designed to meet customers different needs for shipping time,cost,destination and any special handling requirements.We also provide one-stop global supply chain solutions that enable efficient global inventory deployment and order fulfillment and empower brands and merchants to offer a close

248、-to-local retail experience for consumers.Our solutions for cross-border logistics cover a wide spectrum of products,ranging from best-sellers to long-tail items,which expand the categories of products available for cross-border e-commerce.We mainly serve merchants on various e-commerce platforms op

249、erated by Alibaba Group,including AliExpress,Tmall Global and Tmall Taobao World,as well as a variety of e-commerce platforms and online channels beyond the Alibaba ecosystem.We also support AliExpress Choice and the direct sales businesses of certain e-commerce platforms.Cainiao achieved daily aver

250、age cross-border and international package volume of more than 5 million in fiscal year 2024.China LogisticsWe offer brands and merchants a suite of end-to-end standardized supply chain solutions that can be applied on a massive scale across various industries,as well as certain vertical solutions t

251、o address the unique requirements of products that need special handling.We support brands and merchants for their sales through various e-commerce platforms operated by Alibaba Group,such as Taobao and Tmall,as well as a wide array of other e-commerce platforms,digital and offline channels,and we a

252、lso serve Tmall Supermarket,a direct sales channel operated by Alibaba Group.We provide a premium express delivery service,Cainiao Express,with superior service quality tailored for e-commerce at low costs.Our premium express delivery service offers fast,reliable and time-definite services with a do

253、orstep delivery pledge to a large,underserved market.Business OverviewZhuocheng Cai,Product Director of Guangzhou Qiancheng Trading Co.,Ltd,is an experienced seller on AliExpress.Seven years ago,he and a few partners started their own brand with the vision to develop a portable,smart water purifier

254、that would meet European and American consumer aesthetic preferences.He soon recognized that the success of a brand hinges not only on product quality and design but also on providing an exceptional logistics customer experience.The“5-Day Delivery”and other express delivery services introduced by Ca

255、iniao and AliExpress have boosted the growth of his brand.Many customers can now receive their products in less than a week after placing an order,which leads to enhanced customer satisfaction and rapid sales growth.Cainiaos efficient logistics services not only give their products a competitive adv

256、antage but also foster repeat purchases from customers.#Logistics CapabilityTrading company leverages Cainiao to win over consumers,enabling their in-house brands to seize global market opportunities“Promoting our in-house brands requires collaboration and improvements across various operational fun

257、ctions.Cainiaos highly efficient logistics services allow our products to stand out against the competition,leading to increased customer repurchase rates.”Zhuocheng Cai,Product Director,Guangzhou Qiancheng Trading Co.,Ltd35Fiscal Year 2024 Annual Report36Alibaba Group Holding LimitedTechnology and

258、Other ServicesCainiao offers a wide array of technology and other services to remove logistics hurdles and address unfulfilled customer needs.Cainiao offers a suite of practical and cost-effective logistics technology solutions,encompassing automation,digital supply chain and smart hardware solution

259、s,in order to improve efficiency and cost-effectiveness across the logistics value chain.Local Services GroupWe leverage our proprietary mobile and online technology to enhance the efficiency,effectiveness and convenience of consumer services for both service providers and their customers in two dis

260、tinct scenarios:“To-Home”and“To-Destination.”In fiscal year 2024,Local Services Group recorded rapid order volume growth year-over-year.To-HomeOur“To-Home”business enables consumers to easily access merchants services at home through Ele.me,a leading local services and on-demand delivery platform in

261、 China.Ele.me enables consumers to use Ele.me,Alipay,Taobao apps to order meals,food,groceries,FMCG,flowers and pharmaceutical products online.In addition,Fengniao Logistics,Ele.mes on-demand delivery network,provides last-mile logistics services,including delivery of food,groceries,FMCG and pharmac

262、eutical products for Sun Art,Alibaba Health,as well as brands.Our strategy for Ele.me is to leverage our China commerce retail platforms and our data technology to expand our offerings from shopping to services,further tapping into new addressable consumption markets in China.In fiscal year 2024,Ele

263、.me recorded strong year-over-year order growth while Ele.mes losses continued to narrow driven by improving business scale and efficiency.To-DestinationOur“To-Destination”businesses provide consumers with convenient access to quality services to and at their destinations primarily through Amap.In f

264、iscal year 2024,the order volume of“To-Destination”businesses grew rapidly year-over-year.Amap is a leading provider of mobile digital map,navigation and real-time traffic information in China.Amap empowers major mobile apps across different industry verticals,including local services,ride-hailing a

265、nd social networking,which end users can access directly through Amaps leading open platform.In addition,Amap provides digital map data,navigation software and real-time traffic information to automobile manufacturers as well as aftermarket consumers in China.Amap also empowers major platforms and i

266、nfrastructural service providers,including our China commerce retail platforms,Cainiao and Alipay.During an eight-day holiday period from September 29,2023 to October 6,2023 that combined Mid-Autumn Festival and National Day holidays,Amap recorded an all-time high of over 280 million peak daily acti

267、ve users.Digital Media and Entertainment GroupDigital Media and Entertainment Group leverages our deep consumer insights to serve the broader interests of consumers through Youku and Alibaba Pictures,which provide comprehensive entertainment offerings including online videos,films and live events,am

268、ong others.YoukuYouku,a leading online long-form video platform in China,produces and distributes high-quality video content,enabling users to search,view and share such content quickly and easily across multiple devices.The Youku brand is among the most-recognized online video brands in China.Insig

269、hts we gain from our ecosystem and our proprietary technology enable Youku to leverage artificial intelligence technology to deliver relevant and captivating content to its users.According to Enlightent,“Till the End of the Moon”(長月燼明),which was distributed exclusively by Youku ranked no.2 by online

270、 views among all television series aired on online video platforms during fiscal year 2024.We offer a diverse range of digital media and entertainment content using a sustainable production and acquisition approach.First,we provide self-produced content.Second,we jointly produce content with studios

271、,some of which are distributed exclusively on our platforms.Third,we acquire rights to display content on our digital media and entertainment platforms pursuant to licensing agreements with rights holders.Lastly,we offer an open platform on which user-generated content and professional-generated con

272、tent are produced and distributed.Business OverviewHong Kong TV director leverages the Hong Kong Cultural and Art Industry Revitalisation Program to bring his film and drama to a wider audienceNearly 20 years ago,Director Shu Kai Chung,President of 77 Atelier Limited under Television Broadcasts Limi

273、ted,ventured to mainland China to pursue film and television production.He has since frequently collaborated with platforms such as Youku,and gained a deeper understanding of the mainland China market and local audience preferences.Chung incorporated new tactics and approaches taken from Chinese mai

274、nland film and television production into“The Queen of News.”The show was a hit in both Hong Kong and mainland China after being broadcast on Youku,and served as an example of the“new Hong Kong drama.”Its success catalyzed Alibaba Digital Media and Entertainment Group to launch the Hong Kong Cultura

275、l and Art Industry Revitalisation Program.Over the next five years,the Group will support the development of the next generation of Hong Kong film and drama,nurture more young talents,and provide a bigger stage for young artists and creators.#Creating Possibilities“The Hong Kong Cultural and Art Ind

276、ustry Revitalisation Program launched by Alibaba Digital Media and Entertainment Group is the beginning of opportunities.We need more young artists to showcase their talents on a bigger stage and to connect their work with the Mainland Chinese and global market,in hopes of ushering in a new era of e

277、xcellence for Hong Kongs film and television industry.”Shu Kai Chung,Director of“The Queen of News”37Fiscal Year 2024 Annual ReportAlibaba PicturesAlibaba Pictures has a diversified business model,providing content production,promotion and distribution,performance and event ticketing management,IP-r

278、elated licensing and operations,cinema ticketing management,and data services for the entertainment industry.In fiscal year 2024,the box office of films in which Alibaba Pictures participated in investment,production,and distribution accounted for over 60%of Chinas total box office revenue.In additi

279、on,as a testament to Alibaba Pictures consistent ability in selecting high-quality films,Alibaba Pictures participated in 15 out of the top 20 films in China in terms of box office during fiscal year 2024,including“No More Bets”(孤注一擲),“Lost in the Stars”(消失的她),“YOLO”(熱辣滾燙)and“Changan”(長安三萬里).Alibaba

280、 Pictures subsidiary Damai is a comprehensive live performances service provider in China,providing ticketing management for events including concerts,plays,and sports events.In fiscal year 2024,Damai recorded rapid year-over-year GMV growth by serving almost all large-scale concerts in China.All Ot

281、hersAll Others include Sun Art,Freshippo,Alibaba Health,Lingxi Games,Intime,Intelligent Information Platform(which mainly consists of UCWeb and Quark businesses),Fliggy,DingTalk and other businesses.DingTalkDingTalk is our intelligent collaboration workplace and enterprise management platform that o

282、ffers new ways of working,sharing and collaboration for enterprises and organizations.Millions of enterprises and users use DingTalk to stay connected and work remotely.In March 2024,DingTalks paying daily active users reached 28 million.According to QuestMobile,DingTalk is the largest business effi

283、ciency mobile app in China by monthly active users in March 2024.DingTalk provides a comprehensive suite of solutions for enterprise collaboration,including real-time communication,organizational management and various network collaboration tools such as office automation,HR management,workflow mana

284、gement,collaborative editing of cloud documents,video conference and calendars.Enterprises can also enjoy convenient access to a broad range of applications,including those offered by third-party service providers,that are seamlessly integrated with DingTalks platform.In addition,DingTalk offers a l

285、ow-code development infrastructure that enables enterprises to develop customized solutions in a more convenient and cost-efficient manner.DingTalk has also introduced a suite of AI products and AI agents leveraging Alibabas Tongyi Qianwen LLM,enabling enterprises to harness AI technology on DingTal

286、k.We believe DingTalk is a highly effective platform that enables enterprises to achieve fully customized digital transformation.Intelligent Information PlatformIntelligent Information Platform includes Quark,UCWeb,and other businesses,which provide integrated information services including search e

287、ngine and feed to online users.Quark is a leading information services platform for young users in China.During fiscal year 2024,Quark recorded rapid year-over-year growth in daily active users.Quark provides young users with a one-stop platform for information search,storage and consumption with it

288、s suite of AI-enabled tools and services,such as smart search,Quark cloud drive,AI camera,Quark learning and Quark documents,to help users better acquire and utilize a variety of digital content and information for learning and work purposes.Sun ArtSun Art,a leading multi-format and omni-channel ret

289、ailer,continues to focus on target customers,and create diversified shopping scenarios,and endeavors to improve online and offline shopping experience.Sun Art continues to meet consumers needs for offline shopping and home delivery service,thereby creating opportunities for revenue growth,through st

290、ore remodeling,digitalization and building product and fresh produce supply chain capabilities.Business Overview38Alibaba Group Holding LimitedFreshippoFreshippo,our new retail platform for groceries and fresh goods,seamlessly integrates the online and offline retail experiences,providing consumers

291、with a new shopping experience.Consumers visit over 360 Freshippo Supermarket stores for the touch and feel of quality fresh goods,join tasting events for new products,and shop for private label or exclusive products that are not available elsewhere or simply spend time with family.Many of Freshippo

292、s consumers also place orders online and have fresh goods delivered to door as quickly as within 30 minutes.In fiscal year 2024,online transactions contributed more than 63%of Freshippos GMV.The creation of a new shopping experience is attributable to Freshippos significant retail expertise,includin

293、g supply chain management,proprietary technology,and robust multi-layer and multi-temperature logistics and fulfillment infrastructure,all specifically designed for Freshippos offerings.Freshippo demonstrates scalability and sustainability with Freshippos overall GMV reaching over RMB59 billion in f

294、iscal year 2024.The majority of self-operated Freshippo Supermarket stores that have been operating for more than one year achieved positive cashflow during the same period.Alibaba HealthAlibaba Health is our flagship vehicle that offers one-stop solutions to consumers through integrating online and

295、 offline resources of the pharmaceutical and healthcare industries.We prioritize the needs of the customers through leveraging the strength of the existing pharmaceutical e-commerce business along with exploring innovative business models of Internet healthcare services.Lingxi GamesLingxi Games is a

296、 leading digital interactive entertainment service provider in China,specializing in the development,operation and licensed publishing of mobile games and providing a professional distribution and service platform for both players and developers.Lingxi Games operates a number of high-quality mobile

297、games,such as Three Kingdoms Tactics(三國志戰略版)and Three Kingdoms Fantasy Land(三國志幻想大陸).In fiscal year 2024,Lingxi Games ranks among Top 5 largest mobile gaming company in Chinese mainland(iOS App Store)among global companies in terms of grossing,according to Sensor Tower.Sales and MarketingOur sales a

298、nd marketing efforts emanate from the fundamental pillars that constitute our ecosystem,which include Taobao and Tmall Group,Cloud Intelligence Group,and Alibaba International Digital Commerce Group.We have wide consumer recognition of our brands and enjoy significant organic traffic through word-of

299、-mouth.We believe the reputation and ubiquitous awareness of our brands and platforms in China and abroad provide us with the best and most cost-efficient marketing channel.In addition,we continue to increase interactive content and broaden the assortment of value-for-money products under our user-e

300、ngagement and price-competitive strategy.During fiscal year 2024,we enhanced our marketing efforts,such as by organizing a highly coordinated marketing and promotional campaign for the 11.11 Global Shopping Festival and AliExpress Black Friday promotion,in order to expand our user base both within C

301、hina and abroad.We expect to continue allocating our resources in future marketing activities.We also expect to enhance our monetization capability through leveraging our data technologies to develop and offer more personalized and innovative services,so as to improve customer experience and wallet

302、share.Furthermore,our major business segments and other elements in our ecosystem provide synergistic advantages and create cross-promotional opportunities.For example,the large number of consumers on our marketplaces attracts a large number of merchants who become customers of our online marketing

303、services,while an increasing number of KOLs,video bloggers and content creators are actively producing content to engage with consumers and fans on our platforms,thereby driving revenue for merchants,brands and retailers.Our Cloud business remains committed to continually upgrading our products and

304、services to better facilitate the digital transformation and long-term sustainable growth of our customers.We have established a professional in-house sales team that works closely with our solution architects and product team to provide product recommendation and services to our customers.We have a

305、lso conducted a variety of marketing activities to promote our brand and products and grow our customer base on an ongoing basis.Business Overview39Fiscal Year 2024 Annual ReportOur TechnologyTechnology is key to our success in achieving efficiency,improving user experience,and enabling innovation.O

306、ur world-class proprietary technology supports peak order volumes of up to hundreds of thousands per second,delivers tens of billions of online marketing impressions per day,and enables millions of merchants,brands and other businesses to conduct their operations efficiently and effectively.The uniq

307、ueness of our technology lies in the unparalleled large-scale application environment due to the scale of our businesses as well as our diverse range of product and service offerings.By continually applying our technology across our businesses,we generate knowledge and innovations that drive improve

308、ments and further technological development.Members of our research and development team play key roles in various international standardization organizations in areas such as security,and actively participate in international open source foundations focusing on areas such as software engineering,cl

309、oud-native applications and databases.This fiscal year,Alibaba established“User first,AI driven”as our strategy.Therefore,we have increased our research and development investment in AI model and infrastructure technology.Key components of our technology include those described below:Technology Infr

310、astructureOur data centers employ leading technologies in distributed fault-tolerant architecture,advanced in-house power and cooling equipment,AI-driven intelligent monitoring and operational technology,to support AI computation businesses with high resilience and high-density capabilities.Combined

311、 with a high proportion of clean energy use,our data centers provide a more stable,secure,efficient,agile,and greener infrastructure service.Cloud Operating SystemApsara(our proprietary general-purpose distributed computing operating system),ShenlongCompute(our hardware virtualization architecture),

312、Pangu(our distributed cloud storage system)and Luoshen(our cloud network structure),together,provide Cloud Intelligence Groups customers and our core businesses with enhanced computing power and storage capabilities to support their and our business growth in the new technology era.DatabaseWe have c

313、omprehensively upgraded the serverless capabilities of our cloud-native transactional database PolarDB,which helps our customers to meet their real-time storage and transaction processing requirements with elasticity and scalability.We also developed AnalyticDB,a cloud-native distributed analytical

314、database that can be integrated with LLMs,to support real-time interaction and complex analysis of massive data.We have also developed a multi-model database Lindorm,which leverages its efficient storage and integrated analysis capabilities to achieve intelligent analysis and processing of unstructu

315、red data.Big Data Analytics PlatformWe have developed a large-scale distributed data analytics platform that can efficiently handle the complex computing tasks of hundreds of petabytes of data per day,such as batch computing,real-time computing,interactive analysis and data governance.We also launch

316、ed a new generation of streaming lakehouse solutions,Streaming Lakehouse(Flink+Hologres),with a real-time dedicated data lake format Paimon,which innovatively combines lake format with real-time streaming updates into the lake architecture,among others.To meet the needs for multi-modal large model d

317、ata processing,we launched MaxFrame,a data science computing framework compatible with the Python development ecosystem.Artificial IntelligenceOur proprietary distributed deep learning platform,PAI,and our Lingjun intelligent computing service employ leading hardware and software optimization techno

318、logies that feature large-scale cluster scalability and boast the speed and stability of the training of LLMs.PAI also supports fine-tuning and deployment of mainstream open-source large models with serverless service modes available.Our proprietary LLM,Tongyi Qianwen,is committed to achieving artif

319、icial general intelligence(AGI).In fiscal year 2024,eight industry-oriented models based on Tongyi Qianwen were launched.In May 2024,Tongyi Qianwen was upgraded to version 2.5 and we open-sourced Qwen-110B,the 110B parameter version,allowing AI community and customers to customize and innovate based

320、 on their own needs.Business Overview40Alibaba Group Holding LimitedSecurityOur comprehensive security technology encompasses areas such as network security,data protection,business risk control,and AI safety.We have built an end-to-end multi-dimensional defense system,including endpoints,public net

321、works backbone networks and data centers,to continue to strengthen cloud security technologies ensuring the safety of customer data and consumer data.We are also committed to the security in the application of LLMs and their applications.By combining AI with security technology,we have established a

322、 strong identification and defense system.Environmental,Social and Governance(ESG)Our ESG StrategyESG is part of the foundation of our business strategy and long-term development.We are dedicated to addressing societys pressing issues by integrating ESG objectives into our business strategy.Our ESG

323、strategy has seven dimensions,corresponding to all of the 17 Sustainable Development Goals(SDGs)issued by the United Nations and closely tied to Chinas modernization goals.We have devised our ESG strategy to be pragmatic,long-term and action-oriented,regimented by a transparent and rigorous indicato

324、r system.We focus our efforts on the seven areas below:Advancing Towards the Goal of Carbon NeutralityWe target to reach carbon neutrality in our own operations,including Scope 1 and Scope 2 emissions,by 2030.We actively work with our value chain partners with green initiatives,with the target of re

325、ducing their greenhouse gas emissions and thus our overall Scope 3 carbon intensity by at least 50%from the base year of 2020 by 2030.We continue to promote carbon reduction in our platform ecosystem(Scope 3+),in which we strive towards a cumulative ecosystem-wide reduction of greenhouse gas emissio

326、ns by 1.5 billion tons by 2035.We have made solid progress towards our targets in fiscal year 2024.Electricity used and logistics are the two main types of emissions sources across our Scope 1,2 and 3 emissions.In fiscal year 2024,we continue to accelerate our transition to clean energy.In November

327、2023,Bloomberg New Energy Finance released the“Chinas Top Clean Energy Buyers and Sellers in 2023.”Alibaba Group,with a green electricity transaction volume of 1,610 gigawatt-hours,became the leader in China for green electricity procurement for the first time.In the logistics sector,we continued to

328、 reduce emissions through various measures such as intelligent order consolidation,reduction and recycling of packaging,as well as electrification of transportation.In fiscal year 2024,the ratio of trips using new energy vehicles for urban distribution by Cainiao Express own fleet reached 99%.Unlike

329、 Scope 1,2 or 3,advancing Scope 3+requires establishing new scientific and credible standards while advancing carbon reduction and in this regard we continued to focus on our established directions in fiscal year 2024.Supporting Our PeopleIt is our employees that make our business and culture thrive

330、.None of our goals can be accomplished without our people.It is critical for us to ensure that all of our employees can enjoy an equal and inclusive working environment of dignity and diversity.This also means supporting our employees to fulfil their potentials by providing them with on-the-job trai

331、ning and opportunities for career advancement.Based on a series of existing rules and years of practice,we released the“Alibaba Group Employee Rights Code”to further emphasize employee rights,covering areas such as human rights,occupational health and safety,diversity,equality,and inclusion(DEI),alo

332、ng with employee training and development in fiscal year 2024.Furthermore,we established a DEI working group tasked with the formulation of policies,the establishment of standards,and the implementation of initiatives related to DEI issues.Business Overview41Fiscal Year 2024 Annual ReportEnabling a

333、Sustainable Digital LifeSustainable consumption is crucial to our sustainable development goals and we run our business to provide consumers with diverse,inclusive,trustworthy,and responsible consumption means.For instance,we pay special attention to being accessible and senior-friendly.We understand the difficulties of the disabled community in using digital technology and help provide them with