Alibaba Group Holding Limited (BABA) September Quarter 2025 Results Earnings Conference November 25, 2025 7:30 AM ET

Company Participants

Fan Jiang - Chief Executive Officer of Alibaba E- commerce Business Group Hong Xu - Chief Financial Officer Lydia Lu - Head of Investor Relations Yongming Wu - CEO, Head of Core E-Commerce Business & Director

Conference Call Participants

Alex C. Yao - JPMorgan Chase & Co, Research Division Ellie Jiang - Macquarie Research Gary Yu - Morgan Stanley, Research Division Jialong Shi - Nomura Securities Co. Ltd., Research Division Kenneth Fong - UBS Investment Bank, Research Division Ronald Keung - Goldman Sachs Group, Inc., Research Division

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group’s September Quarter 2025 Results Conference Call.

[Operator Instructions] I would now like to turn the call over to Lydia Lu, Head of Investor Relations of Alibaba Group. Please go ahead.

Lydia Lu

Thank you. Good day, everyone. Welcome to our September quarter 2025 earnings conference call. With me today from Alibaba are Joe Tsai, Chairman; Eddie Wu, Chief Executive Officer; Toby Xu, Chief Financial Officer; Jiang Fan, Chief Executive Officer of Alibaba E-commerce Business Group.

I would like to remind you that this call is also being webcast on our corporate website. A replay of the call will be available on our website later today.

Just a few forward-looking statements before we begin today. Today’s discussions may contain forward-looking statements, particularly statements about our business and financial results that are subject to risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements.

Please refer to the safe harbor statements that appear in our press release and investor presentation provided today. Please note that certain financial measures that we use on this call